Hallett, Andrew Hughes; Jensen, Svend E. Hougaard; … - In: Ekonomia 8 (2005) 1, pp. 21-50
This paper studies the incentives to enlarge a monetary union under alternative assumptions about the extent of market reform within the union and in candidate countries. Lack of labour mobility, or wage/price flexibility, or fiscal reform, brings costs for both new entrants and in the existing...