Euro area enlargement and euro adoption strategies:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Brussels
Office for Infrastructures and Logistics
2008
|
| Schriftenreihe: | Economic papers
304 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 83 S. graph. Darst. |
| ISBN: | 9789279082290 |
Internformat
MARC
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| 264 | 1 | |a Brussels |b Office for Infrastructures and Logistics |c 2008 | |
| 300 | |a 83 S. |b graph. Darst. | ||
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Datensatz im Suchindex
| _version_ | 1820135954360303616 |
|---|---|
| adam_text |
Contents
1.
INTRODUCTION
.5
2. INITIAL
CONDITIONS
FROM THE PERSPECTIVE OF EURO ADOPTION
.8
2.1.
The real-nominal convergence nexus: large differences among the new members
.8
2.2.
The Balassa-Samuelson effect: diminishing but only one element of price level convergence
14
2.3.
Exchange rate: a source of shock?
.18
2.4.
Monetary transmission: limits on the effectiveness of domestic monetary policy
.21
2.5.
Public finances: considerable differences across countries
.23
2.6.
OCA conditionality standing: not worse than in the euro area countries
.24
2.6.1.
Trade integration and business cycle synchronization
.24
2.6.2.
Output volatility and economic structures
.27
2.6.3.
Labour and product markets
.29
2.6.4.
Financial integration
.32
2.6.5.
Sum up
.36
3.
RISKS, CHALLENGES AND LONG TERM STRATEGIES
.37
3.1.
Capital flows: several risks
.37
3.2.
Danger of credit booms and overheating: the great challenge
.39
3.3.
Foreign currency loans: how to deal with them?
.49
3.4.
Fiscal policy: not a full substitute to deal with the monetary policy shock
.50
3.5.
Incomes policy: should be part of the arsenal
.52
3.6.
Structural polices: flanking instruments
.,.53
3.7.
Lessons to learn from the experiences of some current euro area members
.55
4.
STRATEGIES AND TIMING FOR EURO ADOPTION
.57
4.1.
Choice of monetary-cum-exchange rate policy: which way is better?
.57
4.2.
Maastricht criteria: are they suitable for the new members?
.60
4.2.1.
Inflation criterion: why it should be modified
.61
4.2.2.
Long-term interest rate criterion: not an obstacle
.63
4.2.3.
Exchange rate criterion: it makes sense
.63
4.2.4.
Fiscal criteria: the rational is valid for the new members as well
.64
4.3.
Timing of euro adoption: push for early date or wait for more real convergence?
.65
5.
CONCLUSIONS
.66
6.
REFERENCES
.68
7.
ANNEX: EMPIRICAL RESULTS FROM A CROSS-COUNTRY PANEL REGRESSION
MODEL OF PRICE LEVEL DETERMINATION
.74
7.1.
The model
.74
7.2.
Estimation results
.76
7.3.
Price level convergence prospects
.77 |
| adam_txt |
Contents
1.
INTRODUCTION
.5
2. INITIAL
CONDITIONS
FROM THE PERSPECTIVE OF EURO ADOPTION
.8
2.1.
The real-nominal convergence nexus: large differences among the new members
.8
2.2.
The Balassa-Samuelson effect: diminishing but only one element of price level convergence
14
2.3.
Exchange rate: a source of shock?
.18
2.4.
Monetary transmission: limits on the effectiveness of domestic monetary policy
.21
2.5.
Public finances: considerable differences across countries
.23
2.6.
OCA conditionality standing: not worse than in the euro area countries
.24
2.6.1.
Trade integration and business cycle synchronization
.24
2.6.2.
Output volatility and economic structures
.27
2.6.3.
Labour and product markets
.29
2.6.4.
Financial integration
.32
2.6.5.
Sum up
.36
3.
RISKS, CHALLENGES AND LONG TERM STRATEGIES
.37
3.1.
Capital flows: several risks
.37
3.2.
Danger of credit booms and overheating: the great challenge
.39
3.3.
Foreign currency loans: how to deal with them?
.49
3.4.
Fiscal policy: not a full substitute to deal with the monetary policy shock
.50
3.5.
Incomes policy: should be part of the arsenal
.52
3.6.
Structural polices: flanking instruments
.,.53
3.7.
Lessons to learn from the experiences of some current euro area members
.55
4.
STRATEGIES AND TIMING FOR EURO ADOPTION
.57
4.1.
Choice of monetary-cum-exchange rate policy: which way is better?
.57
4.2.
Maastricht criteria: are they suitable for the new members?
.60
4.2.1.
Inflation criterion: why it should be modified
.61
4.2.2.
Long-term interest rate criterion: not an obstacle
.63
4.2.3.
Exchange rate criterion: it makes sense
.63
4.2.4.
Fiscal criteria: the rational is valid for the new members as well
.64
4.3.
Timing of euro adoption: push for early date or wait for more real convergence?
.65
5.
CONCLUSIONS
.66
6.
REFERENCES
.68
7.
ANNEX: EMPIRICAL RESULTS FROM A CROSS-COUNTRY PANEL REGRESSION
MODEL OF PRICE LEVEL DETERMINATION
.74
7.1.
The model
.74
7.2.
Estimation results
.76
7.3.
Price level convergence prospects
.77 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Darvas, Zsolt M. Szapáry, György 1938- |
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| author_role | aut aut |
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| building | Verbundindex |
| bvnumber | BV023327950 |
| classification_rvk | QB 910 |
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| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Book |
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| id | DE-604.BV023327950 |
| illustrated | Illustrated |
| index_date | 2024-07-02T20:56:26Z |
| indexdate | 2025-01-02T11:21:50Z |
| institution | BVB |
| isbn | 9789279082290 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016511930 |
| oclc_num | 239377360 |
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| physical | 83 S. graph. Darst. |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | Office for Infrastructures and Logistics |
| record_format | marc |
| series | Economic papers |
| series2 | Economic papers |
| spelling | Darvas, Zsolt M. Verfasser (DE-588)123863856 aut Euro area enlargement and euro adoption strategies Zsolt Darvas and György Szapáry Brussels Office for Infrastructures and Logistics 2008 83 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Economic papers 304 Europäische Union (DE-588)5098525-5 gnd rswk-swf Monetary unions Währungsunion (DE-588)4188829-7 gnd rswk-swf Währungspolitik (DE-588)4064152-1 gnd rswk-swf Erweiterung (DE-588)4128080-5 gnd rswk-swf Europäische Union (DE-588)5098525-5 b Erweiterung (DE-588)4128080-5 s Währungsunion (DE-588)4188829-7 s Währungspolitik (DE-588)4064152-1 s DE-604 Szapáry, György 1938- Verfasser (DE-588)129386162 aut Economic papers 304 (DE-604)BV000617403 304 Digitalisierung BSBMuenchen application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016511930&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Darvas, Zsolt M. Szapáry, György 1938- Euro area enlargement and euro adoption strategies Economic papers Europäische Union (DE-588)5098525-5 gnd Monetary unions Währungsunion (DE-588)4188829-7 gnd Währungspolitik (DE-588)4064152-1 gnd Erweiterung (DE-588)4128080-5 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4188829-7 (DE-588)4064152-1 (DE-588)4128080-5 |
| title | Euro area enlargement and euro adoption strategies |
| title_auth | Euro area enlargement and euro adoption strategies |
| title_exact_search | Euro area enlargement and euro adoption strategies |
| title_exact_search_txtP | Euro area enlargement and euro adoption strategies |
| title_full | Euro area enlargement and euro adoption strategies Zsolt Darvas and György Szapáry |
| title_fullStr | Euro area enlargement and euro adoption strategies Zsolt Darvas and György Szapáry |
| title_full_unstemmed | Euro area enlargement and euro adoption strategies Zsolt Darvas and György Szapáry |
| title_short | Euro area enlargement and euro adoption strategies |
| title_sort | euro area enlargement and euro adoption strategies |
| topic | Europäische Union (DE-588)5098525-5 gnd Monetary unions Währungsunion (DE-588)4188829-7 gnd Währungspolitik (DE-588)4064152-1 gnd Erweiterung (DE-588)4128080-5 gnd |
| topic_facet | Europäische Union Monetary unions Währungsunion Währungspolitik Erweiterung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016511930&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV000617403 |
| work_keys_str_mv | AT darvaszsoltm euroareaenlargementandeuroadoptionstrategies AT szaparygyorgy euroareaenlargementandeuroadoptionstrategies |