This article reviews and analyzes Shigeyuki Hamori’s and Naoko Hamori’s book, “Introduction of the Euro and the Monetary Policy of the European Central Bank”. Shigeyuki Hamori is a professor and lecturer at the Japan’s Kobe University Graduate School, Faculty of Economics…
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Naoko Hamori on the other hand is a lecturer at the University of Marketing and Distribution Sciences in Japan. The method used by the authors in the book is analyzing the European Central Bank’s monetary policy. This has been done by using the latest econometric methods. The method used by this essay to review the book is a chapter by chapter analysis whereby each chapter of the book is discussed in detail, giving a strong and insightful summary and analysis. The purpose of this book review is to evaluate the substantial contribution made by the book towards understanding the importance of the Euro. The thesis of this book review is to find out the points of view and solutions given by the authors concerning the importance of the Euro area and give an international perspective about the future of the Euro. This essay discusses the Euro area, explaining the reasons why the Euro is an important and unique currency. This review also analyzes the monetary policy of the European Central Bank so as to comprehend the significance of the Euro area. The contents of this book have been clearly presented in nine (9) logical chapters, namely: History of the EU Monetary Union; Empirical Analysis of the Money Demand Function in the Euro Area; Monetary Policy Rule of the European Central Bank; Empirical Analysis of the Term Structure of Interest Rates in the Presence of Cross-Section Dependence; Are Budget Deficits Sustainable in the Euro Area?; Yield Spread and Output Growth in the Euro Area; International Capital Flows and the Feldstein-Horioka Paradox; Nominal and Real Exchange Rate Fluctuations: Euro, US Dollar, and Japanese Yen; and Euro Area Enlargement. The information in these chapters has been well researched and is suitable for non-experts interested in the European Central Bank and the Euro area, advanced graduate and undergraduate students in finance and economics and economists in general. Chapter one: History of the EU Monetary Union The first chapter of the book comes right after the preface and table of contents. It is contained on page 1 to 30. This chapter is aimed at analyzing, outlining and discussing the developments that led to the establishment and realization of the European Monetary Union. This chapter begins by giving the history of the EU monetary union. About a decade ago, the euro was introduced in the 11 states of the European Union (EU) as their single currency. These states are Spain, Portugal, Netherlands, Luxembourg, Italy, Ireland, Germany, France, Finland, Belgium and Austria. The monetary policy of all these states was unified under the European Central Bank (ECB). This has been the case since January 1999. This chapter is insightful because it brings to the attention of the reader the fact that the European Central Bank’s policy management has been able to succeed. This has been despite the many challenges that the policy has been faced with. This chapter also points out that many of the 11 states of the European Union viewed the monetary policy with a lot of caution. Caution was necessary since the policy covered 11 states. However, after the success of the monetary policy, the euro has been able to establish its strong status as a renowned and international currency. The euro is currently second to the US dollar in terms of worldwide status (Hamori and Hamori 1). The establishment of the international status of the euro saw more and more countries join the monetary union. This chapter reveals that the union was officially referred to as the Economic and Monetary Union (EMU). The states that joined this union included Greece (2001), Slovenia (2007), Malta and Cyprus (2008)
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