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1.
J. Sapir 《Studies on Russian Economic Development》2011,22(3):225-236
This paper analyzes problems of the eurozone, which are aggravated by the crisis. It proposes architectural transformations
of the European monetary system targeted at combating the crisis and promoting economic growth and employment in today’s structurally
inhomogeneous Europe. 相似文献
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Georg Rich 《Atlantic Economic Journal》2000,28(3):309-311
Switzerland is not a member of the European Union and, therefore, does not belong to the euro area. Nevertheless, the exchange
rate of the Swiss franc against the euro has remained fairly stable. This stability does not imply that the Swiss National
Bank pegs the exchange rate to the euro. On the contrary, the Swiss National Bank continues to pursue an autonomous monetary
policy since monetary autonomy conveys various benefits to the Swiss economy. 相似文献
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Jean-Claude Trichet 《Atlantic Economic Journal》2002,30(3):225-235
The Eurosystem established a single monetary policy and has the three guiding principles of independence, transparency, and
decentralization. These three principles helped to successfully formulate and implement the euro on 1 January 2002. Major
criticisms against establishment of the euro failed to come true and, in fact, the euro has quickly become a major currency
in the world. Challenges facing continued success of the euro include structural reforms, financial stability, and the accession
of new members to the EU and EMU.
TheRobert A. Mundell Distinguished Address presented at the Fifty-Third International Atlantic Economic Conference, March 13–17, 2002, Paris, France. 相似文献
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This paper investigates whether small countries gain relatively more than large countries from an ‘expansion’ of their market
through the creation of a single currency. The introduction of the euro offers a particularly valuable source to test this
hypothesis, which we motivate using the theoretical model by Casella of the year 1996. Our results from a panel data analysis,
using both aggregate and disaggregated trade data, point to a statistically significant but quantitatively moderate small
country bonus. On average, the euro has led to an improvement of the small euro area’s relative export performance by 3–9%.
相似文献
Harald BadingerEmail: |
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Review of World Economics - The Meseberg Declaration of June 2018 summarizes the state of play on euro area reform. It indicates areas where there is agreement in principle between leading... 相似文献
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Review of World Economics - 相似文献
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Anna J. Schwartz 《Atlantic Economic Journal》2004,32(1):1-10
There are grounds for immediate and long-term concerns with respect to the prospects for the stability of the euro's purchasing power. The immediate concerns arise from the pressures on the ECB to be more accommodative and the drive to weaken the Stability and Growth Pact. The long-term concerns arise from the spending obligations the member governments have assumed to provide pensions and health care to their aging populations for the next half-century, and the imminent enlargement of the EU to include ten states that are less economically and institutionally advanced than the present group of member states. The outlook is for greater spending by governments than their projected resources unless forces not now visible will strengthen the resolve of political leaders to serve the cause of a sound euro.Presidential address at the International Atlantic Economic Conference, Quebec City, Canada on Saturday, October 18, 2003. 相似文献
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Holger Zemanek Ansgar Belke Gunther Schnabl 《International Economics and Economic Policy》2010,7(1):83-127
In the past decade, a set of euro area countries has accumulated large current account deficits. After a brief relaxation
of the euro area internal imbalances in the wake of the financial crisis, it appears as if this pattern arises anew when times
normalize again and Germany still sticks to export-led growth. This issue has been labelled one of the most challenging economic
policy issues for Europe inter alia by the European Commission and some other players on the EU level. In this paper, we analyse
the role of private restructuring and structural reforms for the urgently needed sustainable readjustment of intra-euro area
current account balances. A panel regression reveals a significant impact of structural reforms on intra-euro area current
account balances. This implies that in particular structural reforms and wage restraint in notorious current account and budget
deficit countries such as Greece are highly suitable to support long-term economic stability in Europe. 相似文献
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Tomáš Havránek 《Review of World Economics》2010,146(2):241-261
This paper presents an updated meta-analysis of the effect of currency unions on trade, focusing on the euro area. Using meta-regression
methods such as the funnel asymmetry test, evidence for strong publication bias is found. The estimated underlying effect
for currency unions other than the eurozone reaches more than 60%. However, according to the meta-regression analysis, the
euro’s trade promoting effect corrected for publication bias is insignificant. The Rose effect literature shows signs of the
economics research cycle: reported t-statistic is a quadratic concave function of the publication year. Explanatory meta-regression (robust fixed effects and
random effects), that can explain about 70% of the heterogeneity in the literature, suggests that results published by some
authors might consistently differ from the mainstream output and that study outcomes are systematically dependent on study
design (usage of panel data, short- or long-run nature, number of countries in the data set). 相似文献
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Paul J. J. Welfens 《International Economics and Economic Policy》2016,13(1):59-103
The euro crisis and a new debate about immigration in Europe have undermined support for the EU while the unsolved Greek debt problems as well as the ECB’s quantitative easing policy have raised new crucial policy issues. It is necessary to identify the key issues of Eurozone stabilization and to clarify the economic benefits from monetary integration. As regards the economic welfare analysis of the euro, the new model presented shows the benefits of the euro’s reserve currency position, namely in the framework of a neoclassical growth model with seigniorage based on international reserve holdings. Discounted benefits are about 10,000 € per capita in a stable Euro area. Thus the benefits are bigger than often considered, at the same time one may raise the question of whether the existing institutional setting of the Eurozone is sufficient for achieving long-term stability and prosperity. As regards the envisaged third rescue package for Greece it is emphasized that a haircut of public creditors along with adoption of a Greek capital levy plus privatization efforts are required to achieve debt sustainability and growth. The traditional interpretation of subsidiarity in the EU is found to be misleading and the vertical division of politics is destabilizing. 相似文献
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Robert A. Mundell 《Atlantic Economic Journal》1998,26(3):227-237
This article begins by analyzing the hirtorical importance of the introduction of the euro, the convergence criteria for membership in the European Monetary Union, the merits and defects of the euro as an international rival to the dollar, and the characteristics that have made past international currencies great. It goes on to consider the institutional gap in the world system arising from the absence of an official world currency and the threat to stability that arises in transition periods when a new international reserve asset or currency is phased in. It is argued that the introduction of the euro will involve diversification from the dollar that will require multilateral attention to the dollar-euro exchange rate.Distinguished Address presented at the Forty-Fifth International Atlantic Economic Conference, Rome, Italy, March 14–21, 1998. 相似文献
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《Journal of Asian Economics》2000,11(3):275-300
This paper endeavors to contribute to the solution of the following critical issues: (1) what the East Asian nations can do in cooperation among themselves and with China, Japan, and South Korea in their foreign trade arrangements to improve the stability and growth of their economies; (2) what they must do individually to get their financial and real economies better integrated; (3) what they can do in cooperation with China, Japan and South Korea—bilaterally and regionally—to modernize their monetary systems and to render them more resilient to financial crises; and (4) what new focus of the IMF is most likely to enable the East Asian nations to maintain relatively free and open economies without the impact of catastrophic financial crises. Lessons from the development of the European Union, the dynamics of the euro zone, the experience of the Bank for International Settlements, and recent research on monetary and international macroeconomic theory are drawn upon to provide answers to these questions. It is argued that an area-wide approach, with a new IMF regional role and the formation of an East Asian Monetary Authority, would contribute to a sense of “community” within East Asia, leading to an enhanced role for both East Asia and ASEAN + 3 in the new world economic order. 相似文献
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The short-run reaction of Euro returns volatility to a wide range of macroeconomic announcements is investigated using 5-min returns for spot Euro–Dollar, Euro–Sterling and Euro–Yen exchange rates. The marginal impact of each individual macroeconomic announcement on volatility is isolated whilst controlling for the distinct intraday volatility pattern, calendar effects, and a latent, longer run volatility factor simultaneously. Macroeconomic news announcements from the US are found to cause the vast majority of the statistically significant responses in volatility, with US monetary policy and real activity announcements causing the largest reactions of volatility across the three rates. ECB interest rate decisions are also important for all three rates, whilst UK Industrial Production and Japanese GDP cause large responses for the Euro–Sterling and Euro–Yen rates, respectively. Additionally, forward looking indicators and regional economic surveys, the release timing of which is such that they are the first indicators of macroeconomic performance that traders observe for a particular month, are also found to play a significant role. 相似文献