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International Implications of German Unification

Author

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  • Sinn, Hans-Werner

Abstract

This paper advances the hypothesis that the EMS crisis was caused by German unification. Unification stimulated massive resource demand, which paralleled resource demand in the United States following Reagan’s tax reforms in the 1980s. The resource demand revised German interest rates relative to the rest of the world, which brought about devaluations of other European currencies. The paper identifies those European currencies needing revaluation before they can join the European currency union.

Suggested Citation

  • Sinn, Hans-Werner, 1996. "International Implications of German Unification," CEPR Discussion Papers 1508, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:1508
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    Citations

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    Cited by:

    1. Michael C. Burda & Jennifer Hunt, 2011. "What Explains the German Labor Market Miracle in the Great Recession," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 42(1 (Spring), pages 273-335.
    2. Hans Werner Sinn & Frank Westermann, 2001. "Die D-Mark in Osteuropa, das Schwarzgeld und der Euro: Zur Größe des Effektes," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 54(19), pages 18-23, October.
    3. Hans-Werner Sinn, 1999. "Inflation and Welfare: Comment on Robert Lucas," NBER Working Papers 6979, National Bureau of Economic Research, Inc.
    4. Hans-Werner Sinn & Frank Westermann, 2000. "Two Mezzogiornos," CESifo Working Paper Series 378, CESifo.
    5. repec:spo:wpecon:info:hdl:2441/7162 is not listed on IDEAS
    6. Gwen Eudey, 1998. "Why is Europe forming a monetary union?," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 13-21.
    7. repec:hum:wpaper:sfb649dp2011-031 is not listed on IDEAS
    8. repec:spo:wpmain:info:hdl:2441/7162 is not listed on IDEAS
    9. Eichengreen, Barry & Naef, Alain, 2022. "Imported or home grown? The 1992–3 EMS crisis," Journal of International Economics, Elsevier, vol. 138(C).
    10. Hans-Werner Sinn & Frank Westermann, 2001. "The Deutschmark in Eastern Europe, Black Money and the Euro: On the Size of the Effect," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 2(03), pages 35-40, February.
    11. Maurice Obstfeld, 1997. "Europe's Gamble," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(2), pages 241-317.
    12. Hans-Werner Sinn & Holger Feist, 1997. "Eurowinners and Eurolosers: The Distribution of Seignorage Wealth in EMU," CESifo Working Paper Series 134, CESifo.
    13. Alesina, Alberto Francesco, 1997. "Comments on 'Europe's Gamble' by M. Obstfeld," Scholarly Articles 12553725, Harvard University Department of Economics.
    14. Paul-Emmanuel Micolet, 1998. "Positionnement conjoncturel du Royaume-Uni et UEM," Revue de l'OFCE, Programme National Persée, vol. 66(1), pages 127-169.

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    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook

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