Lessons for the Euro From Early American Monetary and Financial History by Jeffry Frieden
History does not repeat itself, but it does rhyme. – Mark Twain
Welche Parallelen lassen sich zwischen der Europäischen Union und der Finanzgeschichte der USA ziehen? Die Staaten damals waren wirtschaftlich ebenso unterschiedlich entwickelt wie die Mitglieder der Europäischen Union heute. Es kann daher nicht die eine Finanzpolitik geben, die für alle past. Damals wie heute entscheidend ist aber das Vertrauen in Institutionen wie die EZB. Hier meine Stichpunkte zu der spannenden Gegenüberstellung von Jeffry Frieden. Den Link zum vollständigen Essay bei scribd findet ihr ganz unten.
- expansionary monetary and credit conditions: low interest rates, relatively lax regulatory standards, aggressive government spending, typically favored in rapidly growing areas, they want to be able to expand their activities more easily to take advantage of new opportunities, economic agents are often debtors, whose real debt burden is lessened by lower real interest rates
- in more stable regions of the economy there are more likely avers and creditors, they want less expansionary monetary policies and lower inflation, they prefer more pro-creditor financial policies and more limited government spending
- the American Revolution was financed largely by the issuance of debt that could not be serviced and through money that could not be redeemed – by inflationary means
- the Continental Congress, which was the representative agent of the thirteen colonies, issued a currency called the Continental Dollar. This paper money is best known in the context of the expression
worthless as a Continental
