Adjustment And Growth In The European Monetary Union

Author : Francisco Torres,Francesco Giavazzi
Publisher : Cambridge University Press
Page : 406 pages
File Size : 42,5 Mb
Release : 1993-10-21
Category : Business & Economics
ISBN : 9780521440196

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Adjustment and Growth in the European Monetary Union by Francisco Torres,Francesco Giavazzi Pdf

The Maastricht Treaty, signed in December 1991, set a timetable for the European Community's economic and monetary union (EMU) and clearly defined the institutional policy changes necessary for its achievement. Subsequent developments have demonstrated, however, the importance of many key issues in the transition to EMU that were largely neglected at the time. This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January 1992. In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe. They also consider the prospects for inflation and fiscal convergence, regional policy and the integration of financial markets and fiscal systems. Attention focuses on adjustment mechanisms with differentiated shocks, region-specific business cycles and excessive industrial concentration and the cases for a two-speed EMU and fiscal federalism.

Author : Michele Fratianni,Jurgen Von Hagen
Publisher : Routledge
Page : 248 pages
File Size : 46,6 Mb
Release : 2019-09-06
Category : Political Science
ISBN : 9781000301113

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The European Monetary System And European Monetary Union by Michele Fratianni,Jurgen Von Hagen Pdf

When the European Monetary System (EMS) was created in 1978, economists on both sides of the Atlantic predicted its early failure. Today, EMS is alive and well, continuing to defy conventional economic wisdom. The authors address three major questions about the European Monetary System (EMS): how it came into being, how it works and how it may evolve into a fully-fledged monetary union.

Author : Mirko Abbritti,Mr.Sebastian Weber
Publisher : International Monetary Fund
Page : 52 pages
File Size : 54,5 Mb
Release : 2019-06-03
Category : Business & Economics
ISBN : 9781498311489

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Market Regulation, Cycles and Growth in a Monetary Union by Mirko Abbritti,Mr.Sebastian Weber Pdf

We build a two-country currency union DSGE model with endogenous growth to assess the role of cross-country differences in product and labor market regulations for long-term growth and for the adjustment to shocks. We show that with endogenous growth, there is no reason to expect real income convergence. Large shocks, through endogenous TFP movements, can lead to permanent changes of output and real exchange rates. Differences are exacerbated when member countries have different product and labor market regulations. Less regulated economies are likely to have higher trend growth and recover faster from negative shocks. Results are consistent with higher inflation, lower employment and disappointing TFP growth rates experienced in the less reform-friendly euro area members.

Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
Page : 161 pages
File Size : 40,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642569135

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European Monetary Union and Exchange Rate Dynamics by Paul J.J. Welfens Pdf

The creation of the European Central Bank and the Euro have brought new challenges to EU integration and economic policy. This book looks into issues of monetary and factor market policies. The analysis presents new theoretical and empirical research on the current decline of the Euro. Issues regarding exchange rate policies and international economic relations are also addressed.

Author : Daniel Gros,Niels Thygesen
Publisher : Longman Publishing Group
Page : 592 pages
File Size : 55,5 Mb
Release : 1998
Category : Business & Economics
ISBN : STANFORD:36105110117947

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European Monetary Integration by Daniel Gros,Niels Thygesen Pdf

This text provides an unrivalled account of the history, theory and practice of monetary integration in Europe.

Author : M. Panic
Publisher : Springer
Page : 182 pages
File Size : 41,6 Mb
Release : 1993-06-18
Category : Business & Economics
ISBN : 9781349134526

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European Monetary Union by M. Panic Pdf

Provides an analysis of the classical gold standard (1880-1914) - the nearest historical equivalent to what EC countries are attempting to do - in order to examine critically these and other issues raised in the debate. Problems are highlighted that need to be solved before EMU becomes viable.

Author : M.T. Sumner,G. Zis
Publisher : Springer
Page : 281 pages
File Size : 52,7 Mb
Release : 1982-06-24
Category : Business & Economics
ISBN : 9781349167814

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European Monetary Union by M.T. Sumner,G. Zis Pdf

Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
Page : 463 pages
File Size : 54,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642590399

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European Monetary Union by Paul J.J. Welfens Pdf

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.

Author : Mr.Tamim Bayoumi,Mr.Eswar Prasad
Publisher : International Monetary Fund
Page : 28 pages
File Size : 50,6 Mb
Release : 1996-08-01
Category : Business & Economics
ISBN : 9781451955163

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Currency Unions, Economic Fluctuations, and Adjustment by Mr.Tamim Bayoumi,Mr.Eswar Prasad Pdf

This paper examines the sources of disturbances to output in the United States and a set of EU countries and analyzes labor market adjustment mechanisms in these two economic areas. Comparable datasets comprising 1-digit sectoral data for eight U.S. regions and eight European countries are constructed and used to compare the degree of industrial diversification and the relative importance of different sources of shocks to output growth. Both areas are found to be subject to similar overall disturbances although a disaggregated perspective reveals some important differences. The major difference, however, is in labor market adjustment. Interregional labor mobility appears to be a much more important adjustment mechanism in the United States, which has a more integrated labor market than the EU.

Author : Andrew Martin,George Ross
Publisher : Cambridge University Press
Page : 402 pages
File Size : 50,8 Mb
Release : 2004-10-28
Category : Business & Economics
ISBN : 0521543630

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Euros and Europeans by Andrew Martin,George Ross Pdf

Examines how European national governments have been affected by EMU in their social and industrial policies.

Author : Kenneth Dyson
Publisher : OUP Oxford
Page : 431 pages
File Size : 43,8 Mb
Release : 2002-03-07
Category : Political Science
ISBN : 9780191530500

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European States and the Euro by Kenneth Dyson Pdf

With Economic and Monetary Union, the European Union has embarked on one of the biggest projects in its history. Previous literature has focused on how EMU came into being and on the policy issues that it raises. European States and the Euro seeks to move the discussion forwards by offering the first systematic evaluation of how it is affecting EU states, both members and non-members of the Euro-Zone. It is the first book to explicitly situate EMU in the growing literature on Europeanization. It examines the effects on public policies, political structures, discourses, and identities. The book seeks to identify the scope of EMU's effects, the direction that it imparts to political and policy changes, the mechanisms by which it produces its effects, and the role of domestic institutions, political leadership and specific forms of discourse in shaping responses. In addition, the book assesses how, and with what effects, EMU is affecting key policy sectors labour markets and wages, welfare states, and financial market governance. What conditions the degree of convergence discernible in these sectors? Finally, the book seeks to 'contextualize' EMU by assessing its effects both in comparison with other variables like globalization and in a historical perspective of the European Monetary System as a 'training ground'. The book combines sectoral and country case studies with a thematic treatment by recognized experts in their fields. It moves from globalization, through EU-level changes, to member states and finally to specific sectors. The main conclusions are that EMU is most important in affecting the timing, tempo and rhythm of domestic change that these changes are experienced pre-eminently at the level of policy; that it strengthens pressures for convergence; but that different domestic institutional arrangements and discourses lead to variations in policy processes and effects and in the way change is 'framed'. In particular, whilst EMU contains a neo-liberalizing tendency exhibited most clearly in financial market effects, it is not to be characterized as a neo-liberal project by means of which the EU is becoming an economic and social space simply converging around Anglo-American market capitalism.

Author : Horst Tomann
Publisher : Springer
Page : 246 pages
File Size : 40,8 Mb
Release : 2017-09-15
Category : Business & Economics
ISBN : 9783319592473

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Monetary Integration in Europe by Horst Tomann Pdf

This book provides a fully revised and up-to-date analysis of the Economic and Monetary Union (EMU). With four entirely new chapters on responses to the financial crisis and the debate on reform options, Tomann assesses the EMU in comparison with other currency regimes through the adoption of a historical analysis. The book discusses in detail basic issues with currency and comprehensively analyzes monetary policy, highlighting problems of policy coordination. Tomann explores new monetary institutions that have been established in response to the financial crisis, before addressing long-term issues and reviewing reform proposals. By focusing on monetary issues the book offers a better understanding of macroeconomic policies and international policy cooperation, and, by extension, provides a thorough economic assessment of the EMU as an institution as it stands today.

Author : W. Bonefeld
Publisher : Springer
Page : 209 pages
File Size : 48,6 Mb
Release : 2001-03-23
Category : Political Science
ISBN : 9780333981290

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The Politics of Europe by W. Bonefeld Pdf

Assessments of the politics of European integration in general, and monetary union in particular, are many. In fact, the study of the European Union has become an academic growth industry. This book contributes to the debate a specific theoretical focus and practical perspective. The volume provides a critique of the political economy of European integration and its unique focus and scholarly analysis make it an indispensable contribution to a renewal of the Marxist critique of European integration.

Author : Francesco Giordano,Sharda Persaud
Publisher : Routledge
Page : 215 pages
File Size : 48,6 Mb
Release : 2013-10-18
Category : Business & Economics
ISBN : 9781136224096

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The Political Economy of Monetary Union by Francesco Giordano,Sharda Persaud Pdf

This book places the whole issue of monetary union in its wider political economic context. The authors discuss: * the effect of EMU on fiscal and monetary policies * Central bank independence * the impact of EMU on unemployment * ERM II * international perspectives. Drawing on their experience in the European financial markets, the authors use a non-technical approach to discuss these issues - both in a general european sense and more specifically, Germany, the UK and Italy.

Author : Paul de Grauwe
Publisher : Oxford University Press, USA
Page : 252 pages
File Size : 51,6 Mb
Release : 1994
Category : Business & Economics
ISBN : STANFORD:36105017824934

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The Economics of Monetary Integration by Paul de Grauwe Pdf

This Revised Second Edition covers recent events in the EMS, including the collapse of the ERM; includes fully updated empirical evidence; includes discussion of new theoretical developments such as target zone models and credibility testing; and introduces the political issues surrounding the move to monetary union. This popular textbook on monetary integration has now been fully revised and updated with expanded chapters on recent important events in the EMS, new empirical evidence, and coverage of further theoretical developments. This lucid and authoritative view will remain an invaluable undergraduate textbook. Professor De Grauwe focuses on the economic theory of monetary union, presents the costs and benefits of moving to a single currency, and provides a detailed presentation of the monetary system operating in Europe. This second edition introduces the student to the political issues surrounding monetary union, and Professor De Grauwe offers a critical analysis of the possibility of eventual European transition to full monetary union.