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Current-Account Matters on the Way to EMU: The Transfer Problem Re-revisited


  • Jan-Alexander Bethge

    (Universität Göttingen, Volkswirtschaftliches Seminar, Platz der Göttinger Sieben 3, D-37073 Göttingen)

  • Renate Ohr

    (Universität Göttingen, Volkswirtschaftliches Seminar, Platz der Göttinger Sieben 3, D-37073 Göttingen)


Concerning recommendations for early Euro adoption in EU accession countries from Central and Eastern Europe we address potential trade-offs between real and nominal convergence from a novel perspective. Specifically, we discuss the modern transfer problem as a trigger of sudden stops and bring up the concept of current-account sustainability as an approach complementary to the appraisement of stabilizing central parities and conversion rates. From a policy perspective a non-structural case-study approach seems preferable including (1) an assessment of numerical sustainability benchmarks and (2) an analysis of the sources and ef¬fects of actual current-account deficits. Clearly, this amends OCA criteria with intertemporal cost-benefit considerations.

Suggested Citation

  • Jan-Alexander Bethge & Renate Ohr, 2007. "Current-Account Matters on the Way to EMU: The Transfer Problem Re-revisited," Credit and Capital Markets, Credit and Capital Markets, vol. 40(4), pages 495-525.
  • Handle: RePEc:kuk:journl:v:40:y:2007:i:4:p:495-525

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    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration


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