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In this paper we study the effect of the single currency across industries for euro area members. This analysis may help to shed light on the main factors influencing the euro effect on trade flows. We intend to verify whether these factors are specific to individual sectors and/or countries or...
Persistent link: https://www.econbiz.de/10005083003
Estimating a theoretical gravity model over a sixty-year period, from 1948 to 2009, I found an unexpected trend: the currency union impact on trade is decreasing over time. This result suggests that with trade and financial globalization, currency unions become less and less important for...
Persistent link: https://www.econbiz.de/10010594068
This paper studies the strategic interaction of Euroland's national macroeconomic players and the ECB council under two alternative assumptions on central bank behavior: (i) all members of the ECB council are concerned about Euroland's macroeconomic aggregates and (ii) the ECB council is...
Persistent link: https://www.econbiz.de/10005504342
The paper emphasizes the distinction between the purely fiscal reasons for fiscal policy coordination under EMU (given … substantial in a two-good EMU. …
Persistent link: https://www.econbiz.de/10005497718
among members of Economic and Monetary Union (EMU). Empirical evidence on this relationship is rare so far and suffers from …
Persistent link: https://www.econbiz.de/10011118002
significantly reduced and are only “borderline” significant. Also, dummy variables measuring the effects of EU membership on exports …
Persistent link: https://www.econbiz.de/10011052354
the European Union (EU) and the United States. Relative price variability appears to be more important for adjustment … within the EU than the United States, reflecting the lower integration of goods and factor markets. In the absence of higher … market integration, the lower relative price variability implied by the introduction of a single currency in the EU could …
Persistent link: https://www.econbiz.de/10005067643
This Paper begins with a discussion of the relation between economics and politics in the construction of EMU. It … this initiative of the late 1980s both built the foundations for and led the way to EMU. It then considers in more detail … arise from the ‘domino effect’ in regional integration and how those relate to EMU. A discussion of the problems of fiscal …
Persistent link: https://www.econbiz.de/10005656320
accession and during the period following EU accession but prior to EMU membership. We conclude that from an economic point of … view, EMU membership should be as early as possible, preferably at the same time as EU membership. The prevailing … EMU membership till two years after EU membership. Unrestricted financial capital mobility would be required during this …
Persistent link: https://www.econbiz.de/10005661669
in Economic and Monetary Union (EMU), net general government borrowing may not exceed 3% of GDP and general government …
Persistent link: https://www.econbiz.de/10005123517