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Monetary Integration and Economic Reform

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  • Sibert, Anne

Abstract

Recent research in contract theory views ownership as a substitute for complete contracts. Here, this approach is applied to monetary integration. Countries face a coordination problem conducting monetary policy. Negative spillovers ensure uncoordinated policy generates too high inflation. Ex ante, policymakers can undertake politically costly economic reform. This has a positive spillover because it improves the outcome of the monetary policy game. Ex post contracting over policy may be possible but it supposed that ex ante contracting over reform and monetary policy is not. This paper analyzes when monetary union is a good substitute for this inability to commit.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 109 (1999)
Issue (Month): 452 (January)
Pages: 78-92

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Handle: RePEc:ecj:econjl:v:109:y:1999:i:452:p:78-92

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Citations

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Cited by:
  1. Nadine Leiner-Killinger & Víctor López Pérez & Roger Stiegert & Giovanni Vitale, 2007. "Structural reforms in EMU and the role of monetary policy – a survey of the literature," Occasional Paper Series 66, European Central Bank.
  2. Nicola Acocella & Giovanni Di Bartolomeo & Patrizio Tirelli, 2004. "The macroeconomics of social pacts," Labor and Demography 0410003, EconWPA.
  3. Beetsma, Roel & Debrun, Xavier, 2005. "Implementing the stability and growth pact: enforcement and procedural flexibility," Working Paper Series 0433, European Central Bank.
  4. Alho, Kari E.O., 2006. "Structural Reforms in the EU and Political Myopia in Economic Policies," Discussion Papers 1050, The Research Institute of the Finnish Economy.
  5. Sibert, Anne & Sutherland, Alan, 2000. "Monetary union and labor market reform," Journal of International Economics, Elsevier, vol. 51(2), pages 421-435, August.
  6. Robert Franzese, 2001. "Strategic Interactions of Monetary Policymakers and Wage/Price Bargainers: A Review with Implications for the European Common-Currency Area," Empirica, Springer, vol. 28(4), pages 457-486, December.
  7. Andrew Hughes Hallett & Diana N. Weymark, 2001. "The Cost of Heterogeneity in a Monetary Union," Vanderbilt University Department of Economics Working Papers 0128, Vanderbilt University Department of Economics.
  8. Cukierman, Alex & Dalmazzo, Alberto, 2005. "Fiscal-Monetary Policy Interactions in the Presence of Unionized Labour Markets," CEPR Discussion Papers 5282, C.E.P.R. Discussion Papers.
  9. Holod, Dmytro & Reed, Robert III, 2004. "Regional spillovers, economic growth, and the effects of economic integration," Economics Letters, Elsevier, vol. 85(1), pages 35-42, October.
  10. Nicola Acocella, . "The theoretical roots of EMU institutions and policies during the crisis," Working Papers 126/14, Sapienza University of Rome, Metodi e modelli per l'economia, il territorio e la finanza MEMOTEF.
  11. Frank Barry, 2001. "Regional Characteristics, Monetary Union and Regional Income Volatility," Working Papers 200111, School Of Economics, University College Dublin.
  12. Focco W. Vijselaar, 2000. "Macroeconomic Policy Co-ordination in the Euro Area," MEB Series (discontinued) 2000-5, Netherlands Central Bank, Monetary and Economic Policy Department.
  13. Roel M. W. J. Beetsma & Xavier Debrun, 2005. "Implementing the Stability and Growth Pact," IMF Working Papers 05/59, International Monetary Fund.
  14. Hughes Hallett, Andrew & Jensen, Svend E. Hougaard, 2001. "Currency unions and the incentive to reform: are market mechanisms enough?," The North American Journal of Economics and Finance, Elsevier, vol. 12(2), pages 139-155, July.
  15. Hughes Hallett, Andrew & Viegi, Nicola, 2001. "Labour Market Reform and Monetary Policy in EMU: Do Asymmetries Matter?," CEPR Discussion Papers 2979, C.E.P.R. Discussion Papers.
  16. Bokan, Nikola & Hughes Hallett, Andrew, 2006. "Labour and Product Market Reforms in the Economy with Distortionary Taxation," CEPR Discussion Papers 5431, C.E.P.R. Discussion Papers.
  17. Beetsma, Roel M.W.J. & Debrun, Xavier, 2007. "The new stability and growth pact: A first assessment," European Economic Review, Elsevier, vol. 51(2), pages 453-477, February.
  18. Carsten Hefeker, 2003. "Structural Reforms and the Enlargement of Monetary Union," CESifo Working Paper Series 1057, CESifo Group Munich.

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