Is There a Conflict Between EC Enlargement and European Monetary Unification? PDF Download
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Author: Tamim A. Bayoumi
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 48
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Book Description
Recent proposals for enlarging the European Community to include the EFTA countries raise the question of whether the new members should participate in a European Monetary Union. In part, the issue hinges on the incidence of aggregate supply and demand disturbances. We use data on prices and output and a VAR decomposition to analyze this issue empirically, grouping economies according to the magnitude of the disturbances, their cross-country correlation, and speeds of response. This leads us to distinguish an EC "core" (made up of Germany and its immediate neighbors) and an EC periphery (made up of the UK and the Southern European members of the Community). Austria, Sweden and Switzerland behave more similarly to the EC core than do Norway, Finland and Iceland. This suggests that the case for EMU participation is stronger for Austria, Sweden and Switzerland than for the other EFTA countries.
Author: Tamim A. Bayoumi
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 48
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Book Description
Recent proposals for enlarging the European Community to include the EFTA countries raise the question of whether the new members should participate in a European Monetary Union. In part, the issue hinges on the incidence of aggregate supply and demand disturbances. We use data on prices and output and a VAR decomposition to analyze this issue empirically, grouping economies according to the magnitude of the disturbances, their cross-country correlation, and speeds of response. This leads us to distinguish an EC "core" (made up of Germany and its immediate neighbors) and an EC periphery (made up of the UK and the Southern European members of the Community). Austria, Sweden and Switzerland behave more similarly to the EC core than do Norway, Finland and Iceland. This suggests that the case for EMU participation is stronger for Austria, Sweden and Switzerland than for the other EFTA countries.
Author: Richard Baldwin
Publisher: Centre for Economic Policy Research
ISBN: 9781898128069
Category : Administrative agencies
Languages : en
Pages : 148
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Book Description
This Report examines the enlargement of the European Community's member base to include the EFTA members and the Central and East European Countries; and considers the political and economic motivations for the potential members.
Author: Tamim A. Bayoumi
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 64
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Book Description
Author: Tamim Bayoumi
Publisher:
ISBN:
Category :
Languages : en
Pages : 54
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Book Description
Data on output and prices for 11 EC member nations are analyzed to extract information on underlying aggregate supply and demand disturbances using a VAR decomposition. The coherence of the underlying shocks across countries and the speed of adjustment to these shocks are then compared to the results from US regional data. We find that the underlying shocks are significantly more idiosyncratic across EC countries than across US regions, which may indicate that the EC will find it more difficult to operate a monetary union. However a core of EC countries, made up of Germany and her immediate neighbors, experience shocks of similar magnitude and cohesion as the US regions. EC countries also exhibit a slower response to aggregate shocks than US regions, presumably reflecting lower factor mobility.
Author: Barry Eichengreen
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This article takes stock of the literature and debate over European monetary unification. In contrast to other papers, where it is argued that the issues and prospects remain shrouded in uncertainty, I argue that in a number of important areas, a reasonable degree of consensus now exists, as the result of a decade of scholarship. The subsequent stock-taking concentrates on areas where significant questions remain, starting with the implications of surrendering the exchange rate and an independent national monetary policy as instruments of adjustment; the conduct of fiscal policy under the Excessive Deficit Procedure and the Stability Pact; and how quickly the European union is likely to develop an EU-wide system of fiscal federalism to accompany its monetary union. Turning from fiscal to monetary issues, I ask whether the European Central Bank (ECB) will be as inflation averse as the Bundesbank, what exchange-rate policy the ECB will pursue, and whether the euro will be a leading reserve currency. I conclude with what may be the most contentious issue of all, namely whether Europe?s monetary union could collapse after it begins.
Author: Christopher Sardelis
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
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Book Description
Author: Barry J. Eichengreen
Publisher: MIT Press
ISBN: 9780262050548
Category : Business & Economics
Languages : en
Pages : 374
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Book Description
Whether EMU is feasible & desirable is contested among economists and politicians alike. The author of this text argues that the effects of monetary unification will depend on how it is structured & governed, & how quickly Europe's markets adapt.
Author: Hubert Ooghe
Publisher: Springer Science & Business Media
ISBN: 1461513839
Category : Business & Economics
Languages : en
Pages : 441
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Book Description
The Economic and Business Consequences of the EMU A Challenge for Governments, Financial Institutions and Firms Hubert Ooghe Conference Chairman, Vlerick Leuven Gent Management School alld Ghent University EMU finally got under way on 1 st January 1999. Since then 11 European countries share a common currency, the Euro, and pursue a common monetary policy managed by the European Central Bank (ECB). After forty years of economic integration, Euroland has the wherewithal with which to enter the 21 st century. However monetary union has implications for nearly all areas of economic activity and decision-making. Throughout the academic world researchers are fully occupied with the theoretical analysis of the impact of the Euro and the effects of incorporating the new operational framework into their economic models. Businesses and government departments are concerned primarily with the practical implementation of the single currency. For all those who playa part in the economy, it is a question of making the most of the macro and micro economic opportunities offered by the Euro and minimising any threats. On 17th and 18th March 2000, after the EMU and Euro were in operation for one year, an international conference was held in Ghent (Belgium) on the economic consequences of the introduction of the EMU and the Euro for governments, financial institutions and firms.
Author: Peter B. Kenen
Publisher: Cambridge University Press
ISBN: 9780521558839
Category : Business & Economics
Languages : en
Pages : 234
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Book Description
1.The origins of EMU -- 2.The design of EMU -- 3.Monetary policy in Stage Three -- 4.Fiscal policy and EMU -- 5.EMU and the outside world -- 6.The transition to EMU -- 7.Reconsidering the transition -- 8.Getting on with EMU.
Author: Paul J.J. Welfens
Publisher: Springer Science & Business Media
ISBN: 364259039X
Category : Business & Economics
Languages : en
Pages : 463
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Book Description
Paul J. J. Welfens European monetary union has been discussed for more than three decades and is likely to be realized in 1999. One may anticipate generous interpretations of the fiscal convergence criteria. Such generosity consistent with the Maastricht Treaty might impair the credibility of the ECB and the stability of the Euro, respectively, despite the fact that inflation is a monetary phenomenon and has little to do with government deficits, unless they were financed via the printing press, which is excluded in the Maastricht Treaty. The European Commission's forecast of spring 1997 suggests that Italy will have problems in joining the EMU starter group as the is expected to be 3. 2% in 1997 and even 3. 9% in 1998. A Italian deficitlGDP ratio fully developed EMU group (with all 15 cowltries included) would represent 38% of the OECD GDP, slightly higher than the U. S. with 33% (Japan 21%). The exports/GDP ratio of EU countries is 30%, the ratio with respect to exports outside the EU would be 10% (Japan, U. S. 8%). The share of the U. S. dollar in international currency reserves fell from 67% to 40% in 1995, while the share of European currencies increased from 13% to 37%. Prior to the EMU, market participants have to anticipate whether a transition to 1999 will bring windfall losses or gains in various bond markets.
