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| Krawczyk, Mariusz K.. |
| The politically and legally complicated character of the EU Eastern Enlargement heavily influenced the conflict between the legal and economic rationality underlying the construction of the EMR-II. This makes the ERM-II vulnerable to currency crises and creates conditions for a widespread currency and asset substitution in the accession countries. As a result, the required participation of all accession countries in the ERM-II imposes unnecessary costs on the whole enlargement process. The costs could be avoided if the EU adopted a more flexible approach to the enlargement of its monetary union, allowing for an individual path of adopting the euro in each accession country depending on the country's economic conditions. |
| Tipo: Working or Discussion Paper |
Palavras-chave: EU enlargement; Monetary integration; Currency crisis; Asset substitution; Financial Economics; F32; F33; F36. |
| Ano: 2004 |
URL: http://purl.umn.edu/26309 |
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| Krawczyk, Mariusz K.. |
| The weakness of the Japanese banking industry, suffering from acute problem of non-performing loans, prevents Japan from restoring sound growth rates despite having undertaken structural reforms and substantial fiscal policy efforts, and, through impairing transmission channels of monetary policy, it has also made ineffective efforts to stimulate the economy through "zero interest rates" and quantitative easing policy. Misunderstanding the roots of the banking crisis contributed greatly to its exceptional length and depth and prevented its early solution. Poor coordination and sequencing of liberalization of financial services together with macroeconomic policy mistakes have been responsible for the crisis. But the origins of those mistakes can be traced... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Japanese economy; Banking crisis; Financial liberalisation; Financial Economics; G21; G28. |
| Ano: 2004 |
URL: http://purl.umn.edu/26383 |
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