Exit from a Monetary Union through Euroization: Discipline without Chaos
AbstractThis paper studies the role of exit from a monetary union during a debt crisis. A monetary union, such as the European Monetary Union, needs to establish a procedure for exit as a tool to cope with debt default. The paper studies various forms of exit and argues that “Euroization” is both a credible and effective means of punishment for countries in default.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17908.
Date of creation: Mar 2012
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Find related papers by JEL classification:
- E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-03-21 (All new papers)
- NEP-EEC-2012-03-21 (European Economics)
- NEP-MAC-2012-03-21 (Macroeconomics)
- NEP-OPM-2012-03-21 (Open Economy Macroeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Scott, Hal S, 1998. "When the Euro Falls Apart," International Finance, Wiley Blackwell, Wiley Blackwell, vol. 1(2), pages 207-28, December.
- Eric Dor, 2011. "Leaving the euro zone: a user’s guide," Working Papers, IESEG School of Management 2011-ECO-06, IESEG School of Management.
- Eduardo Borensztein & Andrew Berg, 2000. "The Pros and Cons of Full Dollarization," IMF Working Papers 00/50, International Monetary Fund.
- Russell Cooper & Hubert Kempf & Dan Peled, 2008.
"Regional Debt in Monetary Unions: Is it Inflationary ?,"
UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers)
- Cooper, Russell & Kempf, Hubert & Peled, Dan, 2010. "Regional debt in monetary unions: Is it inflationary?," European Economic Review, Elsevier, Elsevier, vol. 54(3), pages 345-358, April.
- Russell Cooper & Hubert Kempf & Dan Peled, 2008. "Regional debt in monetary unions : is it inflationary ?," Documents de travail du Centre d'Economie de la Sorbonne, UniversitÃ© PanthÃ©on-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne v08070, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
- Cooper, R. & Kempf, H. & Peled, D., 2007. "Regional Debt in Monetary Unions: Is it Inflationary?," Working papers, Banque de France 186, Banque de France.
- Smith, Bruce D, 1994. "Efficiency and Determinacy of Equilibrium under Inflation Targeting," Economic Theory, Springer, Springer, vol. 4(3), pages 327-44.
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