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Gemeinschaftswährung mit Kaufkraftgarantie auf Kapitalbasis – Das Konzept eines kapitalfundierten Hart-Euro

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  • Meyer Dirk

    (Institut für Volkswirtschaftslehre, Lehrstuhl für Ordnungsökonomik, Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Holstenhofweg 85, 22043 HamburgGermany, Tel.: (0)40–6541–2705)

Abstract

Building on Irving Fisher's (1913) idea of a compensated gold dollar, this contribution deals with a capital-based common euro currency with guaranteed purchasing power, the capital-based hard euro (KHE). The concept first includes the functioning and the necessary stability conditions. In order to enable a preferably smooth transformation from the existing EURO currency to the new EURO currency system, the KHE is initially implemented as a parallel currency to the EURO. If it prevails in the competition of currencies, it would allow for a gradual transition to a positive money system without money creation by commercial banks. The conceptual sketch is not intended as a practical guide for a one-to-one implementation, it is rather meant to offer a suggestion for a conceptually new development of the EURO system.

Suggested Citation

  • Meyer Dirk, 2017. "Gemeinschaftswährung mit Kaufkraftgarantie auf Kapitalbasis – Das Konzept eines kapitalfundierten Hart-Euro," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 66(2), pages 179-207, August.
    • Handle: RePEc:lus:zwipol:v:66:y:2017:i:2:p:179-207:n:2
    DOI: 10.1515/zfwp-2017-0008
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    References listed on IDEAS

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    2. Vaubel, Roland, 1990. "Currency Competition and European Monetary Integration," Economic Journal, Royal Economic Society, vol. 100(402), pages 936-946, September.
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    More about this item

    Keywords

    Euro; European currency union; fiat money; inflation protection; commodity money; positive money; Euro; Europäische Währungsunion; Fiatgeld; Inflationsschutz; Warengeld; Vollgeld; Euro; European currency union; fiat money; inflation protection; commodity money; positive money;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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