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Publisher: Vienna: SUERF - The European Money and Finance Forum
Languages: English
Types: Report
Subjects: Fiscal Policy, F42, F33, EU-Staaten, Großbritannien, F15, Osteuropa, F2, EMU, economics, Structural Flexibility, Eurozone, Wirtschaftsreform, Enlargement, Deregulierung, EU-Mitgliedschaft, EMU, Enlargement, Structural Flexibility, Fiscal Policy.
jel: jel:F42, jel:F33, jel:F2, jel:F15
ddc: ddc:330
This paper studies the incentives to join or enlarge a monetary union under alternative assumptions about the extent of market reform within the union and in candidate countries. Lack of labour mobility, wage/price flexibility or\ud fiscal reform brings costs for both new entrants and in the existing union. Countries will only want to join a union where there has been sufficient reform, and where markets are more flexible than their own. But existing members will want the same properties of their new partners as well. Fiscal\ud restrictions, or a lack of fiscal flexibility, will exaggerate this incentive mismatch and may delay the necessary reforms.
  • The results below are discovered through our pilot algorithms. Let us know how we are doing!

    • 2000 2001 2002 2003 2004 2005 2006 Figure 5: Britain joining EMU:
    • GDP (constant prices) in Britain (a), Unemployment Rate (b 0.3% Deficit
    • Barry, F., and M. Devereux (1995): “The “Expansionary Fiscal Contraction” Hypothesis:
    • A Neo-Keynesian Analysis,” Oxford Economic Papers, 47, 249-264. Hughes Hallett, A., and N. Viegi (2003): “Labour Market Reform and Monetary Policy in
    • EMU: Do Asymmetries Matter?,” Journal of Economic Integration, to appear. Nickell, S. (1997): “Unemployment and Labor Market Rigidities: Europe versus North
    • America,” Journal of Economic Perspectives, 11(3), 55-74. Obstfeld, M., and G. Peri (1998): “Regional Nonadjustment and Fiscal Policy,” in EMU:
    • K. Zimmerman. Basil Blackwell, Oxford, UK. 1. G.M.M. Gelauff and C. den Broeder, Governance of Stakeholder
    • relationships; The German and Dutch experience, Amsterdam, 1997,
    • ISBN 90-5143-024-8. 2. Rolf Skog, Does Sweden need a Mandatory Bid Rule, a critical analysis,
    • Amsterdam 1997, ISBN 90-5143-025-6. 3. Corporate Governance in Central and Eastern Europe; Transition
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    • ISBN 90-5143-027-2.
    • 1) Debora Revoltella, Financing Firms in East European Countries: An
    • 2) Peter H. Haiss and Gerhard Fink, Seven Years of Financial Market
    • Reform in Central Europe 4. Joseph Bisignano, Towards an Understanding of the Changing Structure
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    • after the Crisis, Amsterdam, 2000, ISBN 90-5143-029-9. 7. Strengthening Financial Infrastructure: Deposit Insurance and Lending of
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    • 1) Richard Dale, Deposit Insurance in Theory and Practice
    • 2) Christian de Boissieu and Franco Bruni, Lending of Last Resort and
    • Systemic Stability in the Eurozone. 8. Cem Karacadag and Michael W. Taylor, The New Capital Adequacy
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    • of Currency Regime in Accession Countries, Vienna, 2001,
    • ISBN 3-902-109-03-3. 12. Sanjiva Prasad, Christopher J. Green, and Victor Murinde, Company
    • for Developing Economies, Vienna, 2001, ISBN 3-902109-04-1. 13. Martin M.G. Fase, Investment in Paintings: The interaction of monetary
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    • Acquisitions (two contributions), Vienna 2002, ISBN 3-902109-07-6.
    • 1) Juan Sergio Lopez, Alessandra Appennini, Stefania P.S. Rossi,
    • 2) Roberto Di Salvo, Maria Carmela Mazzilis, Andrea Guidi,
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    • System Transition in Central Europe: The First Decade, Vienna, 2002,
    • ISBN 3-902109-08-4. 17. Helmut Wagner, Implications of Globalization for Monetary Policy,
    • Vienna, 2002, ISBN 3-902109-09-2. 18. Luiz Fernando De Paula, Banking Internationalisation and the
    • Expansion Strategies of European Banks to Brazil during the 1990s,
    • Vienna, 2002, ISBN 3-902109-10-6. 19. Is there a Future for Regional Banks and Regional Exchanges? The
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    • 1) David T. Llewellyn, The Future for Small & Regional Banks
    • 2) Reinhard Ortner, What Future for Regional Banks?
    • 3) Herbert Stepic, The Strategy of RZB in Central and Eastern Europe
    • 4) Stefan K. Zapotocky, The Challenges and Chances of Regional
    • Exchanges 20. Thomas Dalsgaard, Jorgen Elmeskov, Cyn-Young Park, Ongoing
    • Changes in the Business Cycle - Evidence and Causes, Vienna, 2002,
    • ISBN 3-902109-12-2. 21. Christian Harm, Bank Management Between Shareholders and
    • Regulators, Vienna, 2002, ISBN 3-902109-13-0. 22. Jean-Paul Abraham, Peter van Dijcke, European Financial
    • Evolution or Revolution, Vienna, 2002, ISBN 3-902109-14-9. 2004/1 Supervisory Systems, Fiscal Soundness and International Capital
    • Introduction by Morten Balling, Vienna 2004, ISBN 3-902109-20-3
    • 1) Andreas Grünbichler and Patrick Darlap, Integration of European
    • 2) Sinikka Salo, The Relevance of Fiscal Soundness for Monetary Stability
    • 3) Leslie Lipschitz, Timothy Lane and Alex Mourmouras, How Capital
    • Europe 2004/2 European Monetary and Financial Integration: Evolution and
    • David T Llewellyn, Vienna 2004, ISBN 3-902109-21-1
    • 1) Monetary and Financial Thinking in Europe since the Sixties:
    • 2) Fiscal Discipline in a Monetary Union: Issues for the Euro Area.
    • By Franco Bruni 3) Financial Globalisation and Financial Market Integration in Europe:
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