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Kletzer, Kenneth; Hagen, Jürgen von - 2000

Does a monetary union need fiscal shock absorbers helping the participating countries to cope with asymmetric shocks? The consensus in the debate over EMU argues that the answer is yes. In this paper, we revisit the issue, building on a dynamic, general equilibrium framework of regions in a...

Persistent link: https://www.econbiz.de/10010514294

Monetary Stabilisation in a Currency Union of Small Open Economies

Sanchez, Marcelo - 2021

This paper studies stabilisation policies in a multi-country currency union of small open economies. It abstracts from key factors favouring currency union formation, such as reduced transaction costs and enhanced credibility, which are exogenous to the factors studied here. Demand-side shocks...

Persistent link: https://www.econbiz.de/10013316488

To Purgatory and Beyond: When and How Should the Accession Countries from Central and Eastern Europe Become Full Members of EMU?

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2004

membership. It should also be sufficient. 3) Convergence, prior to the adoption of the euro, of an EMU candidate’s inflation rate … to its euro area equilibrium inflation rate is helpful but not essential. 4) Real convergence is irrelevant for EMU … fiscal sustainability (and preferably also inflation convergence), the EMU candidate should be given a firm date and …

Persistent link: https://www.econbiz.de/10005666853

Exchange Rate Regimes: With or Without the Sucre?

Bénassy-Quéré, Agnès - In: La Lettre du CEPII (2000) 191

Persistent link: https://www.econbiz.de/10004990391

Exchange Rate Regimes, Specialization and Trade Volume

Devereux, Michael B. - 2008

We develop a general equilibrium monetary model of endogenous specialization and international trade to examine the degree of specialization and trade volume under alternative exchange rate regimes. Where demand shocks are important, we demonstrate an increase in specialization, trade and...

Persistent link: https://www.econbiz.de/10012726353

Exchange rate arrangements in the run-up to the EMU : some experience in currency board countries

Kielyte, Julda - 2002

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...

Persistent link: https://www.econbiz.de/10011511064

Russian Debt Crisis : Fear Not Your Debt, But Fundamentals

Gurdgiev, Constantin - 2012

In 1998, following some 10 years of structural reforms that began during the late Soviet era under the Perestroika processes and continued after the collapse of the USSR, Russia has recorded its first year of economic growth. Then, with virtually no advanced warning, by the of August 1998,...

Persistent link: https://www.econbiz.de/10013112330

Economic, Political, and Institutional Prerequisites for Monetary Union Among the Members of the Gulf Cooperation Council

Buiter, Willem - In: Open Economies Review 19 (2008) 5, pp. 579-612

Persistent link: https://www.econbiz.de/10005715159

Fiscal and monetary rules for a currency union

Ferrero, Andrea - 2005

This paper addresses the question of the joint conduct of fiscal and monetary policy in a currency union. The problem is studied using a two-country DSGE framework with staggered price setting, monopolistic competition in the goods market, distortionary taxation and nominal debt. The two...

Persistent link: https://www.econbiz.de/10011604548

International policy transmissions before and after establishing a monetary union

Rumler, Fabio - 1999

This paper analyzes the effects of the implementation of a monetary union on the international transmission of monetary and fiscal policies. A dynamic three-country general equilibrium model, exhibiting monopolistic competition and sticky prices, is used to show how asymmetric monetary and...

Persistent link: https://www.econbiz.de/10009712334

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