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The economic and monetary union countries vs. the global crisis

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  • Kowalski, Tadeusz

Abstract

The global financial and economic crisis revealed institutional weaknesses and structural problems of particular Economic and Monetary Union (EMU) countries. The crisis and slowdown that followed had an impact on their relative competitiveness. Financial and economic turbulences of recent years shed new light on the scale and scope of interdependences in the world economy. They uncovered economic and institutional flaws of the very EMU itself. The paper focuses on EMU countries real sector reactions to the financial disturbances. Both comparative static and dynamic approaches are used in order to assess the scope and pace of adjustments triggered by the global crisis.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 37942.

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Date of creation: 14 Feb 2012
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Handle: RePEc:pra:mprapa:37942

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Keywords: financial crisis; competitiveness; Economic and Monetary Union;

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  1. Balázs Egert, 2007. "Real Convergence, Price Level Convergence and Inflation Differentials in Europe," CESifo Working Paper Series 2127, CESifo Group Munich.
  2. Kowalski, Tadeusz & Kowalski, Pawel & Wihlborg, Clas, 2007. "Poland. The EMU entry strategy vs. the monetary issues," MPRA Paper 42599, University Library of Munich, Germany, revised 2007.
  3. Égert, Balázs, 2002. "Investigating the Balassa-Samuelson hypothesis in transition: Do we understand what we see?," BOFIT Discussion Papers 6/2002, Bank of Finland, Institute for Economies in Transition.
  4. Giovanni Dell'Ariccia & Olivier J. Blanchard & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," IMF Staff Position Notes 2010/03, International Monetary Fund.
  5. Charles Van Marrewijk, 2004. "An Introduction to International Money and Foreign Exchange Markets," Centre for International Economic Studies Working Papers 2004-07, University of Adelaide, Centre for International Economic Studies.
  6. Kowalski, Tadeusz, 2011. "Economic policy and the financial and economic crisis," MPRA Paper 33994, University Library of Munich, Germany.
  7. Yochanan Shachmurove, 2010. "The Next Financial Crisis," PIER Working Paper Archive 10-027, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  8. Issing,Otmar & Gaspar,Vitor & Angeloni,Ignazio & Tristani,Oreste, 2001. "Monetary Policy in the Euro Area," Cambridge Books, Cambridge University Press, number 9780521783248, Fall.
  9. Shachmurove, Yochanan, 2011. "A historical overview of financial crises in the United States," Global Finance Journal, Elsevier, vol. 22(3), pages 217-231.
  10. Kowalski, Tadeusz & Pietrzykowski, Maciej, 2010. "The economic and monetary union vs. shifts in competitiveness of member states," MPRA Paper 33995, University Library of Munich, Germany.
  11. Balázs Egert, 2002. "Investigating the Balassa-Samuelson hypothesis in the transition: Do we understand what we see? A panel study," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 273-309, July.
  12. Dyson, Kenneth & Featherstone, Kevin, 1999. "The Road To Maastricht: Negotiating Economic and Monetary Union," OUP Catalogue, Oxford University Press, number 9780198296386, September.
  13. Pasinetti, Luigi L, 1998. "The Myth (or Folly) of the 3 Percent Deficit/GDP Maastricht 'Parameter.'," Cambridge Journal of Economics, Oxford University Press, vol. 22(1), pages 103-16, January.
  14. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
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Cited by:
  1. Tadeusz Kowalski, 2013. "Poland’s Long-term Macroeconomic Performance and Recent Trends: A Comparative Analysis," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 14(1), pages 41-56, 05.
  2. Ioana Laura Valeanu, 2012. "Challenges Of The Economic And Monetary Union In The Context Of The Economic Crisis," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4, pages 866-877, December.
  3. Kowalski, Tadeusz & Shachmurove, Yochanan, 2014. "The reaction of the U.S. and the European Monetary Union to recent global financial crises," Global Finance Journal, Elsevier, vol. 25(1), pages 27-47.

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