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The accidental redistribution of seignorage wealth in the Eurosystem
Sinn, Hans-Werner; Feist, Holger - In: CESifo Forum 01 (2000) 3, pp. 27-29
Persistent link: https://www.econbiz.de/10011695630
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Monetary integration ahead of trade integration in East Asia?
Shin, Kwanho; Wang, Yunjong - 2003
Regionalism is taking two forms. It is occurring firstly through free trade arrangements and secondly through monetary arrangements. In this paper, we highlight the issues related to the reversal of sequence between trade integration (free trade agreement) and monetary integration (a monetary...
Persistent link: https://www.econbiz.de/10010332298
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Establishing monetary union in the Gulf Cooperation Council: What lessons for regional cooperation?
Takagi, Shinji - 2012
The paper reviews the experience of regional economic cooperation in the Gulf Cooperation Council (GCC). Conceived as a regional security alliance, the GCC has evolved to become a common market in the making. All six GCC countries participate in the common market project, and additional...
Persistent link: https://www.econbiz.de/10010397253
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Macroeconomic stabilization with a common currency: Does European Monetary Unification create a need for fiscal insurance of federalism?
Kletzer, Kenneth M. - 1997
The implications of monetary unification for fiscal policies are discussed. The roles of nominal exchange rate flexibility in the presence of asymmetric national shocks and nominal price rigidities as an automatic stabilizer and source of disturbances to real economic performance are reviewed....
Persistent link: https://www.econbiz.de/10010301140
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Financial Market Integration and Business Cycle Volatility in a Monetary Union
Pierdzioch, Christian - 2002
This paper uses a dynamic general equilibrium two-country optimizing sticky-price model to analyze the consequences of international financial market integration for the propagation of asymmetric productivity shocks in a monetary union. The model implies that business cycle volatility is higher...
Persistent link: https://www.econbiz.de/10010260515
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Labour Market Asymmetries in a Monetary Union
Andersen, Torben M.; Seneca, Martin - 2007
This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both country-specific and aggregate shocks. The implications of asymmetries for...
Persistent link: https://www.econbiz.de/10010260574
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Re-evaluating Swedish membership in EMU: Evidence from an estimated model
Söderström, Ulf - 2008
I revisit the potential costs and benefits for Sweden of joining the Economic and Monetary Union (EMU) of the European … inflation and GDP growth might have been slightly higher if Sweden had been a member of EMU since the launch in 1999, but also … in the monetary union would be advantageous for Sweden. …
Persistent link: https://www.econbiz.de/10010320726
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Monetary and Fiscal Policy in a Large Asymmetric Monetary Union - A Dynamic Three-Country Analysis
Clausen, Volker; Wohltmann, Hans-Werner - 2005
This paper analyzes the dynamic effects of anticipated monetary and fiscal policies in a large monetary union, which is characterized by asymmetric interest rate transmission. We explicitly solve the asymmetric three-country model using the decomposition methods of Aoki (1981) and Fukuda (1993)....
Persistent link: https://www.econbiz.de/10010296252
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Dynamische Effekte der Geld-und Fiskalpolitik in einem asymmetrischen Drei-Länder-Modell mit einer Währungsunion
Wohltmann, Hans-Werner - 2005
In diesem Beitrag werden die intertemporalen Wirkungen von antizipierten geld- und fiskalpolitischen Maßnahmen im Rahmen eines asymmetrischen Drei-Länder-Modells vom Mundell-Fleming-Phillips-Typ mit rationalen Preis- und Wechselkursänderungserwartungen charakterisiert. Zwei der drei großen...
Persistent link: https://www.econbiz.de/10010296253
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The euro’s trade effects
Baldwin, Richard E. - 2006
This paper reviews reassesses the methodology and principal findings of the “Rose effect”, i.e. the trade effects of currency union, looking at both EMU and non-EMU currency unions. The consensus estimate suggests that the euro has already boosted intra-euro area trade by five to ten...
Persistent link: https://www.econbiz.de/10011604640