Design options in exchange rate, monetary and fiscal policies, are explored for economies in Central Europe and Latin America that aspire to engage in monetary unification. Recent experience in these regions suggests that, absent a model of institutional harmonization and a road map for policy convergence, Latin American economies would benefit from following internally consistent macroeconomic policies—possibly in the context of a rules-based framework—and from adopting widely accepted standards of best practice. Unilateral adoption of a hard currency (dollarization or euroization) tends to be counterproductive unless it is supported by fiscal discipline and wage flexibility. Empirical evidence is presented on the effect of expected monetary unification on sovereign risk.
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Paper provided by Oesterreichische Nationalbank (Austrian Central Bank) in its series Working Papers with number
75.
Length: 61 pages Date of creation: 03 Oct 2002 Date of revision: Handle: RePEc:onb:oenbwp:75
Note: The paper includes comments by Zsolt Darvas and by Gerhard Illing. Contact details of provider: Postal: P.O. Box 61, A-1011 Vienna, Austria Phone: +43/1/404 20 7205 Fax: +43/1/404 20 7299 Email: Web page: http://www.oenb.at/ More information through EDIRC
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Find related papers by JEL classification: 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 F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
References listed on IDEAS 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.:
Jesús Crespo-Cuaresma & Maria Antoinette Dimitz & Doris Ritzberger-Grünwald, 2002.
"Growth, Convergence and EU Membership,"
Working Papers
62, Oesterreichische Nationalbank (Austrian Central Bank).
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Jesus Crespo Cuaresma & Doris Ritzberger-Grünwald & Maria Antoinette Silgoner, 2008.
"Growth, convergence and EU membership,"
Applied Economics,
Taylor and Francis Journals, vol. 40(5), pages 643-656.
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