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The institutional underpinnings of the prospective euro adoption in Poland

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  • Rapacki, Ryszard

Abstract

This paper aims to assess both the explicit and implicit convergence criteria for Poland's possible membership in the Economic and Monetary Union, with special emphasis on institutional underpinnings of the country's prospects of adopting the euro. While the former set of criteria (embedded in the Maastricht Treaty) comprises fiscal and monetary indicators of nominal convergence, the latter highlight the resilience of a country to adverse asymmetric shocks and its ability to compete internationally, and point to the importance of labor mobility in particular and institutional quality in general as key shock-absorbing mechanisms and main drivers of a sustainable comparative advantage of a country. The paper focuses therefore on the evaluation of existing institutions and their evolution in Poland vis-à-vis the standards prevailing in the euro zone, as key determinants of the country's readiness to become an EMU member. The theoretical background of the assessment involved comprises two chief pillars: the optimum currency area theory (OCA) and the 'diversity of capitalism' (DoC) approach.

Suggested Citation

  • Rapacki, Ryszard, 2015. "The institutional underpinnings of the prospective euro adoption in Poland," EconStor Conference Papers 130186, ZBW - Leibniz Information Centre for Economics.
    • Handle: RePEc:zbw:esconf:130186
    Note: Paper prepared for the ICCEES IX World Congress, Makuhari, 3-8 August 2015.
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    File URL: https://www.econstor.eu/bitstream/10419/130186/1/Rapacki_ICCEES%20paper_Makuhari%202015_ver.%202%20revised.pdf
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    References listed on IDEAS

    as
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    5. Rapacki, Ryszard, 2012. "Poland and Greece - Two Contrasting EU Enlargement Experiences," EconStor Preprints 130190, ZBW - Leibniz Information Centre for Economics.
    6. World Bank & International Finance Corporation, 2006. "Doing Business 2007 : How to Reform," World Bank Publications - Books, The World Bank Group, number 7245, December.
    7. Frankel, Jeffrey A. & Rose, Andrew K., 1997. "Is EMU more justifiable ex post than ex ante?," European Economic Review, Elsevier, vol. 41(3-5), pages 753-760, April.
    8. World Bank & International Finance Corporation, "undated". "Doing Business in Mexico," World Bank Publications - Reports 13430, The World Bank Group.
    9. Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, number 9780199261147.
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    Cited by:

    1. Rapacki, Ryszard & Gardawski, Juliusz & Czerniak, Adam & Horbaczewska, Bożena & Karbowski, Adam & Maszczyk, Piotr & Próchniak, Mariusz, 2018. "Wyłaniające się odmiany kapitalizmu w Europie Środkowo-Wschodniej: przegląd badań [Emerging varieties of capitalism in Central and Eastern Europe: a review]," MPRA Paper 90363, University Library of Munich, Germany, revised 2018.

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    More about this item

    Keywords

    euro adoption; convergence;

    JEL classification:

    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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