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The Costs and Benefits of Euro-sation in Central-Eastern Europe Before or Instead of EMU Membership

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  • D. Mario Nuti
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    Abstract

    Countries unable or unwilling to join a Monetary Union can partly replicate membership effects through either a Currency Board or formal replacement of the domestic currency by the currency of the Union. Schemes of this kind have been introduced recently in Transition Economies. The net balance of costs and benefits involved, for the country and the common currency area, are shown to be an empirical question, depending on a number of conditions and primarily on the degree of monetary, real, and institutional convergence already achieved beforehand. Positive net advantages may derive from dollar/Euro-isation but should not be taken for granted.

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    File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp340.pdf
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    Bibliographic Info

    Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number 340.

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    Length: pages
    Date of creation: 01 Oct 2000
    Date of revision:
    Handle: RePEc:wdi:papers:2000-340

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    Keywords: Euro; monetary union; dollarisation; exchange rate regimes; convergence; transition;

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    1. Ricardo Hausmann & Ugo Panizza & Ernesto H. Stein, 2000. "Why Do Countries Float the Way They Float?," Research Department Publications 4205, Inter-American Development Bank, Research Department.
    2. Korhonen, Iikka, 1999. "Currency Boards in the Baltic Countries: What Have We Learned?," BOFIT Discussion Papers 6/1999, Bank of Finland, Institute for Economies in Transition.
    3. Robert A. Mundell, 2002. "Currency areas, volatility and intervention," Discussion Papers 0102-09, Columbia University, Department of Economics.
    4. Eduardo Borensztein & Andrew Berg, 2000. "The Pros and Cons of Full Dollarization," IMF Working Papers 00/50, International Monetary Fund.
    5. repec:fth:inadeb:418 is not listed on IDEAS
    6. Heliodoro Temprano-Arroyo & Robert A. Feldman, 1999. "Selected transition and Mediterranean countries: an institutional primer on EMU and EU accession," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 7(3), pages 741-805, November.
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