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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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| Parikh, Ashok. |
| The objectives of this paper are to study the impact of liberalisation on trade deficits and current accounts of developing countries. It is expected that trade liberalisation would promote economic growth from the supply side by leading to a more efficient use of resources, by encouraging competition, and by increasing the flow of ideas and knowledge across national boundaries. Trade liberalisation could lead to faster import growth than export growth and hence the supply side benefits may be offset by the unsustainable balance of payments position. This study uses panel data of 42 countries (both time-series and cross-section dimension) to estimate the effect of trade liberalisation and growth on trade balance while controlling for other factors such as... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Panel data; Income Terms of Trade; Dynamic Optimisation; Dynamic panel model; International Relations/Trade; C21; C22; C23; F13; F14; F32. |
| Ano: 2004 |
URL: http://purl.umn.edu/26212 |
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| Ritter, Raymond. |
| A two sector small open economy model developed by Corden (1991, 2002) is used to analyse the impact of sudden stops in capital inflows on an internal and external equilibrium and to explore the merits of disposing of the nominal exchange rate as policy tool in rectifying real exchange rate misalignments. It is shown how the economy's sectoral demand properties determine the extent of recession associated with real exchange rate adjustment that is neither engineered by nominal exchange rate changes nor brought about by a decline in nontraded goods prices. The conclusion is drawn that, when deciding on the design of exchange rate regimes, the structural characteristics of the economy ought to be considered so as to appropriately strengthen its capacity to... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Capital inflows; Sudden stops; Real exchange rate adjustment; Exchange rate regimes; Financial Economics; F31; F32; F41. |
| Ano: 2003 |
URL: http://purl.umn.edu/26317 |
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