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Hicks on the European Monetary System

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  • Hagemann, Harald
  • Hamouda, Omar F

Abstract

In his last book, "A Market Theory of Money" (1989), Hicks addressed the question, whether Britain should enter the European Monetary System (EMS), and he used this issue for a theoretical discussion of the exercise of monetary control. Although a direct answer is avoided, Hicks provided a polycentric model of the international economy, which gives more than hints and indications to his implicit policy recommendation. The article discusses those parts of Hick's writings on monetary theory which are pertinent to the EMS question. It is shown that much of his indirect answer derives from his analysis of the role of the central bank and from the discipline and confidence requirements of the central country's currency. Copyright 1991 by WWZ and Helbing & Lichtenhahn Verlag AG

Suggested Citation

  • Hagemann, Harald & Hamouda, Omar F, 1991. "Hicks on the European Monetary System," Kyklos, Wiley Blackwell, vol. 44(3), pages 411-429.
    • Handle: RePEc:bla:kyklos:v:44:y:1991:i:3:p:411-29
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    Cited by:

    1. Georg Erber & Harald Hagemann, 1996. "Sustainable Price Stability for Europe: Prospective Effects of a European Central Bank on Long-Term Growth and Employment ; Lessons from the Past: The EU Countries and the EMS," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 65(3), pages 381-391.
    2. Porta, Pier Luigi & Scazzieri, Roberto, 1997. "Towards an economic theory of international civil society: Trust, trade and open government," Structural Change and Economic Dynamics, Elsevier, vol. 8(1), pages 5-28, March.

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