PL EN


2008 | 2(38) | 43-60
Article title

ECONOMIC UNIONS - THEIR ESTABLISHMENT AND REASONS FOR THEIR DESTABILIZATION

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Title variants
Languages of publication
PL
Abstracts
EN
The advantages of fixed exchange rates encourage politicians to create economic unions which were characterized by a stability of an exchange rate of particular currencies. In the 1940s, the Bretton Woods Agreement was signed. The system was based on the so-called asymmetry due to the fact that the US dollar played the role of a dominant currency (reserve currency), and the remaining participants of the Agreement were obliged to keep the exchange rate of their currencies fixed to the reserve. However, the asymmetry of the system became a primary cause of its destabilization. This came as a result of the fact that both the United States and the remaining countries would not give up the priorities of their own economic policy for the stability of the entire system. A similar situation occured in the European Monetary System (ESW) based on the German mark (DM), which was established in 1979.
Keywords
Year
Issue
Pages
43-60
Physical description
Document type
ARTICLE
Contributors
  • S. Zwierzchlewski, Akademia Ekonomiczna w Poznaniu, al. Niepodleglosci 10, 60-967 Poznan, Poland
References
Document Type
Publication order reference
Identifiers
CEJSH db identifier
08PLAAAA05039569
YADDA identifier
bwmeta1.element.72c424e6-6a06-315c-ae83-0a9933596213
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