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International Implications of German Unification

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  • Hans-Werner Sinn

Abstract

This paper advances the hypothesis that the EUS crisis was caused by German unification. The unification has implied a massive resource demand which parallels the US resource demand following Reagan's tax reforms in the eighties. The resource demand revised the German interest rates relative to the rest of the world which brought about devaluations of other European currencies. The paper identifies those European currencies which currently are undervalued.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5839.

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Date of creation: Nov 1996
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Publication status: published as The Economics of Globalization. Razin, A., and E. Sadka, eds., Cambridge: Cambridge University Press, 1999, pp. 33-58.
Handle: RePEc:nbr:nberwo:5839

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References

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  1. Lars E.O. Svensson, 1993. "Fixed Exchange Rates as a Means to Price Stability: What Have We Learned," NBER Working Papers 4504, National Bureau of Economic Research, Inc.
  2. Sinn, Hans-Werner & Weichenrieder, Alfons J., 1997. "Foreign direct investment, political resentment and the privatization process in eastern Europe," Munich Reprints in Economics, University of Munich, Department of Economics 19562, University of Munich, Department of Economics.
  3. Adams, Gwyn & Alexander, Lewis & Gagnon, Joseph, 1993. "German unification and the European Monetary System: A quantitative analysis," Journal of Policy Modeling, Elsevier, Elsevier, vol. 15(4), pages 353-392, August.
  4. Charles Wyplosz, 1991. "On the real exchange rate effect of German unification," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 127(1), pages 1-17, March.
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Cited by:
  1. Burda, Michael C. & Hunt, Jennifer, 2011. "What Explains the German Labor Market Miracle in the Great Recession?," IZA Discussion Papers 5800, Institute for the Study of Labor (IZA).
  2. Hans-Werner Sinn & Holger Feist, 1997. "Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU," NBER Working Papers 6072, National Bureau of Economic Research, Inc.
  3. Hans-Werner Sinn & Frank Westermann, 2001. "Two Mezzogiornos," NBER Working Papers 8125, National Bureau of Economic Research, Inc.
  4. Gwen Eudey, 1998. "Why is Europe forming a monetary union?," Business Review, Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia, issue Nov, pages 13-21.
  5. Alesina, Alberto Francesco, 1997. "Comments on 'Europe's Gamble' by M. Obstfeld," Scholarly Articles 12553725, Harvard University Department of Economics.
  6. repec:spo:wpecon:info:hdl:2441/7162 is not listed on IDEAS
  7. Hans Werner Sinn & Frank Westermann, 2001. "Die D-Mark in Osteuropa, das Schwarzgeld und der Euro: Zur Größe des Effektes," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 54(19), pages 18-23, October.

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