15 results
An introduction to linkage fabrics and their application as programmable materials
- Mark Ransley, Christian Partik, Elze Porte, Anna Ploszajski, Richard Jackson, Ben Oldfrey, Danielle Purkiss, Martyna Michalska, Mark Miodownik
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- Journal:
- Programmable Materials / Volume 2 / 2024
- Published online by Cambridge University Press:
- 23 May 2024, e5
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Linkage fabrics are gaining in popularity and finding applications in architecture, aerospace, healthcare, and fashion because they can deliver materials with bespoke flexibility and strength through the geometric design of linkage nodes. In this article, we provide a perspective on linkage fabrics as a new class of programmable materials. We describe the theory and design principles of these linkage fabrics and show how they can be designed and simulated using digital tools, and fabricated using 3D printing. This digital approach overcomes a major obstacle to the adoption of these materials, namely their complexity. We show how simulation methods can be verified and calibrated through experimental testing. This perspective article also discusses design-led research challenges for linkage fabrics such as the development of wearable assistive devices for those with physical disabilities.
Contributors
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- By Krista Adamek, Ana Luisa K. Albernaz, J. Marcio Ayres†, Andrew J. Baker, Karen L. Bales, Adrian A. Barnett, Christopher Barton, John M. Bates, Jennie Becker, Bruna M. Bezerra, Júlio César Bicca-Marques, Richard Bodmer, Jean P. Boubli, Mark Bowler, Sarah A. Boyle, Christini Barbosa Caselli, Janice Chism, Elena P. Cunningham, José Maria C. da Silva, Lesa C. Davies, Nayara de Alcântara Cardoso, Manuella A. de Souza, Stella de la Torre, Ana Gabriela de Luna, Thomas R. Defler, Anthony Di Fiore, Eduardo Fernandez-Duque, Stephen F. Ferrari, Wilsea M.B. Figueiredo-Ready, Tracy Frampton, Paul A. Garber, Brian W. Grafton, L. Tremaine Gregory, Maria L. Harada, Amy Harrison-Levine, Walter C. Hartwig, Stefanie Heiduck, Eckhard W. Heymann, André Hirsch, Leandro Jerusalinsky, Gareth Jones, Richard F. Kay, Martin M. Kowalewski, Shawn M. Lehman, Laura Marsh, Jesús Martinez, William A. Mason, Hope Matthews, Wynlyn McBride, Shona McCann-Wood, W. Scott McGraw, D. Jeffrey Meldrum, Sally P. Mendoza, Nohelia Mercado, Russell A. Mittermeier, Mirjam N. Nadjafzadeh, Marilyn A. Norconk, Robert Gary Norman, Marcela Oliveira, Marcelo M. Oliveira, Maria Juliana Ospina Rodríguez, Erwin Palacios, Suzanne Palminteri, Liliam P. Pinto, Marcio Port-Carvalho, Leila Porter, Carlos Portillo-Quintero, George Powell, Ghillean T. Prance, Rodrigo C. Printes, Pablo Puertas, P. Kirsten Pullen, Helder L. Queiroz, Luis Reginaldo R. Rodrigues, Adriana Rodríguez, Alfred L. Rosenberger, Anthony B. Rylands, Ricardo R. Santos, Horacio Schneider, Eleonore Z.F. Setz, Suleima S.B. Silva, José S. Silva Júnior, Andrew T. Smith, Marcelo C. Sousa, Antonio S. Souto, Wilson R. Spironello, Masanaru Takai, Marcelo F. Tejedor, Cynthia L. Thompson, Diego G. Tirira, Raul Tupayachi, Bernardo Urbani, Liza M. Veiga, Marianela Velilla, João Valsecchi, Jean-Christophe Vié, Tatiana M. Vieira, Suzanne E. Walker-Pacheco, Rob Wallace, Patricia C. Wright, Charles E. Zartman
- Edited by Liza M. Veiga, Universidade Federal do Pará, Brazil, Adrian A. Barnett, Roehampton University, London, Stephen F. Ferrari, Universidade Federal de Sergipe, Brazil, Marilyn A. Norconk, Kent State University, Ohio
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- Evolutionary Biology and Conservation of Titis, Sakis and Uacaris
- Published online:
- 05 April 2013
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- 11 April 2013, pp xii-xv
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Policy Evaluation in A Time of Austerity: Introduction
- Alex Bryson, Richard Dorsett, Jonathan Portes
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- National Institute Economic Review / Volume 219 / January 2012
- Published online by Cambridge University Press:
- 26 March 2020, pp. R1-R3
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- January 2012
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13 - Round Table discussion
- from Part Four - Policy Responses
- Edited by Pierre-Richard Agénor, The World Bank, Marcus Miller, University of Warwick, David Vines, University of Oxford, Axel Weber, Johann Wolfgang Goethe-Universität Frankfurt
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- The Asian Financial Crisis
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- 26 February 2010
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- 04 November 1999, pp 404-411
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Summary
The final section of the book is an updated report on a Round Table discussion which was held at the conclusion of the conference on ‘World Capital Markets and Financial Crises’, University ofWarwick (24–25 July 1998). The discussion produced a comprehensive review of thinking about the crisis, which is why we report it in full here. Richard Portes talked about early-warning indicators and LOLR facilities. Phillip Turner spoke about risk in financial markets and the role of the public sector in the context of such risk. Finally, Charles Goodhart talked about the impact of external events on the exchange rate and also on the treatment of foreign currency debt, both of which have implications for the IMF programmes.
Richard Portes
Robert Rubin says that ‘The purpose of IMF packages is to help Korea, a by-product is that we help investors and creditors.’ Do we really agree with this? Or do we think that IMF packages do this? Or do they mainly create moral hazard? Start with Mexico. Of course it is impossible to demonstrate from the data that the Mexican bail-out, through creating moral hazard, contributed to what we have observed in Asia. But I believe passionately that it did. I would be delighted if anybody here could suggest ways in which we could observe in the data the effects of the moral hazard that such rescues create. But what we have observed in the Asian sequence is the creation of further moral hazard.
Take the Korean bail-out. What happened? During three weeks in December 1997 the IMF package of 10 bn dollars went directly into reducing the short-term exposure of the banks.
4 - The Asian crisis: an overview of the empirical evidence and policy debate
- from Part One - General Accounts
- Edited by Pierre-Richard Agénor, The World Bank, Marcus Miller, University of Warwick, David Vines, University of Oxford, Axel Weber, Johann Wolfgang Goethe-Universität Frankfurt
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- The Asian Financial Crisis
- Published online:
- 26 February 2010
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- 04 November 1999, pp 127-163
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Introduction
Was the Asian crisis caused by fundamental weaknesses and policy mistakes, or was it due to a financial ‘panic’ (encompassing phenomena such as ‘fickle investors’, volatile hot money, multiple instantaneous equilibria, speculative capital flights and bank runs)? An analysis of the causes of the crisis is important because, depending on one's view, conclusions may differ as regards what could have been done differently to prevent the crisis and its global contagion, and what can be done in the future to reduce the risk of financial turmoil.
Yet, the two ‘views’ of the crisis are not completely inconsistent with each other. On the one hand, the possibility of multiple instantaneous equilibria – underlying interpretations based on self-fulfilling attacks – arises only when economic fundamentals are ‘weak enough’ – i.e. some deterioration of fundamentals is a necessary condition preceding a panic. On the other hand, the view that the crisis is initially triggered by fundamental factors does not necessarily rule out the possibility that, after the crisis, movements of asset prices (exchange rates and stock market indexes) and capital flow reversals may be excessive and not warranted by fundamentals.
Challenging the readings of the 1997–8 events that downplay the role of structural factors, in the first part of this chapter we attempt to document the extent to which the Asian crisis was related to fundamental imbalances. We argue that, beneath apparently strong economic performances (low budget deficits, low public debt/GDP ratios, single-digit inflation rates, high economic growth and high savings and investment rates) lay institutional weaknesses, policy inconsistencies and severe structural distortions.
Discussion
- from Part One - General Accounts
- Edited by Pierre-Richard Agénor, The World Bank, Marcus Miller, University of Warwick, David Vines, University of Oxford, Axel Weber, Johann Wolfgang Goethe-Universität Frankfurt
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- The Asian Financial Crisis
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- 26 February 2010
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- 04 November 1999, pp 163-164
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A financial crisis is a disturbance to financial markets that disrupts the market's capacity to allocate capital – financial intermediation and hence investment come to a halt. The term ‘financial crisis’ is used too loosely, often to denote either a banking crisis, or a debt crisis, or a foreign exchange market crisis. It is perhaps preferable to invoke it only for the ‘big one’: a generalised, international financial crisis. This is a nexus of foreign exchange market disturbances, debt defaults (sovereign or private) and banking system failures: a triple crisis, in which the interactions are the key to causality, depth and persistence (Eichengreen and Portes, 1987).
The widespread securitisation of debt in recent years has not changed the picture – after all, one of the major historical examples is the 1930s crisis of defaults on sovereign bonds. Nor has it diminished the importance of banking sector fragility in provoking and exacerbating financial crises.
In chapter 4, a financial crisis is interpreted as a financial sector crisis. The stress is on banks and non-performing loans and the ultimate need for government bail-outs. This drives the story – and it provokes the exchange rate and debt crises. The framework includes explicit discussion of the impact of bail-outs on income distribution and the fiscal position. This is new and important. But my brief comments focus on the limitations of the analysis.
Preface
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- By Jean Bonvin, President, OECD Development Centre, Richard Portes, Director, Centre for Economic Policy Research
- Edited by Ian Goldin, The World Bank, L. Alan Winters, University of Birmingham
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- Book:
- The Economics of Sustainable Development
- Published online:
- 04 August 2010
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- 24 February 1995, pp xvii-xvii
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The OECD Development Centre and the Centre for Economic Policy Research share a desire to stimulate economic analysis with policy applications. Sustainable development has come to the top of the international and domestic policy agendas. The broad commitments have proved difficult to implement, however, not least because the meaning of ‘sustainable development’ and its implications for economic policy making remain poorly understood.
This volume aims to clarify the relationship between economic and environmental policies. It breaks new ground in approaching environmental policies from an economy-wide perspective. In addition to addressing the broad question of the relationship between growth and sustainability, it considers specific domestic and international economic policies which support sustainable development as well as the need to clarify the measurement and definition of sustainable growth.
The volume represents the results of the joint Development Centre/CEPR Conference on Sustainable Economic Development: Domestic and International Policies, held in Paris in May 1993. We expect it to provide a timely contribution to those engaged in the vital task of designing national and international policies which ensure that development is indeed sustainable.
Foreword
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- By Richard Portes, Director, Centre for Economic Policy Research, Lawrence H. Summers, Vice-President, Development, Economics, and Chief Economist, The World Bank
- Edited by Jaime De Melo, Université de Genève, Arvind Panagariya, The World Bank
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- New Dimensions in Regional Integration
- Published online:
- 04 May 2010
- Print publication:
- 29 July 1993, pp xxiii-xxiv
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The World Bank and the Centre for Economic Policy Research share the objective of promoting economic analysis with policy applications. A dominant concern in the current policy debate is whether the ‘new’ regionalism in trade policy can lead to a more integrated world economy. Will the regional approach promote world-wide economic integration? Or will it work at cross purposes with the more traditional multilateral approach? Are the resources needed successfully to complete the Uruguay Round being diverted into the negotiation of regional arrangements? Is the recent surge in regional arrangements leading to a world of a few trading blocs that will make the negotiation of future reductions in trade barriers easier? Is it likely that a world organised around trading blocs will entail a significant problem of market access for countries left out?
This volume is the outcome of the first collaboration between the World Bank and CEPR. It brings answers to these leading policy issues and advances the debate on the implications of the new regionalism for the world trading system. The contributions to the debate by eminent economists, many involved in policy making, address the choices facing a country that must choose between unilateral trade liberalisation that would be extended to all its trading partners but might be more difficult to implement domestically, and a trade liberalisation that is extended only to its regional partners, but that is more likely to have domestic support.
The volume also reviews the experience with all the major integration arrangements and discusses the prospects for new integration arrangements, including the Middle East and Eastern Europe.
8 - Enterprise debt and economic transformation: financial restructuring in Central and Eastern Europe
- Edited by Colin Mayer, University of Warwick, Xavier Vives, Universitat Autònoma de Barcelona
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- Capital Markets and Financial Intermediation
- Published online:
- 04 August 2010
- Print publication:
- 20 May 1993, pp 230-255
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Introduction
In this paper we discuss a problem that is not confined to the transitional economies of Central and Eastern Europe (CEE) but that is now acute in these countries. Unless it is overcome quickly, successful transition to the market may be in jeopardy. The problem is the widespread failure of enterprise debtors to make scheduled payments of principal and interest to creditors, whether to banks or other enterprises. In such circumstances, enterprise budget constraints no longer bite, and the price mechanism loses much of its significance in the reallocation of resources. Restructuring may be greatly delayed or halted completely. Not only has the normal process of exit in a market economy been suspended, entry is impeded by the disproportionate share of bank credit being allocated as refinancing of incumbents. For some time to come, this ‘crowding out’ threatens to confine the emerging private sector to small-scale activities such as retailing.
The failure of banks to enforce debt contracts with their long-standing customers should not be viewed simply as a perpetuation of the previous regime, in which finance adjusted passively to targets for the real economy. Nor is it simply a failure of political will or of management expertise. We argue that in current circumstances there may be powerful incentives for banks not to enforce debt contracts. This has three implications. First, enactment of bankruptcy laws is not sufficient for initiation of bankruptcy proceedings; there must also be appropriate incentives for creditors to foreclose. Second, until incentives are altered, the government cannot successfully delegate credit allocation in general and associated control rights over closure in particular. Centralized policy will be required.
8 - Macroeconomic control in liberalizing socialist economies: Asian and European parallels
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- By Ronald I. McKinnon, Stanford University, Richard Portes, CEPR and Birkbeck College, London
- Edited by Alberto Giovannini, Columbia University, New York
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- Finance and Development
- Published online:
- 05 November 2011
- Print publication:
- 25 March 1993, pp 223-260
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This paper explains why price inflation and a general loss of macroeconomic control are almost endemic in a liberalizing socialist economy – whether in Asia or in Eastern Europe. In their rush to decentralize decision– making, privatize, and dismantle the apparatus of central planning, reformers inadvertently upset the pre– existing system for sustaining macroeconomic equilibrium. The ability of the reform government to collect taxes and control the supply of money and credit is unwittingly undermined by the liberalization itself. Thus, the first part of the paper seeks to understand how the preexisting system of financial control under Stalinist central planning actually worked, and why it tends to break down once liberalization begins.
The Stalinist system of financial control was remarkably similar across all the socialist economies – whether in, say, the Soviet Union before 1985 or in China before 1979. In Eastern Europe, however, the liberalization process itself is being confounded by the simultaneous breakup of whole countries – as in the former Soviet Union and Yugoslavia. Similarly, the precipitate decline of the old CMEA trading regime in 1990–91 has severely disrupted even those Eastern European economies which are managing to hold together politically.
In contrast, the Asian socialist economies – China, Vietnam, Laos, Mongolia and Myanmar – are culturally and politically more homogeneous. Their economic liberalizations are not being confounded by simultaneous attempts to redraw national political boundaries. For China, Laos, and Myanmar, the importance of CMEA trade was more marginal and its break up of little significance.
9 - European Monetary Union and international currencies in a tripolar world
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- By George Alogoskoufis, Richard Portes, CEPR and Birkbeck College, London, Jeroen J. M. Kremers, Ministry of Finance, The Netherlands
- Edited by Matthew B. Canzoneri, Georgetown University, Washington DC, Vittorio Grilli, Birkbeck College, University of London, Paul R. Masson, International Monetary Fund Institute, Washington DC
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- Establishing a Central Bank
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- 05 March 2012
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- 30 July 1992, pp 273-302
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The European Community countries appear to be locked into a process that may eventually lead their economies to full monetary unification. Although the road to monetary union in the EC is bound to be bumpy, all countries appear committed to the final goal, with the possible exception of Britain. According to plans under negotiation at the inter-governmental conference that started in December 1990, the currencies of twelve European economies, which include a number of leading international currencies such as the Deutschmark, sterling and the French franc, will ultimately be replaced by a new currency, likely to be called the ‘ecu’.
European monetary union, when and if it occurs, is bound to have important international implications. The new currency will be issued on behalf of a large economic area, by a new Central Bank which will be responsible for the joint monetary policy of the EC. Other international institutions such as the G-7, the IMF and the OECD will have to adapt (see Alogoskoufis and Portes, 1990), but, more importantly, there will be a major shock to the existing international monetary and exchange rate system. The ecu will be a serious challenger for the role of the US dollar as the dominant international means of payment, unit of account and store of value, and the monetary policies of the new European Central Bank will have far more important international spillovers than those of any of the existing central banks of the EC countries.
Preface
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- By Louis Emmerij, OECD Development Centre, Richard Portes, Centre for Economic Policy Research
- Edited by Ian Goldin, L. Alan Winters, University of Birmingham
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- Book:
- Open Economies
- Published online:
- 04 August 2010
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- 28 May 1992, pp xvii-xvii
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The OECD Development Centre and the Centre for Economic Policy Research share a desire to stimulate economic analysis with policy applications. For developing countries and for Eastern Europe, structural adjustment dominates the policy debate. Nevertheless, key adjustment issues remain poorly understood. This volume arises from the explicit recognition of the need to incorporate an open economy and intersectoral dimension in the formulation of structural adjustment packages.
The book redresses the neglect of intersectoral relations by focusing on agriculture and its interactions with other activities, both domestically and internationally, since agriculture accounts for the major share of employment and income in developing countries.
The study provides a basis for policy perspectives which rest explicitly on the analysis of sectoral, economy-wide and international linkages. It is the outcome of the first collaboration between the CEPR and the OECD. We believe it will enhance understanding of the interdependence of policy reforms, assisting academics and policy makers to face the monumental challenge of transition.
Foreword
- Edited by Alberto Giovannini, Colin Mayer
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- Book:
- European Financial Integration
- Published online:
- 04 August 2010
- Print publication:
- 04 April 1991, pp xix-xxii
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Capital markets will be affected at least as much as goods markets by the European Community's drive for greater economic integration. Indeed, we may say that financial integration in the EC is the key step towards the creation of the Single Market. The removal of the legal and administrative obstacles to free capital movements and the integration of financial markets raise major issues concerning the alleged trade-off between efficiency and stability and the competitiveness of different financial regulatory systems. The implications and effects go far wider than the EC, not just to the ‘European Economic Space’ but even more broadly to relations between Europe, the United States and Japan. The conference on ‘European Financial Integration’ organized by CEPR and IMI focused on these problems, which are specific to financial intermediation and have important implications for economic policy.
The reshaping of financial institutions should, first of all, not permit firms and individuals to take advantage of opportunities to circumvent taxation (see Giovannini and Hines). Otherwise competition between institutions and markets may not favour the fittest but rather those with tax advantages. Competitive fiscal deregulation should not be the major driving force of the single financial market. The international coordination of fiscal policies is also important to internalize the ‘fiscal externalities’ that occur whenever domestic and foreign government debts are traded on international markets, and thereby become close substitutes. In such circumstances, an increase in interest rates in one country results in an increase in the debt burden for all countries. Some fiscal coordination will be necessary to proceed towards monetary union, although its nature and scope will be determined in difficult negotiations (Buiter-Kletzer).
Discussion
- Edited by Rudiger Dornbusch, Mario Draghi
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- Public Debt Management
- Published online:
- 05 July 2011
- Print publication:
- 30 November 1990, pp 285-292
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Marcello De Cecco tells a good story very well. There is no model, nor any underlying thesis, so a discussant cannot do much more than either add to the story or indicate that he profited from it, as I did. It might be seen as a religious tale of vice and virtue – it is basically Christian, culminating in a conversion, but the Rothschilds did get a share of the action, though they did not of course ever convert. They got shut out of the 1902 operation by the hapless Di Broglio, and they then procrastinated in 1906 and ultimately played only a minor role. Their main fee appears to have gone to paying to advertise the operation.
The new Kingdom of Italy started with heavy fiscal pressure and a ‘huge’ debt – 95% of GDP, rising to 115% fifteen years later, and peaking at 120% in 1895. These figures exceed even those which are causing so much concern today and may indeed make us wonder whether that concern is exaggerated. According to De Cecco, foreign debt was ‘the bane of Italian political and economic authorities’. He should perhaps tell us why they found it such a burden; after all, they did not hesitate to borrow more abroad in the 1880s.
The paper tells an interesting story about capital flight, the repatriation of bonds, and the effect on the exchange rate. The ‘repurchases’ here are not buybacks by the state, but rather repatriation by private residents.
8 - The monetary unification process in nineteenth-century Germany: relevance and lessons for Europe today
- Edited by Marcello De Cecco, Alberto Giovannini
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- A European Central Bank?
- Published online:
- 05 February 2012
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- 25 May 1989, pp 216-243
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There are few similarities in the discussion and development of the central bank question in the European Community, on the one hand, and in Germany during her unification process in the 19th century, on the other. With economic unification coming before political unification in both cases – the creation of the Zollverein in 1834 and of the European Economic Community in 1957 – one similarity is that the reduction of exchange rate risks and of transaction costs by means of agreements on common monetary standards was aimed at in both cases as part of the creation of an internal market without customs barriers. The statutes of the Zollverein already demanded a standardization of the coinage systems. The Common Market Treaty already obliged every member state to regard its exchange rate policy as a matter of common concern (Art. 107) and created an advisory currency committee (Art. 105). As in the European Community the central bank question surfaced early in debates about the Zollverein's development. Friedrich List promoted the idea of a central note-issuing bank for the Zollverein with headquarters in Berlin in his journal Zollvereinsblatt in 1845. The Prussian government reacted to strong pressure from business circles and from out-of-state competition in note-bank creation and opted for the particularistic state-oriented solution instead of for a centralized Zollverein solution. It established the Prussian Bank as a note-issuing bank under government supervision in 1847.