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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.

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Article provided by Credit and Capital Markets in its journal Kredit und Kapital.

Volume (Year): 40 (2007)
Issue (Month): 4 ()
Pages: 495-525

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Handle: RePEc:kuk:journl:v:40:y:2007:i:4:p:495-525
Contact details of provider: Web page: http://www.credit-and-capital-markets.de/

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