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Characteristics of the Euro, the Demand for Reserves, and Policy Coordination Under EMU

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  • Paul R. Masson
  • Bart Turtelboom

Abstract

The success of European Economic and Monetary Union (EMU) will depend on the stability of the euro. The monetary policy framework is yet to be decided, but is likely to involve either money or inflation targeting. Stochastic simulations compare the outcomes for major macroeconomic and financial variables pre- and post-EMU under both policy rules, as well as under an inflation targeting rule that includes output. Implications for the euro as a reserve currency are examined in the light of the expected returns and covariances among reserve currencies. The role of the exchange rate as an indicator and incentives for policy coordination with other major countries are also discussed.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/58.

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Length: 37
Date of creation: 01 May 1997
Date of revision:
Handle: RePEc:imf:imfwpa:97/58

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Cited by:
  1. A J Hughes Hallett & Peter McAdam, 2001. "Fiscal Consolidation and the Probability Distribution of Deficits: A Stochastic Analysis of the Stability Pact," Studies in Economics 0101, Department of Economics, University of Kent.
  2. Kawai, Masahiro & Akiyama, Shigeru, 1998. "The Role of Nominal Anchor Currencies in Exchange Rate Arrangements," Journal of the Japanese and International Economies, Elsevier, vol. 12(4), pages 334-387, December.
  3. Wyplosz, Charles, 1997. "EMU: Why and How It Might Happen," CEPR Discussion Papers 1685, C.E.P.R. Discussion Papers.
  4. Patricia S. Pollard, 2001. "The creation of the Euro and the role of the dollar in international markets," Review, Federal Reserve Bank of St. Louis, issue May, pages 17-36.
  5. Hartmann, Philipp, 1998. "The Currency Denomination of World Trade after European Monetary Union," Journal of the Japanese and International Economies, Elsevier, vol. 12(4), pages 424-454, December.
  6. Ricci, Luca Antonio & Isard, Peter, 2002. "European monetary union, adjustment, and exchange rate variability," European Economic Review, Elsevier, vol. 46(2), pages 229-251, February.
  7. Jorge Pérez-Rodríguez, 2006. "The Euro and Other Major Currencies Floating Against the U.S. Dollar," Atlantic Economic Journal, International Atlantic Economic Society, vol. 34(4), pages 367-384, December.
  8. Kawai, Masahiro & Akiyama, Shigeru, 2000. "Implications of the currency crisis for exchange rate arrangements in emerging East Asia," Policy Research Working Paper Series 2502, The World Bank.
  9. Van Els, Peter & Peeters, Marga, 1999. "De baten van een gemeenschappelijke Europese munt
    [The benefits of a common European currency]
    ," MPRA Paper 28714, University Library of Munich, Germany.
  10. Agnès Bénassy-Quéré & Benoît Mojon & Armand-Denis Schor, 1998. "The International Role of the Euro," Working Papers 1998-03, CEPII research center.
  11. Robert McCauley, 1999. "The Euro and the Dollar, 1998," Open Economies Review, Springer, vol. 10(1), pages 91-133, February.
  12. Masson, Paul R., 2008. "The euro and developing country finance: A survey," The North American Journal of Economics and Finance, Elsevier, vol. 19(2), pages 175-191, August.
  13. Patricia S. Pollard, 1997. "The role of the euro as an international currency," Working Papers 1997-021, Federal Reserve Bank of St. Louis.
  14. Clemens J.M. Kool, 2000. "International bond markets and the introduction of the Euro," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 41-56.
  15. Kieran Mc Morrow, 1998. "Is there a stable money demand equation at the Community level? - Evidence, using a cointegration analysis approach, for the Euro-Zone countries and for the Community as a whole," European Economy - Economic Papers 131, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  16. Agnès Bénassy-Quéré & Benoît Mojon, 1998. "EMU and Transatlantic Exchange Rate Stability," Working Papers 1998-02, CEPII research center.
  17. Mussa, Michael, 2000. "The Relationship Between the Euro and the Dollar," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 369-377, May.
  18. Juan Piñeiro Chousa, & Artur Tamazian, & Davit N. Melikyan,, 2008. "MARKET RISK DYNAMICS AND COMPETITIVENESS AFTER THE EURO: Evidence from EMU Members," William Davidson Institute Working Papers Series wp916, William Davidson Institute at the University of Michigan.
  19. Agnès Bénassy-Quéré & Amina Lahrèche-Revil, 1998. "Pegging the CEECs Currencies to the Euro," Working Papers 1998-04, CEPII research center.

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