Hicks on the European Monetary System
探讨希克斯在《货币市场理论》中关于英国是否应加入欧洲货币体系的论述，分析其多中心国际经济模型及隐含的政策建议。
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