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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. Charles Wyplosz, 1991. "On the real exchange rate effect of German unification," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 127(1), pages 1-17, March.
  2. Hans-Werner Sinn & Alfons J. Weichenrieder, 1997. "Foreign direct investment, political resentment and the privatization process in eastern Europe," Economic Policy, CEPR & CES & MSH, vol. 12(24), pages 177-210, 04.
  3. Gwyn Adams & Lewis Alexander & Joseph Gagnon, 1992. "German unification and the European monetary system: a quantitative analysis," International Finance Discussion Papers 421, Board of Governors of the Federal Reserve System (U.S.).
  4. 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.
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Cited by:
  1. Michael C. Burda & Jennifer Hunt, 2011. "What Explains the German Labor Market Miracle in the Great Recession?," NBER Working Papers 17187, National Bureau of Economic Research, Inc.
  2. Feist, Holger & Sinn, Hans-Werner, 1997. "Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU," CEPR Discussion Papers 1747, C.E.P.R. Discussion Papers.
  3. repec:spo:wpecon:info:hdl:2441/7162 is not listed on IDEAS
  4. 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.
  5. Gwen Eudey, 1998. "Why is Europe forming a monetary union?," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 13-21.
  6. Hans-Werner Sinn & Frank Westermann, 2001. "Two Mezzogiornos," NBER Working Papers 8125, National Bureau of Economic Research, Inc.

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