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Institutional changes and shifting ideas: a constitutional analysis of the Euro

  • Maurizio Mistri

    ()

This paper uses the logical tools of Constitutional Economics to analyze the creation of the Euro, considering the entire process as the outcome of a conflict between different rules or, if you will, between different monetary systems, moving from the system of flexible exchange rates to a system of fixed exchange rates and ultimately to the single currency. The conflict between monetary systems has been acted out according to the single states’ collective preference functions, with both full employment and price stability figuring among the weights of said preference functions. The “solution” of the single currency was conceived when the body of information available to the policymakers was “simplified” by the new classical macro-economy taking a hegemonic role. Copyright Springer Science + Business Media, LLC 2007

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File URL: http://hdl.handle.net/10.1007/s10602-007-9016-2
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Article provided by Springer in its journal Constitutional Political Economy.

Volume (Year): 18 (2007)
Issue (Month): 2 (June)
Pages: 107-126

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Handle: RePEc:kap:copoec:v:18:y:2007:i:2:p:107-126
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=102866

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  1. Voigt, Stefan, 2009. "Explaining constitutional garrulity," International Review of Law and Economics, Elsevier, vol. 29(4), pages 290-303, December.
  2. Frankel, Jeffrey A & Rose, Andrew K, 1996. "The Endogeneity of the Optimum Currency Area Criteria," CEPR Discussion Papers 1473, C.E.P.R. Discussion Papers.
  3. Engel, C. & Rogers, J.H., 1995. "How Wide is the Border?," Papers 4-95-16, Pennsylvania State - Department of Economics.
  4. George Selgin & Lawrence White, 2005. "Credible Currency: A Constitutional Perspective," Constitutional Political Economy, Springer, vol. 16(1), pages 71-83, 01.
  5. S. Illeris & G. Akehurst, 2002. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 22(1), pages 1-3, January.
  6. Charles Goodhart, 1998. "Central Bankers and Uncertainty," FMG Special Papers sp106, Financial Markets Group.
  7. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
  8. George S. Tavlas, 2009. "Optimum-Currency-Area Paradoxes," Review of International Economics, Wiley Blackwell, vol. 17(3), pages 536-551, 08.
  9. Maurizio Mistri, 2003. "Procedural Rationality and Institutions: The Production of Norms by Means of Norms," Constitutional Political Economy, Springer, vol. 14(4), pages 301-317, December.
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