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Persson, Torsten; Tabellini, Guido - C.E.P.R. Discussion Papers - 1996

How can monetary policy in stage III of European Monetary Union be coordinated between the ‘ins’ and the ‘outs’? This paper compares alternative institutional mechanisms, and concludes that a generalized system of inflation targets at the European level has several merits: it strengthens...

Persistent link: https://www.econbiz.de/10005124416

OPTIMUM CURRENCY AREA INDICES : EVIDENCE FROM THE 1990s

Horváth, Roman; Komárek, Luboš - Department of Economics, University of Warwick - 2003

of the Czech Republic could possibly structurally differ more than the EMU member countries between each other. Then they … conclude that if the EMU is sustainable, the accession of the Czech economy should not change it. …

Persistent link: https://www.econbiz.de/10005178293

Economic and monetary integration of the new Member States - helping to chart the route

Angeloni, Ignazio; Flad, Michael; Mongelli, Francesco Paolo - European Central Bank - 2005

on 1 May 2004 into the euro area. Most NMS have undergone a rapid and deep transformation in all areas with considerable … the euro area in the process of labour market and institutional reform (their labour market structures are more flexible … than those of the euro area countries). There is also some evidence that a few NMS have a significant degree of business …

Persistent link: https://www.econbiz.de/10005042601

The endogeneity approach of the theory of optimum currency areas: what does it mean for ASEAN + 3?

Löchel, Horst; Baumann, Stefan - Frankfurt School of Finance and Management - 2006

The paper analyzes if and how the experiences of European integration can be used for the progress of East Asia integration especially of the ASEAN+3 countries1. Of special interest is the relevance of the new endogeneity approach of monetary integration for East Asia. The question is discussed...

Persistent link: https://www.econbiz.de/10005026947

The Political Economy of the Exchange Rate Mechanism

Minford, Patrick - C.E.P.R. Discussion Papers - 1993

Since the establishment in 1979 of the Exchange Rate Mechanism of the EMS a number of countries, after entry, have experienced a substantial and persistent rise in their real exchange rate (the ratio of domestic to foreign prices). This paper explains this phenomenon in terms of a `peso problem'...

Persistent link: https://www.econbiz.de/10005497704

How Did European Institutional Integration and Intra-European Trade Interact?

Agur, Itai; Dorrucci, Ettore; Mongelli, Francesco Paolo - In: Economie Internationale (2007) 109, pp. 107-146

EMU has spurred an interest on the effects of monetary unions on regional economic integration. This paper investigates …

Persistent link: https://www.econbiz.de/10005406504

The EURO: A Success against the Odds?

Begg, Iain - In: Eastern Economic Journal 28 (2002) 1, pp. 25-44

currency. It then discusses the EMU policy framework and how it might evolve before offering a verdict on the euro so far. …The move to monetary union has been criticized by many economists and the weak performance of the euro on the foreign … exchange markets between 1999 and 2001 has tended to reinforce these doubts. Yet in many respects the introduction of the euro …

Persistent link: https://www.econbiz.de/10005641550

"Imbalances? What Imbalances? A Dissenting View"

Wray, L. Randall - Levy Economics Institute - 2012

It is commonplace to link neoclassical economics to 18th- or 19th-century physics and its notion of equilibrium, of a pendulum once disturbed eventually coming to rest. Likewise, an economy subjected to an exogenous shock seeks equilibrium through the stabilizing market forces unleashed by the...

Persistent link: https://www.econbiz.de/10010627286

Paved with Good Intentions: Global Financial Integration, the Eurozone, and the Imaginary Road to the Fabled Gold Standard

Underhill, Geoffrey R D - C.E.P.R. Discussion Papers - 2010

test of this proposition, and the outcome leaves the EU found wanting. The first section of this paper places EMU in the …

Persistent link: https://www.econbiz.de/10008784770

OCA theory and EMU Eastern enlargement: An empirical application

Weimann, Marco - Deutsche Bank Research - 2003

years. Some studies aim at analysing the suitability of these Euro aspirants for currency union with EMU by evaluating the … present EMU and use a structural VAR approach to evaluate EMU suitability of the candidate countries. To correct for the …

Persistent link: https://www.econbiz.de/10008677261