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EMU and Asymmetries and Adjustment Problems in the EMS

Author

Listed:
  • Weber, Axel A

Abstract

The paper empirically analyzes asymmetries in the EMS with special reference to their implication for the creation of a monetary union (EMU). Two types of asymmetries are analyzed: those in the form of "German dominance" are detected in the conduct of monetary policies in the EMS, in particular when the concept of "Granger causality" is applied in vector autoregressions using money-market interest rates through which most of the short-term policy impulses are transmitted; and second, asymmetries in the shocks to macroeconomic variables are discussed.

Suggested Citation

  • Weber, Axel A, 1990. "EMU and Asymmetries and Adjustment Problems in the EMS," CEPR Discussion Papers 448, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:448
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    Citations

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    Cited by:

    1. Tarkka, Juha & Åkerholm, Johnny, 1992. "Fiscal federalism and European monetary integration," Bank of Finland Research Discussion Papers 2/1992, Bank of Finland.
    2. Hali Edison & Ronald MacDonald, 2003. "Credibility and Interest Rate Discretion in the ERM," Open Economies Review, Springer, vol. 14(4), pages 351-368, October.
    3. Barry Eichengreen., 1993. "International Monetary Arrangements for the 21st Century," Center for International and Development Economics Research (CIDER) Working Papers C93-021, University of California at Berkeley.
    4. Mali J. Edison & Linda S. Kole, 1995. "European monetary arrangements: Implications for the dollar, exchange rate variability and credibility," European Financial Management, European Financial Management Association, vol. 1(1), pages 61-86, March.
    5. Tarkka, Juha & Åkerholm, Johnny, 1992. "Fiscal federalism and European monetary integration," Research Discussion Papers 2/1992, Bank of Finland.
    6. Herz, Bernhard, 1991. "Währungspolitik in der Übergangsphase zur europäischen Währungsunion," Tübinger Diskussionsbeiträge 17, University of Tübingen, School of Business and Economics.
    7. Jean Pisani-Ferry & Claude Bismut, 1993. "L'union économique et monétaire : principes et implications," Revue Économique, Programme National Persée, vol. 44(1), pages 121-142.
    8. Chris Kirrane, 2018. "Implications of EMU for the European Community," Papers 1805.12113, arXiv.org.
    9. Tyrowicz, Joanna, 2009. "When Eastern Labour Markets Enter Western Europe CEECs. Labour Market Institutions upon Euro Zone Accession," MPRA Paper 15045, University Library of Munich, Germany.
    10. Fratzscher, Marcel, 2002. "The Euro bloc, the Dollar bloc and the Yen bloc: how much monetary policy independence can exchange rate flexibility buy in an interdependent world?," Working Paper Series 154, European Central Bank.
    11. W.H. Buiter, 1995. "Macroeconomic Policy During a Transition to Monetary Union," CEP Discussion Papers dp0261, Centre for Economic Performance, LSE.
    12. repec:zbw:bofrdp:1992_002 is not listed on IDEAS
    13. Lionel Fontagné & Michael Freudenberg, 1999. "Endogenous Symmetry of Shocks in a Monetary Union," Open Economies Review, Springer, vol. 10(3), pages 263-287, July.
    14. Kirrane, Chris, 1994. "Implications of EMU for the European Community," MPRA Paper 88998, University Library of Munich, Germany.
    15. Elias D. Belessakos & Christos I. Giannikos, 2002. "The "Lack" of Volatility Trade-Offs in Exchange Rate Zones with Sticky Prices," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 1(1), pages 69-78, April.
    16. Igor Velickovski, 2013. "Assessing independent monetary policy in small, open and euroized countries: evidence from Western Balkan," Empirical Economics, Springer, vol. 45(1), pages 137-156, August.
    17. Hali J. Edison & Ronald MacDonald, 2000. "Monetary policy independence in the ERM: was there any?," International Finance Discussion Papers 665, Board of Governors of the Federal Reserve System (U.S.).
    18. Mogaji, Peter Kehinde, 2015. "Review of Architectural Flaws of the EMU: What Eurozone Crisis Lessons for the Proposed ‘Afrozone’?," MPRA Paper 99334, University Library of Munich, Germany.
    19. Catalina Amuedo-Dorantes & Mark Wheeler, 2001. "An empirical analysis of the European Union's impact on Spanish economic performance," Applied Economics, Taylor & Francis Journals, vol. 33(8), pages 1001-1008.
    20. Schor, Armand-Denis, 2000. "La théorie des zones monétaires optimales : l’optimum, le praticable, le crédible et le réel," L'Actualité Economique, Société Canadienne de Science Economique, vol. 76(4), pages 545-576, décembre.

    More about this item

    Keywords

    Economic Integration; Europe; European Monetary System; Exchange Rates; Monetary Policy;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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