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Explaining the EURO's Initial Decline

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Author Info

  • Philip Arestis

    ()
    (The Business School, South Bank University London)

  • Iris Biefang-Frisancho Mariscal

    (University of East London)

  • Andrew Brown

    (Leeds Univesrity)

  • Malcolm Sawyer

    (Leeds Univesrity)

Abstract

This paper argues that the inception of the euro itself, with its restrictive monetarist institutional structures, to an area which is in a divergent state, which has recently been widened by a process of divergence, is ample reason for long term investors, and, indeed, post-"euphoric", short term speculators, to regard the euro area as structurally weaker since January 1999. It is difficult to predict the fixture course of the euro; once portfolio investors have shifted fully back to their pre-"euphoria" level of holdings of euros, then any number of contingencies may come into play.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume28/V28N1P71_88.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 28 (2002)
Issue (Month): 1 (Winter)
Pages: 71-88

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Handle: RePEc:eej:eeconj:v:28:y:2002:i:1:p:71-88

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Cited by:
  1. Philip Arestis & Malcolm Sawyer, 2002. "The Euro, Public Expenditure and Taxation," Economics Working Paper Archive wp_357, Levy Economics Institute.
  2. Hein, Eckhard & Truger, Achim, 2002. "European Monetary Union: Nominal convergence, real divergence and slow growth? An investigation into the effects of changing macroeconomic policy institutions associated with monetary union," WSI Discussion Papers 107, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  3. Heng Chen & Dietrich K. Fausten & Wing-Keung Wong, 2006. "Evolution Of Dollar/Euro Exchange Rate Before And After The Birth Of Euro And Policy Implications," Development Research Unit Working Paper Series 14/06, Monash University, Department of Economics.

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