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Real Exchange Rates Within and Between Currency Areas: How Far Away is EMU?

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Author Info
Neumann, Manfred J.M.
von Hagen, Jürgen

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Abstract

The renewed quest for a European monetary union raises the question: Is Europe ready for a common currency? We compare the variability and persistence of real exchange rate fluctuations within the German monetary union and between Germany and eight European countries to assess the viability of a monetary union in Europe. The results suggest a `Two-Speed Europe'. A core union comprising Germany and her smaller neighbours is currently viable, but further convergence to reduce real exchange rate variability between these core countries and Denmark, France, Italy, and the United Kingdom is necessary. Alternatively, monetary union should be postponed until further adjustment has occurred. This period of waiting would neither require nor benefit much from further tightening of the current EMS.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 660.

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Date of creation: Jun 1992
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Handle: RePEc:cpr:ceprdp:660

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Related research
Keywords: Currency Union; Economic Integration; Exchange Rates;

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Find related papers by JEL classification:
F31 - International Economics - - International Finance - - - Foreign Exchange
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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  1. Michael Funke, 2000. "Macroeconomic Shocks in Euroland vs. the UK: Supply, Demand, or Nominal?," EUI-RSCAS Working Papers 37, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS). [Downloadable!]
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  2. M. Burda, . "European Labor Markets and the Euro: How Much Flexibility Do We Really Need?," Sonderforschungsbereich 373 1999-41, Humboldt Universitaet Berlin.
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  3. Christian Fahrholz & Philipp Mohl, 2003. "Fiscal and Monetary Policy in Belgium, France, Germany, Luxembourg, and The Netherlands," Eastward Enlargement of the Euro-zone Working Papers wp17c, Free University Berlin, Jean Monnet Centre of Excellence, revised 01 Apr 2003. [Downloadable!]
  4. Gabriele Galati, 2001. "The Dollar-Mark axis," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 137(1), pages 36-57, March. [Downloadable!] (restricted)
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  5. Shu-ki Tsang, 2002. "From "One Country, Two Systems" to Monetary Integration?," Working Papers 152002, Hong Kong Institute for Monetary Research. [Downloadable!]
  6. Leon, Costas, 2006. "The European and the Greek Business Cycles: Are they synchronized?," MPRA Paper 1312, University Library of Munich, Germany. [Downloadable!]
  7. Olawale Ogunkola, 2005. "An evaluation of the viability of a single monetary zone in ECOWAS," Research Papers RP_147, African Economic Research Consortium. [Downloadable!]
  8. Hali J. Edison & Linda S. Kole, 1994. "European monetary arrangements: implications for the dollar, exchange rate variability and credibility," International Finance Discussion Papers 468, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  9. Michael D. Bordo & Harold James, 2008. "A Long Term Perspective on the Euro," NBER Working Papers 13815, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Shu-ki Tsang, 2002. "Inflation Targeting in China?," Working Papers 192002, Hong Kong Institute for Monetary Research. [Downloadable!]
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