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The Currency Reform as the Last Stage of Economic and Monetary Union: Some Policy Questions

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  • Alberto Giovannini
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    Abstract

    The paper discusses the policy problems of a project aimed at substituting several national currencies with one single currency. While these problems are of general interest, the analysis is motivated by the plan for Economic and Monetary Union among the members of the European Community. The issues discussed include the choice of conversion rates and the effects of exchange-rate devaluations at the time of the monetary reform.

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    File URL: http://www.nber.org/papers/w3917.pdf
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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3917.

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    Date of creation: Nov 1991
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    Publication status: published as European Economic Review Volume 36, April 1992
    Handle: RePEc:nbr:nberwo:3917

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    Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
    Phone: 617-868-3900
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    Web page: http://www.nber.org
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    1. Greenwood, Jeremy & Williamson, Stephen D., 1989. "International financial intermediation and aggregate fluctuations under alternative exchange rate regimes," Journal of Monetary Economics, Elsevier, vol. 23(3), pages 401-431, May.
    2. Kenneth Froot & Kenneth Rogoff & Olivier Blanchard & Stanley Fischer, . "The EMS, the EMU, and the Transition to a Common Currency," Working Paper 32216, Harvard University OpenScholar.
    3. Alberto Giovannini, 1990. "European Monetary Reform: Progress and Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(2), pages 217-292.
    4. N. Gregory Mankiw & David Romer (ed.), 1991. "New Keynesian Economics - Vol. 1: Imperfect Competition and Sticky Prices," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262631334, December.
    5. Feenstra, Robert C., 1986. "Functional equivalence between liquidity costs and the utility of money," Journal of Monetary Economics, Elsevier, vol. 17(2), pages 271-291, March.
    6. Giovannini, A., 1990. "The Transition To European Monetary Union," Princeton Studies in International Economics 178, International Economics Section, Departement of Economics Princeton University,.
    7. Dornbusch, Rudiger, 1973. "Devaluation, Money, and Nontraded Goods," American Economic Review, American Economic Association, vol. 63(5), pages 871-80, December.
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    Cited by:
    1. Lehment, Harmen & Scheide, Joachim, 1992. "Die europäische Wirtschafts- und Währungsunion : Probleme des Übergangs," Open Access Publications from Kiel Institute for the World Economy 1513, Kiel Institute for the World Economy (IfW).

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