The authors focus on income from the monopoly rights to issue money accruing to central banks in a transitional environment. The authors introduce a general method to compute the value of this ability and provide a tentative valuation in the Czech case. The range of the estimates demonstrates...

The authors consider the current exchange-rate regime in the Czech Republic as the Czech economy prepares for entry into the EU and the EMU. The macroeconomic impacts of a single-currency regime are classified according to traditional OCA theory. Using quantitative measures, the authors find the...

The Euro and Economic Stability assesses the euro area’s merits as a shelter and the merits of euro assets as a safe haven and reviews the case for rapid euro adoption from a post-crisis view. Policymakers and economists provide relevant lessons from euro area divergences for future euro...

We address the question of the exchange rate regime for the Czech Republic before it enters the EU and the EMU. We classify the macroeconomic impacts of a single currency regime according to the traditional OCA theory. Using quantitative measures, we find the degree of macroeconomic convergence...