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This paper highlights that the EMU transition process itself can pose challenges to individual accession countries and draws policy implications for ERM II. Differences in financial market development and international liabilities underscore the risks and benefits of ERM II, and may lead to...
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Since the beginning of the transition process from centrally planed to market economies, East European countries have experienced relatively high inflation and a market depreciation of their currency. Their monetary systems have gone through dramatic changes in the recent ten years, making the...
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Vorbereitung auf den EURO entwickelt. Der am Ende erarbeitete Vorschlag läuft darauf hinaus, das Konzept von der Schlange im Tunnel … gegenüber dem EURO wählen sollten. … getting closer to the EURO: the idea we come up with ultimately, is to create a new snake in the tunnel with a small exchange …
Persistent link: https://www.econbiz.de/10010508262
Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and … Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …
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Recent literature on the European debt crisis emphasizes that rising external trade and lending imbalances between the European Monetary Union's (EMU) Northern and Southern member states served as a crucial determinant behind speculative divergence between these two regions. However, these...
Persistent link: https://www.econbiz.de/10010437635