Product Description
This volume explores life once Europe shares the same currency.Some of the best European and American economists use available theories and data, including historical evidence, to look at the operation of monetary and fiscal policy, at the effects of shocks and at the international role of the euro.The book will serve as the reference for understanding the early challenges of EMU. Kenneth Rogoff (Princeton University) discusses the role of the EU in the world's underground economy, suggesting that it is quite plausible for approximately one-half of euro currency to be held outside the legal domestic economy of Europe, and this is fostered by the plan of issuing large euro denomination notes.Barry Eichengreen (University of California, Berkeley) and Charles Wyplosz (Graduate Institute of International Studies, University of Geneva) analyze whether a Stability Pact is really needed in order to underpin EMU, provide new evidence on whether the Pact will reduce financial contagion, and assess how much the ceiling on budget deficits will exacerbate normal cyclical recessions. Antonio Fatés (INSEAD, Fontainebleau) examines the correlation and persistence of shocks, and their implications for potential fiscal flows within EMU.He argues that the benefits that a European-wide fiscal federation would add to the output smoothing that individual countries can achieve via their own fiscal policy do not compensate the costs associated with its implementation. Rudiger Dornbusch (MIT), Carlo Favero (IGIER, Universita Bocconi) and Francesco Giavazzi (IGIER, Universita Bocconi) challenge previous estimates of asymmetries in monetary transmission across potential EMU members, relate their new estimates of asymmetry to differences in financial structure, and discuss implications for a common monetary policy in EMU. Richard Portes (London Business School) and Hélène Rey (Centre for Economic Performance, LSE) examine whether the euro will displace the US dollar as the world's leading currency.Looking at synergies between financial and foreign exchange markets, they conclude that the most likely ultimate outcome is a bipolar world, where the euro and the dollar share leadership. Marc Flandreau (OFCE, Paris), Jacques Le Cacheux (OFCE, Paris) and Frédéric Zumer (Service d'Étude de l'Activitie Economique, Paris) ask if there are lessons to be learnt from the Gold Standard period when all currencies were 'permanently' tied to gold, yet there were no policy rules similar to the Stability Pact. They find that numerous countries at the periphery of Europe were forced to suspend convertibility in the wake of serious public debt build-ups in the mid-1890s, but that once they re-entered, fiscal discipline was strictly enforced. Maurice Obstfeld and Giovanni Peri (both at University of California, Berkeley) use regional data to document how slowly regions within European countries respond to shocks, discuss consequent pressures for fiscal transfers, and assess the extent to which EMU exacerbates these problems. ... Read more

Product Description
This digital document is an article from National Institute Economic Review, published by National Institute of Economic and Social Research on October 1, 2003. The length of the article is 1159 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Sweden and EMU.(Economic and Monetary Union, European currency)
Publication: National Institute Economic Review (Refereed)
Date: October 1, 2003
Publisher: National Institute of Economic and Social Research
Issue: 186Page: 33(2)

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This digital document is an article from Comparative Economic Studies, published by Association for Comparative Economic Studies on March 1, 2004. The length of the article is 7231 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the author: JEL Classifications: F14, E32, E52, F15

Citation Details
Title: Costs and benefits of Poland's EMU accession: a tentative assessment.(Economic and Monetary Union)
Author: Jakub Borowski
Publication: Comparative Economic Studies (Refereed)
Date: March 1, 2004
Publisher: Association for Comparative Economic Studies
Volume: 46Issue: 1Page: 127(19)

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This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on September 1, 2009. The length of the article is 11797 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.

From the author: Keywords: Balassa-Samuelson effect, Bayesian estimation, European Monetary Union.

Citation Details
Title: Inflation differentials between Spain and the EMU: a DSGE perspective.
Author: Paul Rabanal
Publication: Journal of Money, Credit & Banking (Magazine/Journal)
Date: September 1, 2009
Publisher: Ohio State University Press
Volume: 41Issue: 6Page: 1141(26)

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Product Description
This digital document is an article from National Institute Economic Review, published by National Institute of Economic and Social Research on April 1, 1998. The length of the article is 8433 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The stabilization costs of the European Monetary Union (EMU) were estimated using a multicountry econometric model and stochastic simulation. The multicountry econometric model assumes that there are estimated monetary policy rules for each country that adopts the single currency. Results showed that output differences are less in the EMU regime that it would be in the regime with no European interest rate reaction functions. It was also shown that France will benefit the most from adopting the single currency while Germany will be the biggest loser.

Citation Details
Title: Estimated stabilization costs of the EMU. (European Monetary Union)
Author: Ray C. Fair
Publication: National Institute Economic Review (Refereed)
Date: April 1, 1998
Publisher: National Institute of Economic and Social Research
Issue: n164Page: p90(10)

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This books analyses in four parts some of the major aspects of the unique architecture of the Economic and Monetary Union (EMU) of the European Union. The first part deals with the problems of the institutional set-up of the EMU: the legal position of the European Central Bank; the excessive reserves in the Euro system; the "Maastricht conformity” of the public undertakings.The asymmetric architecture of the EMU (centralised monetary policy and decentralised fiscal policy; policy coordination; the stability and growth pact) is analysed in part two.The third part covers the monetary aspects of the EMU: the monetary policy of the ECB; the technical aspects of the specific payment system in the ESCB; the role of the Euro as an international currency and the explanations of its weakness. The concluding part looks at the problems connected with EU enlargement: are the candidate countries really ready for the EMU (degree of business cycle conformity); the problems of the banking system in the CEECs. ... Read more

Product Description
This digital document is an article from Finance & Development, published by International Monetary Fund on December 1, 1998. The length of the article is 3149 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: Ensuring financial stability within the European Economic and Monetary Union (EMU) will be challenging in the early years. This is partly because of several aspects of EMU that might increase the potential for systemic events, including the possibility that the Trans-European Automated Real-Time Gross Settlement Express Transfer System will be used less extensively than expected. Another is the possibility that the risk of contagion could increase due to the growth of cross-border unsecured interbank lending. An important issue that needs to be addressed is whether national central banks will be able to adequately evaluate the risk of contagion and whether the national central banks of troubled financial institutions will be quickly identified. The European Central Bank may eventually be compelled to assume a leading and coordinating role in crisis management and banking supervision.

Citation Details
Title: Ensuring financial stability in the euro area.(includes related article on financial system supervision and lender of last-resort-operations in the EMU)(Cover Story)
Author: Alessandro Prati
Publication: Finance & Development (Magazine/Journal)
Date: December 1, 1998
Publisher: International Monetary Fund
Volume: 35Issue: 4Page: 12(4)

Article Type: Cover Story

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Product Description
With the enlargement of the EU in May 2004, the possible enlargement of the Economic and Monetary Union also became an imminent issue: It can be expected that the 12 countries that have introduced the Euro so far will be joined by several others by the end of the decade.In this book, a set of internationally renowned economists from both sides of the Atlantic analyse the challenges that lie in front of the EU as it used to be, the hurdles that have to be cleared by possible candidates, and the impact of these developments on important economic sectors like the financial markets, etc. The scientists are supported by Central Bankers from current and future Euro-zone members who give their views on the problems and chances of Euro-accession. The book is thus providing an overall view of the major developments regarding the Euro in the years to come. ... Read more