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Hallett, Andrew Hughes; Jensen, Svend E Hougaard; Richter, Christian (2004)
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.
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    • 2000 2001 2002 2003 2004 2005 2006 Figure 5: Britain joining EMU:
    • GDP (constant prices) in Britain (a), Unemployment Rate (b 0.3% Deficit
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    • ISBN 90-5143-027-2.
    • 1) Debora Revoltella, Financing Firms in East European Countries: An
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    • after the Crisis, Amsterdam, 2000, ISBN 90-5143-029-9. 7. Strengthening Financial Infrastructure: Deposit Insurance and Lending of
    • Last Resort (two contributions), Amsterdam, 2000, ISBN 90-5143-030-2.
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    • 2) Christian de Boissieu and Franco Bruni, Lending of Last Resort and
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    • Discussed: A Comparative Analysis, Vienna, 2000, ISBN 3-902109-02-5. 11. Willem H. Buiter and Clemens Grafe, Central Banking and the Choice
    • 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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    • Securities Markets, Vienna 2001, ISBN 3-902109-06-8. 15. Italian Mutual Banks: Performance, Efficiency and Mergers and
    • 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,
    • the effects on performance and productive efficiency. 16. Thomas Reininger, Franz Schardax, Martin Summer, Financial
    • 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
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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
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    • 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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