The Maastricht Convergence Criteria And Optimal Monetary Policy For The Emu Accession Countries

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The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries

Author : Anna Lipinska
Publisher :
ISBN 13 : 9780853280149
Total Pages : pages
Book Rating : 4.2/5 (81 download)

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Book Synopsis The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries by : Anna Lipinska

Download or read book The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries written by Anna Lipinska and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The EMU accession countries are obliged to fulfill the Maastricht convergence criteria prior to entering the EMU. What should be the optimal monetary policy satisfying these criteria? To answer this question, the paper proposes a DSGE model of a two-sector small open economy. First, I derive the micro founded loss function that represents the objective function of the optimal monetary policy not constrained to satisfy the criteria. I find that the optimal monetary policy should not only target inflation rates in the domestic sectors and aggregate output fluctuations but also domestic and international terms of trade. Second, I show how the loss function changes when the monetary policy is constrained to satisfy the Maastricht criteria. The loss function of such a constrained policy is characterized by additional elements penalizing fluctuations of the CPI inflation rate, the nominal interest rate and the nominal exchange rate around the new targets which are different from the steady state of the unconstrained optimal monetary policy. Under the chosen parameterization, the optimal monetary policy violates two criteria: concerning the CPI inflation rate and the nominal interest rate. The constrained optimal policy is characterized by a deflationary bias. This results in targeting the CPI inflation rate and the nominal interest rate that are 0.7% lower (in annual terms) than the CPI inflation rate and the nominal interest rate in the countries taken as a reference. Such a policy leads to additional welfare costs amounting to 30% of the optimal monetary policy loss.

The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries

Author : Anna Lipińska
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.:/5 (257 download)

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Book Synopsis The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries by : Anna Lipińska

Download or read book The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries written by Anna Lipińska and published by . This book was released on 2008 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Maastrich Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (845 download)

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Book Synopsis The Maastrich Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries by :

Download or read book The Maastrich Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Monetary Aspects of Enlargement - Central and Eastern Europe, EMU and the ERM-2

Author : Ulrich Machold
Publisher : GRIN Verlag
ISBN 13 : 3638886247
Total Pages : 65 pages
Book Rating : 4.6/5 (388 download)

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Book Synopsis Monetary Aspects of Enlargement - Central and Eastern Europe, EMU and the ERM-2 by : Ulrich Machold

Download or read book Monetary Aspects of Enlargement - Central and Eastern Europe, EMU and the ERM-2 written by Ulrich Machold and published by GRIN Verlag. This book was released on 2008 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2002 in the subject Economics - Monetary theory and policy, grade: 1.0 (A), Technical University of Berlin (-), 54 entries in the bibliography, language: English, abstract: A rough 50 years after its foundation, the European Union (EU) is preparing for the probably most ambitious challenge of its existence, the binding-back into the West of the once centrally-planned economies of Central and Eastern Europe (CEEC). Together with political and general economic efforts, European monetary integration also gains speed with as many as twelve CEEC queuing up for entry into the EU (not including Turkey, which has not yet officially begun entry negotiations), the first of them most likely joining the Union already two years after the physical introduction of the single currency, i.e. in 2004. Many of these countries are eager to also join Monetary Union (EMU) and show their ability to be ′good Europeans′ by adopting the Euro as soon as possible. Various statements by both CEEC-government officials and monetary authorities exemplify this very vividly. This implies that the enlargement of EMU is already a relevant issue. By the time it becomes acute, positions and perspectives of both applicants and current members should be clear, if unnecessary delays and political irritations are to be avoided. The body of literature on the subject is thus as large as the questions of when, how and on what terms CEEC-accession will take place are pressing, and becoming more so as time progresses. This study attempts to coherently examine the core issues related to EMU-enlargement, equally synthesising the various segmented approaches of the academic debate, and deduce normative conclusions as to what strategic outlook should seem appropriate to both CEEC and the current EMU-12: In what timeframe should accession most sensibly take place? How appropriate are the mechanics leading up to EMU, most prominently the Exchange Rate Mechanism (ERM-II) and the Maastr

The Maastricht Convergence Criteria and Monetary and Fiscal Policies for the EMU Accession Countries

Author : Anna Lipinska
Publisher :
ISBN 13 :
Total Pages : 173 pages
Book Rating : 4.:/5 (84 download)

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Book Synopsis The Maastricht Convergence Criteria and Monetary and Fiscal Policies for the EMU Accession Countries by : Anna Lipinska

Download or read book The Maastricht Convergence Criteria and Monetary and Fiscal Policies for the EMU Accession Countries written by Anna Lipinska and published by . This book was released on 2008 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Inclusion of Central European Countries in the European Monetary Union

Author : Paul C. de Grauwe
Publisher : Springer Science & Business Media
ISBN 13 : 1461550734
Total Pages : 228 pages
Book Rating : 4.4/5 (615 download)

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Book Synopsis Inclusion of Central European Countries in the European Monetary Union by : Paul C. de Grauwe

Download or read book Inclusion of Central European Countries in the European Monetary Union written by Paul C. de Grauwe and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: The creation of the European Economic and Monetary Union (EMU) and the introduction of the euro is a historical event for the EU countries. The debates on the desirability of the EMU provoked a vast economic literature dealing with the theory of the optimum currency area, costs and benefits of the EMU, symmetric vs. asymmetric shocks, alternative mechanisms of adjustment in a monetary union and so forth. Until recently, for the Central European candidate countries for a full membership in the EU, these issues seemed to be too far away, as they concentrated on devising their own monetary and exchange rate systems suitable for their transition period. The challenges of the EMU for the Central European countries were practically not dealt with in both Western and Eastern economic literature. The present book aims to fill this gap, by focusing on the most direct issue of relevance for the Central European countries with respect to the EMU - why, how and when these countries are expected to join the EMU. The papers included in this volume study the relationship between the EU accession process of the Central European candidate countries and their involvement in the process of European monetary integration.

Euro Adoption by Accession Countries - Macroeconomic Aspects of the Economic and Monetary Union

Author : Andreas Penzkofer
Publisher : GRIN Verlag
ISBN 13 : 3638678504
Total Pages : 37 pages
Book Rating : 4.6/5 (386 download)

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Book Synopsis Euro Adoption by Accession Countries - Macroeconomic Aspects of the Economic and Monetary Union by : Andreas Penzkofer

Download or read book Euro Adoption by Accession Countries - Macroeconomic Aspects of the Economic and Monetary Union written by Andreas Penzkofer and published by GRIN Verlag. This book was released on 2007-01-22 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2006 in the subject Economics - Macro-economics, general, grade: 1,0, Wayne State University (Department of Economics), course: Macroeconomics, language: English, abstract: On 1st May 2004 ten new member states joined the European Union (EU), e.g. Estonia, Poland and Slovenia. The countries won’t adopt the euro as their new currency immediately, because they first have to show that their economies have converged with the economy of the euro zone. Presently, the efforts and opinions of the new members differ about the adoption of the single currency. For instance, the Slovenian Prime Minister Janez Jansa told the press in February 2006 that there “is nothing on the path ahead” that could endanger the euro adoption in 2007. The government pursues a tight fiscal policy to meet all entry requirements. Recently, it introduced a dual pricing – that means all prices of goods and services are marked in tolars as well as euros – to raise consumer awareness in the preparation for the euro adoption.1 Contrarily, other countries are skeptical. The leader of the Polish conservative party Jaroslaw Kaczynski said during a campaign that he “doesn’t see any benefits in adopting the euro. Euro adoption would lead to lower exports, lower national income and higher unemployment.” The Estonian Sirje Karu said in an interview, that “Estonians are scared. We heard that when Finland adopted the euro, it took them quite a while to get used to it and prices increased. The poorest suffered.” Using this situation as a background, it is interesting to analyze the euro adoption by accession states. How does the adoption process work? When should the euro be introduced and what macroeconomic effects does it have?

Maastricht [and] the Choice of Exchange Rate Regime in Transition Countries During the Run-up to EMU

Author : György Szapáry
Publisher :
ISBN 13 : 9789290793236
Total Pages : 16 pages
Book Rating : 4.7/5 (932 download)

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Book Synopsis Maastricht [and] the Choice of Exchange Rate Regime in Transition Countries During the Run-up to EMU by : György Szapáry

Download or read book Maastricht [and] the Choice of Exchange Rate Regime in Transition Countries During the Run-up to EMU written by György Szapáry and published by . This book was released on 2001 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Economic Convergence in the Euro Area: Coming Together or Drifting Apart?

Author : Mr.Jeffrey R. Franks
Publisher : International Monetary Fund
ISBN 13 : 1484338499
Total Pages : 47 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Economic Convergence in the Euro Area: Coming Together or Drifting Apart? by : Mr.Jeffrey R. Franks

Download or read book Economic Convergence in the Euro Area: Coming Together or Drifting Apart? written by Mr.Jeffrey R. Franks and published by International Monetary Fund. This book was released on 2018-01-23 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.

Should the Maastricht Treaty be Saved?

Author : Barry J. Eichengreen
Publisher :
ISBN 13 :
Total Pages : 98 pages
Book Rating : 4.:/5 (4 download)

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Book Synopsis Should the Maastricht Treaty be Saved? by : Barry J. Eichengreen

Download or read book Should the Maastricht Treaty be Saved? written by Barry J. Eichengreen and published by . This book was released on 1992 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: En este documento se retoma, tras los referendos danes y frances y la crisis de los mercados de cambios de septiembre de 1992, el debate sobre la union monetaria y el tratado de Maastricht. Analiza los beneficios de la union monetaria y la posibilidad de conseguirlos con medios menos radicales, como el mantenimiento firme de tipos de cambio fijos; los costes, mediante el examen de los mecanismos de ajuste alternativos al tipo de cambio (precios y salarios, migraciones, flujos de capital y transferencias fiscales interregionales); el papel del federalismo fiscal frente a las restricciones propuestas en Maastricht; el diseño del Banco Central Europeo (BCE), su independencia de las presiones politicas y responsabilidad en la supervision prudencial; la transicion a la moneda unica y al BCE, y la conveniencia de los criterios de convergencia adoptados. Finaliza con el estudio de las implicaciones de la UEM en el resto del mundo: demanda de dinero y coordinacion de la politica internacional. Contiene bibliografia. (pgp).

European Variations as a Key to Cooperation

Author : Ernst Hirsch Ballin
Publisher : Springer Nature
ISBN 13 : 3030328937
Total Pages : 192 pages
Book Rating : 4.0/5 (33 download)

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Book Synopsis European Variations as a Key to Cooperation by : Ernst Hirsch Ballin

Download or read book European Variations as a Key to Cooperation written by Ernst Hirsch Ballin and published by Springer Nature. This book was released on 2020-01-02 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Open Access book offers a novel view on the benefits of a lasting variation between the member states in the EU. In order to bring together thirty very different European states and their citizens, the EU will have to offer more scope for variation. Unlike the existing differentiation by means of opt-outs and deviations, variation is not a concession intended to resolve impasses in negotiations; it is, rather, a different structuring principle. It takes differences in needs and in democratically supported convictions seriously. A common core remains necessary, specifically concerning the basic principles of democracy, rule of law, fundamental rights and freedoms, and the common market. By taking this approach, the authors remove the pressure to embrace uniformity from the debate about the EU’s future. The book discusses forms of variation that fall both within and outside the current framework of European Union Treaties. The scope for these variations is mapped out in three domains: the internal market; the euro; and asylum, migration and border control.

Consequences of the European Monetary Integration on Financial Systems

Author : Stanislav Polouček
Publisher : Cambridge Scholars Publishing
ISBN 13 : 1443804673
Total Pages : 295 pages
Book Rating : 4.4/5 (438 download)

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Book Synopsis Consequences of the European Monetary Integration on Financial Systems by : Stanislav Polouček

Download or read book Consequences of the European Monetary Integration on Financial Systems written by Stanislav Polouček and published by Cambridge Scholars Publishing. This book was released on 2009-01-23 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume consists of twelve chapters that represent updated and revised versions of papers presented at the 11th International Conference on Finance and Banking which took place at Silesian University - School of Business Administration in Karviná, Czech Republic on 17 – 18 October 2007. The chapters are arranged in three thematic parts focusing on exchange rates, financial markets and monetary policy. The purpose of the book is to identify effects of the European monetary integration in financial systems of original, new and potential euro area member countries. The book also aims to evaluate how different are the effects in countries at different stage of the integration process and how important are the implications for national economic policies. Although each chapter is originally an independent study all of them were selected by the editors in order to create consistent book offering a rich blend of well grounded theory, innovative empirical approaches, fresh ideas, and striking conclusions. Contributors include scholars, researchers, central bankers and financial practitioners from respected universities and financial institutions. “I highly recommend this book to everyone, economist or not, who want to better understand the enormous challenges that financial systems nowadays have to face, particularly in the context of the European monetary integration. One of the main advantages of this book is that it does not reflect the opinion of only one author, but instead, it presents the views of 23 authors, all academics and qualified researchers, working in well known universities and research institutions from different EU and non EU countries.” — Candida Ferreira, Associate Professor, School of Economics and Management, Technical University of Lisbon (ISEG-UTL) and Research Unit on Complexity and Economics (UECE) “Analyzing the consequences of the European monetary integration on financial systems is certainly a challenging task, but this book tackles it very successfully by presenting a rich collection of highly original studies on the most relevant issues: exchange rate convergence of euro-candidates, inflation targeting, portfolio choice, volatility, yield curve disturbances and many others, currently debated in finance, macroeconomics and political economy. The International Conference on Finance and Banking at Silesian University in Karviná is a well established scientific event where the hottest issues in the financial scenario are analyzed from an international perspective.” — Marco Mazzoli, Associate Professor of Monetary and International Economics, Director of CESPEM, Università Cattolica del S. Cuore, Italy

The European Central Bank

Author : Hanspeter K. Scheller
Publisher :
ISBN 13 : 9789289900270
Total Pages : 229 pages
Book Rating : 4.9/5 (2 download)

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Book Synopsis The European Central Bank by : Hanspeter K. Scheller

Download or read book The European Central Bank written by Hanspeter K. Scheller and published by . This book was released on 2006 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprehensive 200-page overview of the ECB from its inception in June 1998 until the present day.

One Market, One Money

Author : Michael Emerson
Publisher :
ISBN 13 : 9780198773245
Total Pages : 356 pages
Book Rating : 4.7/5 (732 download)

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Book Synopsis One Market, One Money by : Michael Emerson

Download or read book One Market, One Money written by Michael Emerson and published by . This book was released on 1992 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.

Monetary Policy in Central Europe

Author : Miroslav Beblavý
Publisher : Routledge
ISBN 13 : 1134138989
Total Pages : 350 pages
Book Rating : 4.1/5 (341 download)

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Book Synopsis Monetary Policy in Central Europe by : Miroslav Beblavý

Download or read book Monetary Policy in Central Europe written by Miroslav Beblavý and published by Routledge. This book was released on 2007-02-08 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book Miroslav Beblav who has been involved in policy-making at the highest level in his country, offers a detailed study of monetary policy and monetary institutions in the Czech Republic, Hungary, Poland and Slovakia during the 1990s and the early 2000s and a more general look at monetary policy in less developed, but highly open and fin

Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy

Author : Otmar Issing
Publisher :
ISBN 13 :
Total Pages : 344 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy by : Otmar Issing

Download or read book Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy written by Otmar Issing and published by . This book was released on 2003 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:

European Monetary Integration

Author : George K. Zestos
Publisher : South Western Educational Publishing
ISBN 13 :
Total Pages : 296 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis European Monetary Integration by : George K. Zestos

Download or read book European Monetary Integration written by George K. Zestos and published by South Western Educational Publishing. This book was released on 2006 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This shorter text provides a complete overview of European economic and monetary integrationand investigates the euro's impact on Europe and the rest of the global economy. It takes anintuitive approach to explaining the complicated issues regarding the formation of the EMUand the introduction of the euro.