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Is There a Conflict Between EC Enlargement and European Monetary Unification?

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Author Info
Tamim Bayoumi
Barry Eichengreen

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Abstract

Recent proposals for enlarging the European Community to include the EFTA countries raise the question of whether the new members should participate in a European Monetary Union. In part, the issue hinges on the incidence of aggregate supply and demand disturbances. We use data on prices and output and a VAR decomposition to analyze this issue empirically, grouping economies according to the magnitude of the disturbances, their cross-country correlation, and speeds of response. This leads us to distinguish an EC "core" (made up of Germany and its immediate neighbors) and an EC periphery (made up of the UK and the Southern European members of the Community). Austria, Sweden and Switzerland behave more similarly to the EC core than do Norway, Finland and Iceland. This suggests that the case for EMU participation is stronger for Austria, Sweden and Switzerland than for the other EFTA countries.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3950.

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Date of creation: Jan 1992
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Handle: RePEc:nbr:nberwo:3950

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  1. Barry Eichengreen, 1991. "Is Europe an Optimum Currency Area?," NBER Working Papers 3579, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Gylfason, Thorvaldur, 1991. "Iceland on the Outskirts of Europe: The Common Property Resource Problem," CEPR Discussion Papers 530, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  3. Lippi, Marco & Reichlin, Lucrezia, 1993. "The Dynamic Effects of Aggregate Demand and Supply Disturbances: Comment," American Economic Review, American Economic Association, vol. 83(3), pages 644-52, June. [Downloadable!] (restricted)
  4. Tamim Bayoumi and Barry Eichengreen., 1992. "Shocking Aspects of European Monetary Unification," Economics Working Papers 92-187, University of California at Berkeley. [Downloadable!]
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(explanations, 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.)

  1. Felipe Morandé & Klaus Schmidt-Hebbel, 2000. "Chile's Peso: Better Than (Just) Living with the Dollar?," Working Papers Central Bank of Chile 68, Central Bank of Chile. [Downloadable!]
    Other versions:
  2. Jean Pisani-Ferry, 1995. "L'Europe a geometrie variable, une analyse economique," Working Papers 1995-04, CEPII research center. [Downloadable!]
  3. Helene Schuberth, 1998. "Room for Manoeuvre of Economic Policy in EU-Countries are there costs of joining EMU?," Working Papers 35, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
  4. Frankel, Jeffrey A. & Rose, Andrew K., 1997. "Economic Structure and the Decision to Adopt a Common Currency," Seminar Papers 611, Stockholm University, Institute for International Economic Studies. [Downloadable!]
    Other versions:
  5. Etibar Jafarov & Anne Marie Gulde & Vassili Prokopenko, 2004. "A Common Currency for Belarus and Russia?," IMF Working Papers 04/228, International Monetary Fund. [Downloadable!]
  6. George Tavlas, 1994. "The theory of monetary integration," Open Economies Review, Springer, vol. 5(2), pages 211-230, March. [Downloadable!] (restricted)
  7. Boone, Laurence & Maurel, Mathilde, 1999. "An Optimal Currency Area Perspective of the EU Enlargement to the CEECs," CEPR Discussion Papers 2119, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  8. Laurence Boone, 1997. "Symmetry and Assymmetry of Supply and Demand Stocks in the European Union : a Dynamic Analysis," Working Papers 1997-03, CEPII research center. [Downloadable!]
  9. Jeffrey A. Frankel & Andrew K. Rose, 1996. "The Endogeneity of the Optimum Currency Area Criteria," NBER Working Papers 5700, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. Helene Schuberth & Gert Wehinger, 1998. "Costs of European Monetary Union: Evidence of monetary and fiscal policy effectiveness," ERSA conference papers ersa98p459, European Regional Science Association. [Downloadable!]
  11. Michael D. Bordo & Lars Jonung, 1996. "Monetary Regimes, Inflation And Monetary Reform: An Essay in Honor of Axel Leijonhufvud," Departmental Working Papers 199407, Rutgers University, Department of Economics. [Downloadable!]
    Other versions:
  12. Tamim Bayoumi & Barry Eichengreen, 1992. "Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton Woods Float: An Impulse-Response Analysis," NBER Working Papers 4169, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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