Währungsunionen und Allmendeproblem

Marvin Wolf

Hannover Economic Papers (HEP) from Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät

Abstract: Both in science as in politics, the euro project is an intensively discussed topic. While some predict maintaining it will lead europe in a glorious future, others consider it to be the evil ruining the old continent. The present work addresses the question how common pool ressources, that are born in every currency union, affect the success of such a monetary alliance. It is shown that, theoretically, any supranational monetary union is doomed to fail in a „Tragedy of the Commons“. The acquired theoretical results are verified analysing the most prominent currency unions in history and therein prove to be true. Thus, not only the critics of the euro are legitimate. What ist more, there may never be a successful currency union between nations.

Keywords: Währungsunion; Tragödie der Allmende; Staatsverschuldung; Seigniorage; Lateinische Münzunion; Skandinavische Münzunion; Rubelzone; EWWU; Currency Union; Tragedy of the Commons; Public Debt; Latin Monetary Union; Scandinavian Currency Union; Ruble Zone; EMU (search for similar items in EconPapers)
JEL-codes: F33 F34 H30 H63 N10 N13 N14 N15 (search for similar items in EconPapers)
Pages: 113 pages
Date: 2013-10
New Economics Papers: this item is included in nep-ger
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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