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International Implications of German Unification

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  • Sinn, Hans-Werner

Abstract

This paper advances the hypothesis that the EMS crisis was caused by German unification. Unification stimulated massive resource demand, which paralleled resource demand in the United States following Reagan’s tax reforms in the 1980s. The resource demand revised German interest rates relative to the rest of the world, which brought about devaluations of other European currencies. The paper identifies those European currencies needing revaluation before they can join the European currency union.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1508.

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Date of creation: Nov 1996
Date of revision:
Handle: RePEc:cpr:ceprdp:1508

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Related research

Keywords: Direct Investment; Joint Ventures; Privatization; Transformation Economies;

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References

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  1. Gwyn Adams & Lewis Alexander & Joseph Gagnon, 1992. "German unification and the European monetary system: a quantitative analysis," International Finance Discussion Papers 421, Board of Governors of the Federal Reserve System (U.S.).
  2. Sinn, Hans-Werner & Weichenrieder, Alfons J., 1997. "Foreign direct investment, political resentment and the privatization process in eastern Europe," Munich Reprints in Economics 19562, University of Munich, Department of Economics.
  3. Svensson, L.E.O., 1993. "Fixed Exchange Rates As a Means to Price Stability: What Have we Learned?," Papers 553, Stockholm - International Economic Studies.
  4. Charles Wyplosz, 1991. "On the real exchange rate effect of German unification," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 127(1), pages 1-17, March.
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Cited by:
  1. Gwen Eudey, 1998. "Why is Europe forming a monetary union?," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 13-21.
  2. Burda, Michael C & Hunt, Jennifer, 2011. "What Explains the German Labor Market Miracle in the Great Recession?," CEPR Discussion Papers 8520, C.E.P.R. Discussion Papers.
  3. Feist, Holger & Sinn, Hans-Werner, 1997. "Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU," CEPR Discussion Papers 1747, C.E.P.R. Discussion Papers.
  4. Hans Werner Sinn & Frank Westermann, 2001. "Die D-Mark in Osteuropa, das Schwarzgeld und der Euro: Zur Größe des Effektes," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 54(19), pages 18-23, October.
  5. Hans-Werner Sinn & Frank Westermann, 2000. "Two Mezzogiornos," CESifo Working Paper Series 378, CESifo Group Munich.
  6. repec:spo:wpecon:info:hdl:2441/7162 is not listed on IDEAS

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