Evolution of monetary unions’ creation as an evidence of globalization of international economic relations

Kostiuchenko Nataliia
graduate student, Odessa national university the name of I.I. Mechnikov, E-mail:nataliakostiuchenko@gmail.com

Cite this article:

Kostiuchenko N., (2015) Evolution of monetary unions’ creation as an evidence of globalization of international economic relations. Ed.: М.D. Baldzhy (ed.-in-ch.) and others [Systema pensiinoho zabezpechennia Ukrainy ta yevrointehratsiini protsesy; za red.: М. D. Baldzhy (gol. red.)], Scientific Bulletin of the Odessa National Economic University (ISSN 2313-4569), Odessa National Economics University, Odessa, No. 4(224), pp. 126-134.

Abstract

The paper considers the historical aspect of the monetary unions’ creation and the change in their functions as a result of the impact of international economic relations globalization effect. The main types of monetary unions of XIX-XXI centuries have been identified and analyzed as well as the main differences between monetary unions of the XIX and XXI centuries. The following conclusions have been made. A modern phase of financial globalization is characterized by the creation of elimination drawbacks mechanism for the propagation of capital on new economic territories. A tight connection of global banks’ operations created a tendency to change the aims of emissive institutions. A number of central banks functions has been transformed under the circumstances of international economic relations globalization. Now it includes a set of protective measures, which restrain the spread of external shocks’ negative consequences on national and financial markets.

Keywords

monetary union, globalization, European currency system.

JEL classification: F62

UD classification: 330.342.1

References

1. Блэк Дж., Осадчая И.М. «Экономика. Толковый словарь». — М.: «ИНФРА-М», 2000, с. 128-130
2. Крук Д. «Монетарные союзы: выгоды и издержки» [Электронний ресурс]. – Режим доступу: http://research.by/pdf/2002n3r06.pdf
3. Вайденфельд В., Вессельс В. «Европа от А до Я. Справочник европейской интеграции, пер. с нем./ В. Вайденфельд, В. Вессельс». – Р., 2002. – 544 с.
4. Булатова А. С. «Мировая экономика». – М.: Экономистъ, 2006.- 734 с., c.310-312.
5. Bomberg E., Peterson J., Stubb A., “The European Union. How does it work?”, second edition 2008, Oxford, NY, pp. 35-37.
6. Офійційний сайт Європейського Центрального Банку: [Электронний ресурс]. – Режим доступу: www.ecb.int