International Implications of German Unification
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.
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- Gwyn Adams & Lewis Alexander & Joseph Gagnon, 1992.
"German unification and the European monetary system: a quantitative analysis,"
International Finance Discussion Papers
421, Board of Governors of the Federal Reserve System (U.S.).
- Adams, Gwyn & Alexander, Lewis & Gagnon, Joseph, 1993. "German unification and the European Monetary System: A quantitative analysis," Journal of Policy Modeling, Elsevier, vol. 15(4), pages 353-392, August.
- Svensson, Lars E O, 1994.
"Fixed Exchange Rates as a Means to Price Stability: What Have We Learned?,"
CEPR Discussion Papers
872, C.E.P.R. Discussion Papers.
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- Svensson, L.E.O., 1993. "Fixed Exchange Rates As a Means to Price Stability: What Have we Learned?," Papers 553, Stockholm - International Economic Studies.
- Lars E.O. Svensson, 1993. "Fixed Exchange Rates as a Means to Price Stability: What Have We Learned," NBER Working Papers 4504, National Bureau of Economic Research, Inc.
- Charles Wyplosz, 1991. "On the real exchange rate effect of German unification," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 127(1), pages 1-17, March.
- Hans-Werner Sinn & Alfons J. Weichenrieder, 1997.
"Foreign direct investment, political resentment and the privatization process in eastern Europe,"
CEPR;CES;MSH, vol. 12(24), pages 177-210, 04.
- Sinn, Hans-Werner & Weichenrieder, Alfons J., 1997. "Foreign direct investment, political resentment and the privatization process in eastern Europe," Munich Reprints in Economics 19562, University of Munich, Department of Economics.
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