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This paper reconsiders the 1992-3 crisis in the European Monetary System in light of its emerging market successors … market crisis as much as they do the moderate effects of the typical industrial-country event of its kind to take place in an …
Persistent link: https://www.econbiz.de/10012470695
The Maastricht Treaty on Europe Union features an Excessive Deficit Procedure limiting the freedom to borrow of governments participating in the European monetary union. One justification is to prevent states from over- borrowing and demanding a bailout which could divert the European Central...
Persistent link: https://www.econbiz.de/10012473342
regional trade and currency areas of today, such as the North American Free Trade Agreement and the EC's Single Market and …
Persistent link: https://www.econbiz.de/10012474505
Recent proposals for enlarging the European Community to include the EFTA countries raise the question of whether the new members should participate in a European Monetary Union. In part, the issue hinges on the incidence of aggregate supply and demand disturbances. We use data on prices and...
Persistent link: https://www.econbiz.de/10012475031
Data on output and prices for 11 EC member nations are analyzed to extract information on underlying aggregate supply and demand disturbances using a VAR decomposition. The coherence of the underlying shocks across countries and the speed of adjustment to these shocks are then compared to the...
Persistent link: https://www.econbiz.de/10012475032
mobility and the speed of labor market adjustment remain lower in Europe than in the United states. Thus, Europe remains …
Persistent link: https://www.econbiz.de/10012475441
We ask whether Poland is at risk of the boom-bust problem that has afflicted economies around the time of euro adoption … from expectations of euro adoption will further feed that boom. On the other hand the fact that interest rates have already … converged part way to euro-area levels (and more extensively than in earlier adopters that experienced a sharp fall in rates and …
Persistent link: https://www.econbiz.de/10012464209