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Pros And Cons Of Currency Board Arrangements In The Lead Up To Eu Accession And Participation In The Euro Zone
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Book Synopsis Pros and Cons of Currency Board Arrangements in the Lead-Up to EU Accession and Participation in the Euro Zone by : Ms.Anne Marie Gulde
Download or read book Pros and Cons of Currency Board Arrangements in the Lead-Up to EU Accession and Participation in the Euro Zone written by Ms.Anne Marie Gulde and published by International Monetary Fund. This book was released on 2000-02-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Historically, countries with currency board arrangements (CBAs) have experienced lower inflation and higher growth than those with other regimes. The experiences of three candidates for EU membership with CBAs (Estonia, Lithuania, and Bulgaria) have also been generally favorable. Can CBAs serve these transition countries well all the way up to the adoption of the euro? After considering the pros and cons, this paper provides an affirmative answer, but notes that to preserve the viability of their CBAs throughout the process, these countries need to maintain strict policy discipline and be prepared to deal with large capital inflows and asymmetric shocks.
Book Synopsis Pros and Cons of Currency Board Arrangements in the Lead-up to EU Accession and Participation in the Euro Zone Juha Kahkonen, Peter Keller by : Anne-Marie Gulde
Download or read book Pros and Cons of Currency Board Arrangements in the Lead-up to EU Accession and Participation in the Euro Zone Juha Kahkonen, Peter Keller written by Anne-Marie Gulde and published by . This book was released on 2000 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pros and Cons of Currency Board Arrangements in the Lead-up to EU Accession and Partecipation in the Eiro Zone by : Anne-Marie Gulde
Download or read book Pros and Cons of Currency Board Arrangements in the Lead-up to EU Accession and Partecipation in the Eiro Zone written by Anne-Marie Gulde and published by . This book was released on 1999 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Currency Board Arrangements. Rationale for Their Introduction, Advantages and Disadvantages by : Svetoslav Pintev
Download or read book Currency Board Arrangements. Rationale for Their Introduction, Advantages and Disadvantages written by Svetoslav Pintev and published by diplom.de. This book was released on 2003-03-18 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: Currency board arrangements, under which domestic currency can be issued only to the extent that it is fully covered by the central bank s holdings of foreign exchange, were long generally dismissed as throwbacks to the colonial era. It was argued that such a rigid, rule-based arrangement was not well suited to diversified economies in many of which the authorities had developed sophisticated skills in monetary management. Instead, currency boards were seen as desirable in very small open economies (such as city-states for example). In 1960, 38 countries or territories were operating under a currency board. By 1970, they were 20 and, by the late 1980s, only 9. In the last decade the interest for Currency Board Arrangement (hereinafter CBA) renewed because of its simplicity, transparency, and rule-bound character. It became evident after the successful efforts made by two transition economies-Estonia and Lithuania-which quickly managed to achieve credibility for their newly established currencies. In 1997, a currency board arrangement was introduced in Bulgaria to end the economic crisis. Soon after, Bosnia and Herzegovina followed. In 1998 there have been discussions on establishing a currency board arrangement in Russia. More recently the newly appointed Finance Minister of Poland initiated a debate on pegging the Polish zloty to the euro through a CBA. This paper previews the history of the colonial and modern currency boards and presents the benefits of such a system for the newly emerged transition economies in Eastern Europe and Bulgaria especially. First, we will present a brief description of the currency board system. Currency Board Arrangements after falling into oblivion during much of the post-war period, staged a remarkable comeback mainly in Central and Eastern Europe countries. Estonia, Lithuania, Bulgaria and Bosnia and Herzegovina have introduced this particular monetary framework and as a result have managed to break inflationary inertia, to bolster the credibility of the monetary authorities and to instill macroeconomic discipline. Inhaltsverzeichnis:Table of Contents: I.Introduction 1.What is a currency board? 2.What a currency board is not? II.Origins of the Currency Board 1.Intellectual origin of the currency board system 2.Early Currency Board Systems 3.Decline of the Currency Board system. Reasons 4.Currency board system in nowadays III.Currency Board system and Countries in [...]
Book Synopsis Driven to Change by : Antoaneta L. Dimitrova
Download or read book Driven to Change written by Antoaneta L. Dimitrova and published by Manchester University Press. This book was released on 2004 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Will joining the European Union help achieve prosperity, stability and democracy in Central and Eastern Europe? This book addresses this question by analysing how the European Union has approached this enlargement. Specifically, the book shows how, in its enlargement to the East, the European Union has tried to guide the post- communist states of Central and Eastern Europe towards new institutions and changing rules. In addressing the little explored link between post-communist transformations and enlargement, the book presents the effects of enlargement governance extended by the EU on domestic processes of reform and transformation. With its rich empirical overview of the reform challenges to various sectors, the author presents various scenarios of the interaction of EU rules with post communist reform. In contrast to other books on enlargement, this one relies on the perspective of scholars from Eastern Europe to illustrate the importance of the accession process to reform.
Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 : Total Pages :188 pages Book Rating :4.F/5 ( download)
Book Synopsis Seminar on Currency Boards in the Context of EU Accession, Brussels, 25 November 1999 by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book Seminar on Currency Boards in the Context of EU Accession, Brussels, 25 November 1999 written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2000 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This issue deals with currency board arrangements in candidate countries, showing the willingness to tackle difficult subjects pertinent to accession. It presents the papers and conclusions together with a summary of the seminar that took place in Brussels on 25 November 1999. The seminar looked at countriesœ recent experiences with currency boards and identified conditions producing success. It helped to clarify the Commission Servicesœ position with regard to currency board arrangements in candidate countries in the context of their future accession to Economic and Monetary Union and adoption of the euro.
Book Synopsis The Political Economy of the European Social Model by : Philip B. Whyman
Download or read book The Political Economy of the European Social Model written by Philip B. Whyman and published by Routledge. This book was released on 2012-05-31 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book seeks to analyse the development of the European Union (EU), which was founded upon the principle of the free movement of capital, goods, services and people in 1957. Its central thesis is that, from a practical and theoretical point of view, such a basis is fundamentally at odds with the creation of an interventionist regime that the construction of a social Europe would require. The authors argue convincingly that - economically: the EU does not currently possess the budget or the economic tools to pursue such a strategy; politically: close to none of the institutions of the EU have backed such a policy; practically: conservative and neo-liberal forces (among member states and the institutions of the EU) have repeatedly thwarted any moves in this direction. In reality, the Single Internal Market, Economic and Monetary Union, enlargement, the Lisbon Agenda and European Constitution projects all prioritise supply-side measures and expanding the scope of the market rather than the boosting of demand and other economic intervention. Consequently, constructing a social Europe in the face of this would appear problematic. Hence, in both theory and practice, the idea that there can be a social Europe vis-à-vis neoliberalisation is a contradiction in terms. This controversial book will be an educating and refreshing read for advanced students and academics involved with European politics, the European Union, European Economics and Economic instititutions.
Book Synopsis The €uro and the Dollar in a Globalized Economy by : Pedro Gomis-Porqueras
Download or read book The €uro and the Dollar in a Globalized Economy written by Pedro Gomis-Porqueras and published by Routledge. This book was released on 2016-12-05 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dollar has been the dominant currency of the world economy for almost a century; since 2002, the euro has gained widespread international acceptance resulting in important institutional, economic and financial changes both for the euro zone, the United States and the world economies, affecting foreign exchange and financial markets as well as economic activities around the world. In years to come, the international role of the euro will hinge on the validity of the fundamental idea underlying its creation, namely that important components of sovereignty can be pooled and shared among nations in the pursuit of common economic and political objectives. This key book assesses the international role of the euro, discusses its impact on global financial markets, shifting global exchange rate relationships and their implications. With input from various disciplines (economics, business and political science), it foments discussions intended to facilitate an exchange of ideas among academics, practitioners and the local business community.
Book Synopsis Seminar on Currency Boards in the Context of EU Accession by :
Download or read book Seminar on Currency Boards in the Context of EU Accession written by and published by . This book was released on 2000 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Sustainable Regimes of Capital Movements in Accession Countries by : David Begg
Download or read book Sustainable Regimes of Capital Movements in Accession Countries written by David Begg and published by Centre for Economic Policy Research. This book was released on 2002 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union is now preparing for the entry of ten new members. As the accession countries (ACs) embark on the next phase of the path toward formal entry into the EU, most are expected to join the Exchange Rate Mechanism (ERM-II), prior to adoption of the euro. This period will be a time of heightened vulnerability to financial instability, requiring extremely adept economic management. With limited exchange rate flexibility under ERM-II, disinflationary conditions, and no exemptions from full international capital mobility, EU accession countries are likely to experience large 'convergence play' capital inflows - such inflows arise because investment opportunities are large but domestic savings are small and the domestic financial system is still developing; and because a rising real exchange rate offers the prospect of attractive returns - alarmingly, large capital inflows figured in virtually every financial crisis of the 1990s.Building on the lessons learned from past financial crises, CEPR Policy Paper 10 makes the following observations and recommendations for accession countries as they negotiate the tricky path to global financial integration and monetary union: *Although ERM-II may be compatible with many exchange rate regimes, from currency boards to relatively wide bands, its central characteristic as a fixed but adjustable regime without the protection of capital controls makes it an interim stage of some danger. Whatever prudential supervisory arrangements are adequate for Western European financial institutions may not be sufficient for financial institutions in accession countries. This stage therefore requires a period of even longer prudential supervision. *The Report's analysis indicates that real exchange rates will still be appreciating during the ERM-II phase. If there is pressure for ACs' exchange rates to remain within invisible bands the result will be additional and unnecessary inflation. Since low inflation is a requirement of the Maastricht criteria, ERM-II may therefore impede entry to the euro.*The dangerous combination of high capital mobility and an intermediate exchange rate peg could be avoided if ACs were to unilaterally adopt the euro without becoming full members of the euro area. This makes sense for countries that are seeking fast entry into the euro area, and which have achieved fiscal responsibility, price stability and a sound banking sector. *Official readings of the Maastricht Treaty rule out unilateral euroization. At the moment it is necessary for ACs to join the euro area by the same process as the current members. These conditions include the attainment of low inflation and sustainable public finances and the requirement not to devalue the central parity within two years adoption of the euro. *Viewed in isolation, these requirements make little sense. What was necessary to establish the rules of the game is not necessary once the rules have been in place for some time. To believe it wise to make all ACs undergo this process, it is necessary to disregard the experience of the 1990s currency crises that were associated with intermediate exchange pegs.*The authors argue that the economic case for unilateral euroization is strong enough for the European authorities to reconsider this option.
Download or read book IMF Research Bulletin written by and published by . This book was released on 2000 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Gertrude Tumpel-Gugerell Publisher :Springer Science & Business Media ISBN 13 :3662048663 Total Pages :306 pages Book Rating :4.6/5 (62 download)
Book Synopsis Completing Transition: The Main Challenges by : Gertrude Tumpel-Gugerell
Download or read book Completing Transition: The Main Challenges written by Gertrude Tumpel-Gugerell and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Completing Transition: The Main Challenges" was the topic around which the Oesterreichische Nationalbank and the Joint Vienna Institute organized a high-level conference in 2000, in a continuation of long-standing efforts to promote the dialogue and understanding between various regions in Europe. Given the heterogeneity of the transition countries of Central and Eastern Europe and the heterogeneity of progress toward convergence, the outlook for finishing transition is divergent. However, what will generally be important is corporate governance and institutional reform to sufficiently underpin macroeconomic success, plus a definite commitment of the responsible institutions in the transition countries to follow the chosen policies consistently.
Book Synopsis European Economic Integration and South-East Europe by : Klaus Liebscher
Download or read book European Economic Integration and South-East Europe written by Klaus Liebscher and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offers a collection of contributions, combining authoritative views of central bank officials and policymakers, topical empirical evidence from academia and refreshing practical insights from companies doing business in the area. This book will be useful to economists as well as those generally interested in the future of the EU.
Book Synopsis Monetary Review by : Danmarks nationalbank
Download or read book Monetary Review written by Danmarks nationalbank and published by . This book was released on 2001 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Publications Catalog by : International Monetary Fund
Download or read book Publications Catalog written by International Monetary Fund and published by . This book was released on 2004 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Do Monetary Handcuffs Restrain Leviathan? by : Antonio Fatás
Download or read book Do Monetary Handcuffs Restrain Leviathan? written by Antonio Fatás and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Revue Roumaine Des Sciences Économiques by :
Download or read book Revue Roumaine Des Sciences Économiques written by and published by . This book was released on 2003 with total page 738 pages. Available in PDF, EPUB and Kindle. Book excerpt:
