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英国中流大学accouting课程作业

论文题目:题目太长,我放在附件里了
论文语种:英文
您的研究方向:金融
是否有数据处理要求:否
您的国家:英国
您的学校背景:英国中流大学
要求字数:2000
论文用途:硕士课程论文 Master Assignment
是否需要盲审(博士或硕士生有这个需要):否
补充要求和说明:参考文献:APA文献数量不限格式:essay引用率:10% 附件里我放了题目,题目是2个问题。 写在一个eaasy里。 


Optimum currency areas and Euro-zone

Background
“Optimum currency areas” theory was found in 1960s, and http://ukthesiss.com/dissertation_writing/Accounting/  was found based on the heated debate of fixed exchange rate system and float exchange rate system. This theory has found for more than forty years, and widely attention by public, it also was improved and perfected in the theory and practice, the Euro-zone was found in 1999, this is a classic practice of “Optimum currency areas” theory, now the Euro-zone has been developed for more than ten years, it has some advantage and disadvantage, particularly for the Europe debts crisis, it presents the disadvantage, actually the Euro-zone was debate since it was found, and many experts discuss the “Optimum currency areas” theory and Euro-zone, although the Euro-zone was found based on the “Optimum currency areas” theory, but it not the perfect currency areas, because it bot makes the balance of inside and external balance for every member, as the strength of similar trend of members of Euro-zone, the Euro-zone will become a optimum currency areas, this paper will mainly research the “Optimum currency areas” theory and Euro-zone, it will interest for build the “Optimum currency areas”.

“Optimum currency areas” theory
“Optimum currency areas” theory was found in 1960s, and was firstly proposed by Robert, A. Mundell, then many experts became research this theory, it has three stages for the development of this theory, early optimum currency areas, middle stage optimum currency areas and modern optimum currency areas.

In the early stage of optimum currency areas, it mainly proposed some standard of optimum currency areas, Robert A. Mundell thought the mobility of production factors, he thought the mainly reasons of imbalance of international payments is demand shift, when the demand for production of A country shift to the B country, it will imbalance international payments, and make the unemployment and inflation of A country, if A and B countries want to elimination the imbalance, the fixed and float exchange rate both cannot solve it, while the currency areas can solve it, the demand shift thought the mobility of production factors, when the area has barrier to the external of areas, the area of mobility production factors can format a currency area, in the currency area, it has fixed exchange rate between members, while for the external currency area, it will have float exchange rate, so the mobility production factors ca become a standard of currency area. R. I, Mckinnon proposed openness as the standard for the currency area, the more closer of trade relation, it should build currency area, and carry out fixed exchange rate, while the outside of currency area it carries out float exchange rate. P. B. Kenen proposed the production diversification as the standard of currency area. The more diversification of production, it exist cross-cutting foreign demand for different productions, and eliminate the effect of total change, so these countries suit to carry out fixed exchange rate. J. C. Ingram proposed the finance integration as the standard of currency areas, when the area has finance integrate, the imbalance international payments may make the change of interest, and lead to scale of capital flow, make the balance of international payments, involve the change of exchange rate. G. Harberler and J. M. Fleming proposed the inflation as the standard, Milton Friedman and Kawai proposed flexibility of between price and wage. In the middle stage, experts become concern the profit and cost of join the currency area, the present is H.Grubel, W.Cordon, Y.Ishiyama, Edward Tower, Thomas Willett, it analysis the profit and cost when join the currency area, the profit includes involes the uncertain of violate of exchange rate, decrease trade cost, decrease the cost of foreign exchange reserves, reduce the flow of speculative capital, benefit to improve the transparency and efficiency of resource allocation, contribute to capital mobility of currency area and so on, while the cost of join currency area includes loss the autonomy of monetary policy and exchange rate policy, fiscal policy of members also are subject to common monetary policy. And switching cost, form the profit and cost when join the currency area, and the country can decide whether join the currency area, and forma the optimum currency area. As the development of macroeconomics and the found of Euro-zone, some experts began to apply the quality model to analysis optimum currency area, it has optimum currency area in the rational expectation and endogenous of optimum currency area theory. In the rational expectation, it will has more profit when country join the currency area, the cost will become smaller. Rational Expectations Theory of Optimum Currency Areas Under the rational expectations theory of optimal currency area in early to replace the fixed expectations, rational expectations that the effects of monetary policy significantly decreased; a number of economies, through the formation of alliances or goods associated with a strong local currency will be currency peg will help improve the credibility of monetary policy, thereby enhancing the effectiveness of monetary policy. Under the rational expectations theory of optimal currency area that formed the cost of monetary union will be smaller, while the proceeds will be greater. Endogenous optimal currency area theory points out that: The early theory of optimum currency areas required by a number of "harsh" standard, monetary union can be formed, "post" gradually be met. Not difficult to see, in a sense, both under rational expectations theory of optimal currency area, or the endogenous optimal currency area theory, lower threshold of composed monetary union.



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