Warianty tytułu
Teoretyczne podstawy integracyjnego obszaru walutowego
Języki publikacji
Abstrakty
Optimal currency area theory is the supporting knowledge base of the European euro area. However, the euro area does not work seamlessly, and many doubts have arisen in regard to the theoretical foundations of the project and the procedures used to implement it. In particular, the accession of new members remains doubtful. This paper develops a diagnosis and proposes modifications to the theoretical foundations of the optimal currency area in line with recent developments in economic thinking. This progress is focused on the application of a triad of abstract notions - capital, labour, and money - and the use of essential notions, among which labour self-financing is the most significant. The analysis leads to an integrative as opposed to a discriminative currency area. Another aim of this paper is to show how to reshape the existing discriminative euro area as an area involving states that do not fulfill the Maastricht criteria. An integrative area can involve states with different productivity levels, allowing the fixed exchange rate criterion to be withdrawn. In addition, the application of self-financing removes the problem of dominant public debt. A major part of this paper develops a measure of labour productivity and applies it to procedures involving the use of exchange rates. (original abstract)
Teoria optymalnego obszaru walutowego stanowi teoretyczną podstawę strefy euro. Jednakże ta strefa walutowa nie działa sprawnie. Pojawia się wiele wątpliwości dotyczących jej teoretycznych podstaw i procedur implementacyjnych, w szczególności w odniesieniu do akcesji nowych państw o niższej produktywności pracy. W artykule przedstawiono teoretyczną diagnozę i odpowiednie modyfikacje teorii optymalnej strefy walutowej na podstawie głębszego rozeznania natury kapitału i kursu walutowego. Istota zmian ogniskuje się na triadzie abstrakcyjnych pojęć kapitał - praca - pieniądze, co prowadzi do uznania, że praca sama się finansuje. W takiej perspektywie strefa walutowa staje się integrująca i może nawet jednoczyć kraje, które nie spełniają kryteriów z Maastricht. Do tej strefy mogą przystępować kraje o różnym poziomie produktywności pracy pod warunkiem stałego jej zwiększania. Problem deficytu budżetowego i długu publicznego zostaje rozwiązany przez zastosowanie samofinansowania pracy w sektorze publicznym. Wiele miejsca w artykule poświęcono miernikowi produktywności pracy i jego parytetowi, jako determinancie trendu kursu walutowego. (abstrakt oryginalny)
Twórcy
autor
- Cracow University of Economics, Poland
Bibliografia
- Atkins, P. (2007) Four Laws that Drive the Universe. New York: Oxford University Press.
- Beachill, B. and Pugh, G. (1998) "Monetary Cooperation in Europe and the Problem of Differential Productivity Growth: An Argument for a 'Two Speed' Europe". International Review of Applied Economics 12(3): 445-57.
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- Dobija, M. (2001) "A Fundamental Analysis of Exchange Rates. The Theory of Exchange Value of Money". Argumenta Oeconomica Cracoviensia 1: 63-84.
- Dobija, M. (2002) "Monetary Unit - The Theory of Value" in M. Dobija (ed.) Monetary Unit Stability in Holistic Approach. Warsaw: Wydawnictwo ALK, pp. 56-94.
- Dobija, M. (2005) "Financing Labour in the Public Sector without Tax Funds". Argumenta Oeconomica Cracoviensia 4: 5-20. Available at SSRN: http://ssrn.com/abstract=956553 .
- Dobija, M. (2007) "The Abstract Nature of Capital and Money" in L. M. Cornwall (ed.) New Developments in Banking and Finance. New York: Nova Science Publishers, Inc., pp. 89-114.
- Dobija, M. (2008) "The Labour Productivity Ratio and International Comparison of Economic Performance - Formalisation of the PPP Theory and Preliminary Examinations". EMERGO 1: 3-19.
- Dobija, M. (2011a) "The Abstract Nature of Money and the Modern Equation of Exchange". Modern Economy 2: 142-52, May. http://dx.doi.org/10.4236/me.2011.20019.
- Dobija, M. (2011b) "Labour Productivity vs Minimum Wage Level". Modern Economy 2: 780-87. http://dx.doi.org/10.4236/me.2011.25086.
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- Dobija, M. and Kurek, B. (2013) "Towards Scientific Economics". Modern Economy 4(4): 293-304. http://dx.doi.org/10.4236/me.2013.44033.
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- Jędrzejczyk, M. (2012) "Labor Productivity Parity vs Trend of Exchange Rate". Modern Economy 3(6): 780-75. http://dx.doi.org/10.4236/me.2012.36099.
- Jędrzejczyk, M. (2013) The Exchange Rate and Equivalent Translation of Economic Variables. Warsaw: Difin.
- Jędrzejczyk, M. and Dobija, M. (2013) "The Production Function in the Cost Accounting Approach and Managerial Applications". Theoretical Issues in Accounting: New Trends in Management Accounting Concepts and Practice 72(128): 29-36.
- Koshulko, O. (2012) "Examining of Minimum Wage Level in Human Capital Perspective". Ekonomiczeskij Analiz: Teoria i Praktyka 7(262): 58-63.
- Kozioł, W. (2010a) "Human and Intellectual Capital Measurement as a Foundation of Academic Teachers' Salaries". Economic Inequalities and Economic Growth 16: 280-90.
- Kozioł, W. (2010b) "Human Capital Measurement as a Foundation of Constant Pay" in M. Dobija (ed.) The Theory of Measurement of Capital and Profit. Kraków: Cracow University of Economics Press, pp. 73-100.
- Kozioł, W. (2011) "Human Capital Theory Development" in M. Dobija (ed.) Human Capital in an Economic Perspective. Kraków: Cracow University of Economics Press, pp. 47-81.
- Krugman, P. (2012) "Revenge of the Optimum Currency Area". The New York Times (Opinion Pages), 24 June.
- Kurek, B. (2011) "A Hypothesis of the Deterministic Risk Premium". PhD dissertation. Kraków: Cracow University of Economics Press.
- Kurek, B. (2012) "An Estimation of the Capital Growth Rate in Business Activities". Modern Economy 3(4): 364-72, July. http://dx.doi.org/10.4236/me.2012.34047.
- Kurek, B. and Dobija, M. (2009) "The Essence of Labor in Physics and Accounting". Academic Papers of the Cracow University of Economics Vol. 796, pp. 33-45.
- Kurek, B. and Dobija, M. (2013) "Scientific Provenance of Accounting". International Journal of Accounting and Economics Studies 1(2): pp. 16-24.
- McConnell, C. and Brue, S. (1986) Contemporary Labor Economics. New York: McGraw-Hill, pp. 463-65.
- Osiatyński, J. (2010) "Macroeconomic Strategy of Poland in Condition of World Economic Crisis" in W. G. Kołodko (ed.) Globalization, Crisis, and Future. Warsaw: Poltex, pp. 217-19.
- Renkas, J. (2012a) "An Analysis and Assessment of the Minimum Wage in the Economy of Ukraine on the Basis of the Human Capital Theory" in A. Malina, R. Oczkowska and T. Rojek (eds) Knowledge - Economy - Society. Dilemmas of Contemporary Management. Kraków: Cracow University of Economics Press, pp. 81-86.
- Renkas, J. (2012b) "Empirical Testing of Human Capital Measurement Model". Economic Inequalities and Economic Growth 24: 280-91.
- Renkas, J. (2012c) "Examining a Method of Human Capital Measurement in Ukraine" in M. Dobija (ed.) Human Capital Measurement. Condor, pp. 189-220.
- Renkas, J. (2013) "Human Capital in Financial Statement". Economic Inequalities and Economic Growth 30: 151-61.
- Rici, L. A. (2008) "A Model of an Optimum Currency Area". Economics: Open Access Journal (Special Issue: Recent Developments in International Money and Finance) 2(8): 1-31.
- Schneider, D. (2011) "The Labor Share: A Review of Theory and Evidence". SFB 649 Discussion Paper. Humboldt-Universität zu Berlin, http://sfb649.wiwi.hu-berlin.de.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
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