The development of the European Monetary Union is related to Milton Friedman's critique of the Bretton Woods System that started a vigorous debate about “fixed versus flexible exchange rates.” This paper contrasts briefly the arguments pro and con flexible exchange rates at this time. After...

This paper explores the impact of Korean unification on North and South Korea under the hypothetical scenario that unification takes place along the peaceful but unanticipated path similar to the experience of German reunification. Using a global dynamic intertemporal general equilibrium model,...

European Union; Economic and Monetary Union; EMU; Economic Policy; Stabilisation Policy; Monetary Policy; Fiscal Policy; Wage Setting. - The dissertation shows that the start of EMU has resulted in institutional changes in the areas of fiscal policy-making and wage-setting in the Member States...