Deciding to enter a monetary union: the role of trade and financial linkages
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.]
International Monetary Fund
©2012
|
| Schriftenreihe: | IMF working paper
WP/12/240 |
| Schlagworte: | |
| Online-Zugang: | FAW01 FAW02 FLA01 |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed Oct. 5, 2012). - "Institute for Capacity Development.". - "October 2012." This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model to compute the welfare trade-offs from joining the euro. We evaluate two alternative scenarios. In the first one, we consider a reduction of trade costs that occurs after the adoption of a common currency. In the second, we introduce interest rate spread shocks of the same magnitude as the ones observed during the recent debt crisis in Europe. The reduction of trade costs generates a net welfare gain of 0.9 percent of life-time consumption, while the increased interest rate spread volatility generates a net welfare cost of 2.9 percentage points. The welfare calculation suggests two ways to preserve the welfare gains in a monetary union: ensuring fiscal and financial stability that reduces macroeconomic country risk, and increasing wage flexibility such that the economy adjusts to external shocks faster Includes bibliographical references |
| Beschreibung: | 52 pages |
| ISBN: | 9781475512434 1475512430 |
Internformat
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| 100 | 1 | |a Lama, Ruy |d 1975- |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Deciding to enter a monetary union |b the role of trade and financial linkages |c prepared by Ruy Lama and Pau Rabanal |
| 264 | 1 | |a [Washington, D.C.] |b International Monetary Fund |c ©2012 | |
| 300 | |a 52 pages | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
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| 490 | 0 | |a IMF working paper |v WP/12/240 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed Oct. 5, 2012). - "Institute for Capacity Development.". - "October 2012." | ||
| 500 | |a This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model to compute the welfare trade-offs from joining the euro. We evaluate two alternative scenarios. In the first one, we consider a reduction of trade costs that occurs after the adoption of a common currency. In the second, we introduce interest rate spread shocks of the same magnitude as the ones observed during the recent debt crisis in Europe. The reduction of trade costs generates a net welfare gain of 0.9 percent of life-time consumption, while the increased interest rate spread volatility generates a net welfare cost of 2.9 percentage points. The welfare calculation suggests two ways to preserve the welfare gains in a monetary union: ensuring fiscal and financial stability that reduces macroeconomic country risk, and increasing wage flexibility such that the economy adjusts to external shocks faster | ||
| 500 | |a Includes bibliographical references | ||
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| 610 | 2 | 4 | |a Economic and Monetary Union |
| 650 | 7 | |a BUSINESS & ECONOMICS / Finance |2 bisacsh | |
| 650 | 4 | |a Wirtschaft | |
| 650 | 4 | |a Ökonometrisches Modell | |
| 650 | 4 | |a Monetary unions |z Europe | |
| 650 | 4 | |a Monetary unions |z Europe |x Econometric models | |
| 650 | 4 | |a Eurozone | |
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Datensatz im Suchindex
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| author | Lama, Ruy 1975- |
| author_facet | Lama, Ruy 1975- |
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| author_sort | Lama, Ruy 1975- |
| author_variant | r l rl |
| building | Verbundindex |
| bvnumber | BV043786915 |
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| dewey-full | 332/.494 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332/.494 |
| dewey-search | 332/.494 |
| dewey-sort | 3332 3494 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| geographic | Europa |
| geographic_facet | Europa |
| id | DE-604.BV043786915 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:35:07Z |
| institution | BVB |
| isbn | 9781475512434 1475512430 |
| language | English |
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| physical | 52 pages |
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| publishDate | 2012 |
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| publisher | International Monetary Fund |
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| spelling | Lama, Ruy 1975- Verfasser aut Deciding to enter a monetary union the role of trade and financial linkages prepared by Ruy Lama and Pau Rabanal [Washington, D.C.] International Monetary Fund ©2012 52 pages txt rdacontent c rdamedia cr rdacarrier IMF working paper WP/12/240 Title from PDF title page (IMF Web site, viewed Oct. 5, 2012). - "Institute for Capacity Development.". - "October 2012." This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model to compute the welfare trade-offs from joining the euro. We evaluate two alternative scenarios. In the first one, we consider a reduction of trade costs that occurs after the adoption of a common currency. In the second, we introduce interest rate spread shocks of the same magnitude as the ones observed during the recent debt crisis in Europe. The reduction of trade costs generates a net welfare gain of 0.9 percent of life-time consumption, while the increased interest rate spread volatility generates a net welfare cost of 2.9 percentage points. The welfare calculation suggests two ways to preserve the welfare gains in a monetary union: ensuring fiscal and financial stability that reduces macroeconomic country risk, and increasing wage flexibility such that the economy adjusts to external shocks faster Includes bibliographical references Economic and Monetary Union BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Monetary unions Europe Monetary unions Europe Econometric models Eurozone Eurozone Econometric models Europa Rabanal, Pau Sonstige oth International Monetary FundXXbInstitute for Capacity Development Sonstige oth |
| spellingShingle | Lama, Ruy 1975- Deciding to enter a monetary union the role of trade and financial linkages Economic and Monetary Union BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Monetary unions Europe Monetary unions Europe Econometric models Eurozone Eurozone Econometric models |
| title | Deciding to enter a monetary union the role of trade and financial linkages |
| title_auth | Deciding to enter a monetary union the role of trade and financial linkages |
| title_exact_search | Deciding to enter a monetary union the role of trade and financial linkages |
| title_full | Deciding to enter a monetary union the role of trade and financial linkages prepared by Ruy Lama and Pau Rabanal |
| title_fullStr | Deciding to enter a monetary union the role of trade and financial linkages prepared by Ruy Lama and Pau Rabanal |
| title_full_unstemmed | Deciding to enter a monetary union the role of trade and financial linkages prepared by Ruy Lama and Pau Rabanal |
| title_short | Deciding to enter a monetary union |
| title_sort | deciding to enter a monetary union the role of trade and financial linkages |
| title_sub | the role of trade and financial linkages |
| topic | Economic and Monetary Union BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Monetary unions Europe Monetary unions Europe Econometric models Eurozone Eurozone Econometric models |
| topic_facet | Economic and Monetary Union BUSINESS & ECONOMICS / Finance Wirtschaft Ökonometrisches Modell Monetary unions Europe Monetary unions Europe Econometric models Eurozone Eurozone Econometric models Europa |
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