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Productivity differentials and external balance in ERM II
Henriksson, Marketta - EconWPA - 2005
Differences in growth, productivity and inflation levels are going to be a prominent feature of the future of EMU, as the convergence process is still ongoing in the new Member States. This convergence process can be described by the Balassa-Samuelson proposition, which states that faster growth...
Persistent link: https://www.econbiz.de/10005125509
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Productivity differentials and external balance in ERM II
Henriksson, Marketta - Suomen Pankki - 2005
Differences in growth, productivity and inflation levels are going to be a prominent feature of the future of EMU, as the convergence process is still on-going in the new Member States. This convergence process can be described by the Balassa-Samuelson proposition, which states that faster...
Persistent link: https://www.econbiz.de/10005190776
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Productivity differentials and external balance in ERM II
Henriksson, Marketta - 2005
Differences in growth, productivity and inflation levels are going to be a prominent feature of the future of EMU, as the convergence process is still on-going in the new Member States. This convergence process can be described by the Balassa-Samuelson proposition, which states that faster...
Persistent link: https://www.econbiz.de/10012147936
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Interpreting the ERM Crisis: Country-Specific and Systemic Issues
Buiter, Willem H.; Corsetti, Giancarlo; Pesenti, Paolo - C.E.P.R. Discussion Papers - 1996
convincingly, the ‘puzzles’ of the ERM crisis. …
Persistent link: https://www.econbiz.de/10005123505
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EMU strategies for new Member States: the role of Exchange Rate Mechanism II
Papaspyrou, Theodoros S. - In: Economic Bulletin (2004) 23, pp. 7-25
This paper examines the role of ERM II in the convergence effort of the new Member States, against the background of … analysed, including the appropriate timing and duration of participation in ERM II, intervention in the foreign exchange … analysis that ERM II rules are flexible enough to accommodate a number of new Member States’ exchange rate regimes and that …
Persistent link: https://www.econbiz.de/10005162287
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International capital movements, speculation, and the 'conservation of saving' principle. A 'Harcourtian' interpretation of global imbalances and the global crisis
Costabile, Lilia - In: European Journal of Economics and Economic Policies: … 8 (2011) 1, pp. 201-217
This paper is inspired by the contributions made by Geoff Harcourt concerning the macroeconomics of open economies, international capital movements and speculation (e.g. Harcourt 1994, Dalziel/Harcourt 1997). This conceptual frame- work is developed in a simple model, useful for validating some...
Persistent link: https://www.econbiz.de/10011133360
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International capital movements, speculation, and the 'conservation of saving' principle. A 'Harcourtian' interpretation of global imbalances and the global crisis
Costabile, Lilia - In: Intervention. European Journal of Economics and … 08 (2011) 1, pp. 201-217
This paper is inspired by the contributions made by Geoff Harcourt concerning the macroeconomics of open economies, international capital movements and speculation (e.g. Harcourt 1994, Dalziel/Harcourt 1997). This conceptual frame- work is developed in a simple model, useful for validating some...
Persistent link: https://www.econbiz.de/10014363120
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The fragility of two monetary regimes: The European Monetary System and the Eurozone
Grauwe, Paul De; Ji, Yuemei - Nationale Bank van België/Banque national de Belqique (BNB) - 2013
We analyze the similarities and the differences in the fragility of the European Monetary System (EMS) and the Eurozone …. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the … markets that caused the fragility. We conclude that in the EMS the national central banks were weak and fragile, and the …
Persistent link: https://www.econbiz.de/10011272767
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The fragility of two monetary regimes: The European Monetary System and the Eurozone
De Grauwe, Paul; Ji, Yuemei - 2013
We analyze the similarities and the differences in the fragility of the European Monetary System (EMS) and the Eurozone …. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the … markets that caused the fragility. We conclude that in the EMS the national central banks were weak and fragile, and the …
Persistent link: https://www.econbiz.de/10011506763
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The fragility of two monetary regimes : the European Monetary System and the Eurozone
De Grauwe, Paul; Ji, Yuemei - 2013
We analyze the similarities and the differences in the fragility of the European Monetary System (EMS) and the Eurozone …. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the … markets that caused the fragility. We conclude that in the EMS the national central banks were weak and fragile, and the …
Persistent link: https://www.econbiz.de/10011590398