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Towards North American Monetary Union?The Politics and History of Canada's Exchange Rate Regime |
eBook Available
Why monetary union with the United States won't work
Many believe that Canada's deepening economic integration with the United States and the worldwide trend towards currency blocs will eventually lead to a North American monetary union. In the first detailed analysis of Canadian exchange rate politics, Eric Helleiner challenges this view.
Helleiner finds little support in the U.S. for the concessions that would be necessary to make a North American monetary union palatable in Canada. Comparing the U.S. Federal Reserve and the European Monetary Union, he argues that the influence of Canada within a North American monetary union would be far less than that of individual countries within the European community. He also considers the seemingly paradoxical support of Quebec sovereignists for free trade and monetary union.
Towards North American Monetary Union? explores Canada's unusually strong commitment throughout the twentieth century to a floating exchange rate for its national currency - a commitment that Helleiner argues is likely to continue.
Helleiner finds little support in the U.S. for the concessions that would be necessary to make a North American monetary union palatable in Canada. Comparing the U.S. Federal Reserve and the European Monetary Union, he argues that the influence of Canada within a North American monetary union would be far less than that of individual countries within the European community. He also considers the seemingly paradoxical support of Quebec sovereignists for free trade and monetary union.
Towards North American Monetary Union? explores Canada's unusually strong commitment throughout the twentieth century to a floating exchange rate for its national currency - a commitment that Helleiner argues is likely to continue.
Details
352 Pages, 6 x 9
ISBN 9780773531789
June 2007
Formats: Paperback, eBook
"Rich and fascinating - Helleiner makes a strong case against the NAMU." Literary Review of Canada
"Helleiner is able through the Canadian example to make an original and nuanced argument about the historically and politically contingent logic of exchange rate policies." Jacqueline Best, political studies, University of Ottawa
"Helleiner pulls together a range of sources to provide a richer tapestry of the forces influencing the setting of policy. Towards North American Monetary Union? is likely to become a standard reference." Michael Bradfield, economics, Dalhousie University
"Helleiner is able through the Canadian example to make an original and nuanced argument about the historically and politically contingent logic of exchange rate policies." Jacqueline Best, political studies, University of Ottawa
"Helleiner pulls together a range of sources to provide a richer tapestry of the forces influencing the setting of policy. Towards North American Monetary Union? is likely to become a standard reference." Michael Bradfield, economics, Dalhousie University
Eric Helleiner is chair of international public policy, Centre for International Governance Innovation, and associate professor, political science, University of Waterloo. He is the author of several books, including States and the Re-emergence of Global Finance and The Making of National Money:Territorial Currencies in Historical Perspective.
List of Figures ix
Preface xi
Introduction 3
PART ONE: CANADA’S EXCHANGE RATE POLITICS FROM 1850 TO 1985
1 The Birth and Early Life of the Canadian Dollar 19
2 The Floating Rate of the Interwar Years 39
3 The Short-Lived Commitment to Bretton Woods 69
4 From Fixed back to Floating Again: 1962-1985 105
PART TWO: FREE TRADE AND THE EMERGENCE OF THE NAMU DEBATE
5 The Exchange Rate Regime in the Free Trade Debate 137
6 The Neoliberal Case for NAMU and Its Reception 158
7 US Politics and the Canadian NAMU Debate 185
8 Quebec Sovereigntists in the NAMU Debate 213
Conclusion: Canada and the Politics of Exchange Rate Regimes 235
List of Abbreviations 253
Notes 255
Bibliography 305
Index 329
Preface xi
Introduction 3
PART ONE: CANADA’S EXCHANGE RATE POLITICS FROM 1850 TO 1985
1 The Birth and Early Life of the Canadian Dollar 19
2 The Floating Rate of the Interwar Years 39
3 The Short-Lived Commitment to Bretton Woods 69
4 From Fixed back to Floating Again: 1962-1985 105
PART TWO: FREE TRADE AND THE EMERGENCE OF THE NAMU DEBATE
5 The Exchange Rate Regime in the Free Trade Debate 137
6 The Neoliberal Case for NAMU and Its Reception 158
7 US Politics and the Canadian NAMU Debate 185
8 Quebec Sovereigntists in the NAMU Debate 213
Conclusion: Canada and the Politics of Exchange Rate Regimes 235
List of Abbreviations 253
Notes 255
Bibliography 305
Index 329
Winner
Donner Prize
Donner Canadian Foundation (2007)
Awarded for excellence and innovation in Canadian public policy writing
Donner Prize
Donner Canadian Foundation (2007)
Awarded for excellence and innovation in Canadian public policy writing
