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This paper addresses the issue of the transition from Stage Two of EMU to Stage Three. The criteria established in the …
Persistent link: https://www.econbiz.de/10005497747
Two issues are discussed. The first is which countries might benefit from entry into EMU before the millennium. Germany … transition to EMU. Experience from earlier exchange rate regimes suggests that an early announcement of the parities at which … different currencies would enter EMU could reduce such instability if governments were willing to accept the required …
Persistent link: https://www.econbiz.de/10005123644
In this paper we study the theory of monetary policy when the monetary authority faces asymmetries in the countries constituting the monetary union. We identify two asymmetries (shocks and transmission) in the context of a two country model. A general finding is that as the degree of asymmetries...
Persistent link: https://www.econbiz.de/10005124099
This Paper contributes ideas and analysis to the ongoing EU reform debate. It consists of three distinct parts: voting in the Council of Ministers, restructuring the ECB's Governing Council, and the setting of enlargement “examination” dates. The IGC currently focuses on Council voting,...
Persistent link: https://www.econbiz.de/10005504315
this increase is more pronounced among EU and EMU countries than among non-E(M)U industrialised countries. We also show … driven by better consumption smoothing through the accumulation or decumulation of foreign assets. This EMU effect on the … independent EMU-effect on the way in which risk is shared. While it is too early to evaluate these findings conclusively, we …
Persistent link: https://www.econbiz.de/10005504438
key emerging market countries and a possible ‘hard landing’ for the US dollar. In that context, EMU has clearly increased … dealing with liquidity crises. Section 5 turns to issues raised by EU enlargement. Section 6 considers aspects of EMU and the …
Persistent link: https://www.econbiz.de/10005114310
Greater financial integration between core and peripheral EMU members had an effect on both sets of countries. Lower …. Core EMU countries took on extra foreign leverage to expose themselves to the peripherals. The result has been asset …'s introduction, Core EMU countries increased their borrowing from outside of EMU and their lending to the EMU periphery. …
Persistent link: https://www.econbiz.de/10011083714
In this paper we analyse the effects of different decision rules in the ECB on monetary stability. We consider a model where asymmetric shocks and divergent propagation of shocks on output and inflation are potential causes of tensions within the ECB concerning the conduct of monetary (interest...
Persistent link: https://www.econbiz.de/10005792531
This paper discusses the conditions under which currency unions would be desirable and viable. We discuss and present new empirical evidence concerning the operation of existing currency unions in federal states and among regional country groupings. In particular, we examine the traditional...
Persistent link: https://www.econbiz.de/10005662119
This paper considers fiscal policy coordination in a European Economic and Monetary Union (EMU). We use an overlapping … departures to be rather small. Two models are considered: EMU with one good; and a two-good EMU. We find that in the two-good EMU … with increased real interest rates - shared by all EMU countries - leads to an inefficient outcome in the non …
Persistent link: https://www.econbiz.de/10005662412