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International Costs and Benefits from EMU

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  • Alogoskoufis, George
  • Portes, Richard

Abstract

In this paper we examine the international implications of monetary union in the European Community (EMU) and the associated international costs and benefits. We consider prospective changes in international institutions, the potential role of the ecu as an international currency, and the implications of EMU for the international coordination of monetary and fiscal policies.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 424.

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Date of creation: Jun 1990
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Handle: RePEc:cpr:ceprdp:424

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Keywords: Fiscal Policy; Monetary Policy; Monetary Union; Policy Coordination;

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References

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  1. Alogoskoufis, George, 1989. "Stabilization Policy, Fixed Exchange Rates and Target Zones," CEPR Discussion Papers 304, C.E.P.R. Discussion Papers.
  2. Gylfason, Thorvaldur, 1990. "Exchange Rate Policy, Inflation and Unemployment: The Experience of the Nordic EFTA Countries," CEPR Discussion Papers 377, C.E.P.R. Discussion Papers.
  3. Jeffrey A. Frankel., 1987. "Obstacles to International Macroeconomic Policy Coordination," Economics Working Papers 8737, University of California at Berkeley.
  4. Marianne Baxter & Alan C. Stockman, 1988. "Business Cycles and the Exchange Rate System: Some International Evidence," NBER Working Papers 2689, National Bureau of Economic Research, Inc.
  5. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August.
  6. Kenen, Peter B & Rodrik, Dani, 1986. "Measuring and Analyzing the Effects of Short-term Volatility in Real Exchange Rates," The Review of Economics and Statistics, MIT Press, vol. 68(2), pages 311-15, May.
  7. Portes, Richard, 1989. "Macroeconomic Policy Coordination and the European Monetary System," CEPR Discussion Papers 342, C.E.P.R. Discussion Papers.
  8. Giavazzi, Francesco & Giovannini, Alberto, 1986. "Monetary Policy Interactions under Managed Exchange Rates," CEPR Discussion Papers 123, C.E.P.R. Discussion Papers.
  9. Black, Stanley W., 1985. "International money and international monetary arrangements," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 22, pages 1153-1193 Elsevier.
  10. John F. O. Bilson & Richard C. Marston, 1984. "Exchange Rate Theory and Practice," NBER Books, National Bureau of Economic Research, Inc, number bils84-1, July.
  11. Peree, Eric & Steinherr, Alfred, 1989. "Exchange rate uncertainty and foreign trade," European Economic Review, Elsevier, vol. 33(6), pages 1241-1264, July.
  12. Jones, Robert A, 1976. "The Origin and Development of Media of Exchange," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 757-75, August.
  13. Currie, David & Holtham, Gerald & Hughes, Gordon, 1989. "The Theory and Practice of International Policy Coordination: Does Coordination Pay?," CEPR Discussion Papers 325, C.E.P.R. Discussion Papers.
  14. Paul R. Krugman, 1984. "The International Role of the Dollar: Theory and Prospect," NBER Chapters, in: Exchange Rate Theory and Practice, pages 261-278 National Bureau of Economic Research, Inc.
  15. Eichengreen, Barry, 1987. "Conducting the international orchestra: Bank of England leadership under the classical gold standard," Journal of International Money and Finance, Elsevier, vol. 6(1), pages 5-29, March.
  16. Michael P. Dooley & J. Saul Lizondo & Donald J. Mathieson, 1989. "The Currency Composition of Foreign Exchange Reserves," IMF Staff Papers, Palgrave Macmillan, vol. 36(2), pages 385-434, June.
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Citations

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Cited by:
  1. Papaioannou, Elias & Portes, Richard & Siourounis, Gregorios, 2006. "Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar," Working Paper Series 0694, European Central Bank.
  2. Richard Portes & Helene Rey, 1998. "The Emergence of the Euro as an International Currency," NBER Working Papers 6424, National Bureau of Economic Research, Inc.
  3. Jean Dermine, 1996. "European Banking with a Single Currency," Center for Financial Institutions Working Papers 96-54, Wharton School Center for Financial Institutions, University of Pennsylvania.
  4. Barry Eichengreen and Fabio Ghironi., 1997. "European Monetary Unification and International Monetary Cooperation," Center for International and Development Economics Research (CIDER) Working Papers C97-091, University of California at Berkeley.
  5. Robert McCauley, 1999. "The Euro and the Dollar, 1998," Open Economies Review, Springer, vol. 10(1), pages 91-133, February.
  6. Elias Papaioannou & Richard Portes, 2008. "The international role of the euro: a status report," European Economy - Economic Papers 317, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  7. Gerlach, Stefan, 1995. "Adjustable pegs vs. single currencies: How valuable is the option to realign?," European Economic Review, Elsevier, vol. 39(6), pages 1155-1170, June.
  8. Rita De Siano & Marcella D'Uva & Giovanna Messina, 1999. "Aree Monetarie Ottimali: Literature Review," Working Papers 2_1999, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy.
  9. Agnès Bénassy-Quéré, 1996. "Potentialities and Opportunities of the Euro as an International Currency," Working Papers 1996-09, CEPII research center.
  10. Carsten Hefeker & Mathias Moersch, 1997. "Possible effects of EMU on German long-term interest rates," Intereconomics: Review of European Economic Policy, Springer, vol. 32(3), pages 144-151, May.
  11. Bernard Courbis & Jean-Paul Allegret, 1999. "Les pays du Sud face au défi d'un espace financier euro-méditerranéen," Revue d'Économie Financière, Programme National Persée, vol. 52(2), pages 185-206.
  12. Portes, Richard, 2001. "The Euro and the International Financial System," CEPR Discussion Papers 2955, C.E.P.R. Discussion Papers.

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