Author: Mr.Jeffrey R. Franks
Publisher: International Monetary Fund
ISBN: 1484338499
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
Author:
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 188
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Book Description
Recoge: 1. Determinants of capital flows to the new EU Member States before and during the financial crisis - 2. Capital flows to converging European economies: crisis, reforms and DFI - 3. The dynamics of portfolio holdings in Emerging Europe - 4. The determinants of cross-border bank flows to emerging markets: new empirical evidence on the spread of financial crisis - 5. Cross-border flows and foreign banks in the global financial crisis, has Eastern Europe been different? - 6. The refinancing structure of banks in selected CESEE countries.
Author: Mr.Ruben Atoyan
Publisher: International Monetary Fund
ISBN: 1498367453
Category : Social Science
Languages : en
Pages : 48
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Book Description
This paper analyses the impact of large and persistent emigration from Eastern European countries over the past 25 years on these countries’ growth and income convergence to advanced Europe. While emigration has likely benefited migrants themselves, the receiving countries and the EU as a whole, its impact on sending countries’ economies has been largely negative. The analysis suggests that labor outflows, particularly of skilled workers, lowered productivity growth, pushed up wages, and slowed growth and income convergence. At the same time, while remittance inflows supported financial deepening, consumption and investment in some countries, they also reduced incentives to work and led to exchange rate appreciations, eroding competiveness. The departure of the young also added to the fiscal pressures of already aging populations in Eastern Europe. The paper concludes with policy recommendations for sending countries to mitigate the negative impact of emigration on their economies, and the EU-wide initiatives that could support these efforts.
Author: Indermit S. Gill
Publisher: World Bank Publications
ISBN: 0821389661
Category : Business & Economics
Languages : en
Pages : 515
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Book Description
The public debt crisis in Europe has shaken the confidence not just in the Euro, but in the European model. Aging and uneconomical Europeans are being squeezed between innovative Americans and efficient Asians, it is said. With debt and demographics dragging down them down, one hears that European economies will not grow much unless radically new ways are discovered. The end of complacency in Europe is a good thing, but this loss of confidence could be dangerous. The danger is that in a rush to rejuvenate growth, the attractive attributes of the European development model could be abandoned along with the weak. In fact, the European growth model has many strong points and enviable accomplishments. One can say without exaggeration that Europe had invented a convergence machine , taking in poor countries and helping them become high income economies. World Bank research has identified 27 countries that have grown from middle-income to high income since 1987: a few thanks to the discovery and exploitation of massive natural resources (e.g.: oil in Oman and Trinidad and Tobago), several others like Japan, Hong Kong, Singapore, Taiwan, and South Korea, embracing aggressive export-led strategies which involved working and saving a lot, postponing political liberties, and looking out only for themselves. But half of the countries that have grown from middle income to high income Croatia, Cyprus, Czech Republic, Estonia, Greece, Hungary, Latvia, Malta, Poland, Portugal, Slovak Republic, and Slovenia are actually in Europe. This is why the European model was so attractive and unique, and why with some well designed efforts it ought to be made right again.
Author: Gertrude Tumpel-Gugerell
Publisher: Edward Elgar Publishing
ISBN: 9781781951286
Category : Business & Economics
Languages : en
Pages : 498
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Book Description
Recoge : 1. Introductory session. - 2. Past convergence within the European Union. - 3. Accesion countries : achievements in real convergence. - 4. Accesion countries : how to balance real and nominal convergence challenges for monetary and exchange rate policy. - 5. Does the financial sector contribute to real growth? - 6. Is there somebody left out in the cold? prospects of CEE countries other than current accesion countries. - 7. Policy challenges within the (enlarged) EU : how to foster economic convergence?
Author: Mahmood Pradhan
Publisher: International Monetary Fund
ISBN: 1463935129
Category : Business & Economics
Languages : en
Pages : 45
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Book Description
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Author: Danny Quah
Publisher:
ISBN: 9780753002476
Category : Convergence (Economics)
Languages : en
Pages : 23
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Book Description
Author: Enrico Marelli
Publisher: Springer
ISBN: 3319457292
Category : Business & Economics
Languages : en
Pages : 194
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Book Description
This book offers a fresh perspective on the recent Eurozone "double crisis" and its related economic policies. The authors present empirical evidence which sheds new light on the growing economic and political debate on the future of the Euro, the Eurozone and the EU. The book investigates and assesses the impact of the crisis with particular reference to monetary and fiscal policy, whose protracted austerity approach has dampened economic growth. In their discussion of the long-run European integration process, the authors emphasize the original weaknesses in the construction of the European Monetary Union and examine its failure to respond to the recent crisis. The concluding chapter focuses on the need for crucial reform in European governance and discusses the impact of the UK’s recent EU membership referendum. Scholars, students and members of the general public with an interest in the future of the Eurozone will find this work thought-provoking, instructive and highly informative.
Author: Juan R. Cuadrado-Roura
Publisher: Springer Science & Business Media
ISBN: 3662047888
Category : Business & Economics
Languages : en
Pages : 366
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Book Description
The introduction of the single currency in the European economic space constitutes without doubt the most visible step towards monetary and economic integration in the EU. Those who boosted the birth of the Common Market in 1957 dreamt that this would one day come about as a logical consequence of the integration process. However, things have gone much more slowly than possibly imagined, although if taken in an adequate historic perspective, it is undeniable that the agreements that have led to European Monetary Union signify a really formidable jump in the process of political and economic integration in Europe. This is something many doubted would ever happen, but which is already a reality, although still in need of a period of consolidation. The most general economic consequences of the EMU have already been analysed in considerable depth. Proof of this is the literature already available. In general, there is coincidence in affirming that the balance of the results expected is clearly positive. Firstly, as a result of the anticipated gains in efficiency, a consequence of reduction of transaction costs associated to the previous existence of different currencies and of the elimination of exchange rate uncertainties.
Author: Michael D. Bordo
Publisher: University of Chicago Press
ISBN: 0226065995
Category : Business & Economics
Languages : en
Pages : 600
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Book Description
As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration. This volume collects eleven papers doing exactly that and more. The first group of essays explores how the process of globalization can be measured in terms of the long-term integration of different markets-from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself. This volume reveals a much larger picture of the process of globalization, one that stretches from the establishment of a global economic system during the nineteenth century through the disruptions of two world wars and the Great Depression into the present day. The keen analysis, insight, and wisdom in this volume will have something to offer a wide range of readers interested in this important issue.
