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Monetary Integration and Economic Convergence

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  • Sibert, Anne

Abstract

Recent research in contract theory views ownership as a substitute for complete contracts. In this paper this approach is applied to monetary integration. Countries face a coordination problem when conducting monetary policy: negative spillovers ensure uncoordinated policy generates too high inflation. Ex ante, policy-makers 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, however, it is supposed that ex-ante contracting over reform and monetary policy, is not. This paper analyses when monetary union is a good substitute for this inability to commit.

Suggested Citation

  • Sibert, Anne, 1997. "Monetary Integration and Economic Convergence," CEPR Discussion Papers 1561, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:1561
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    Citations

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    Cited by:

    1. F. Gulcin Ozkan & Anne Sibert & Alan Sutherland, "undated". "Monetary Union, Entry Conditions and Economic Reform," Discussion Papers 97/15, Department of Economics, University of York.
    2. Beetsma, Roel M W J & Bovenberg, A Lans, 2001. "The Optimality of a Monetary Union without a Fiscal Union," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(2), pages 179-204, May.
    3. Mª del Carmen Díaz Roldán, 1998. "La coordinacion internacional de la politica monetaria en presencia de perturbaciones simetricas: ¿Resulta beneficioso cooperar?," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 9808, Departamento de Economía - Universidad Pública de Navarra.
    4. Carmen Díaz-Roldan, 2004. "International monetary policy coordination under asymmetric shocks," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 10(1), pages 72-82, February.

    More about this item

    Keywords

    Economic Integration; Montetary Union; Policy Coordination;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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