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Real Exchange Rate Variability in Monetary Unions

Author

Listed:
  • Paul DE GRAUWE

    (University of Leuven)

  • Hilde Heens

    (University of Leuven)

Abstract

In this paper we compare the interregional and international degree of real exchange rate variability of a number of EMS-countries. This allows us to gain insights into the costs of a monetary union. Our major conclusion is that a monetary union among all EMS members would be costly for some of them if it were instituted today. We also find that a monetary union among a » hard-core of EMS-countries (Benelux, Germany, Denmark) would not involve major costs.

Suggested Citation

  • Paul DE GRAUWE & Hilde Heens, 1993. "Real Exchange Rate Variability in Monetary Unions," Discussion Papers (REL - Recherches Economiques de Louvain) 1993015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:1993015
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    File URL: http://www.jstor.org/stable/40724014
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    Cited by:

    1. Kang-Soek Lee & Philippe Saucier, 2011. "Should the UK Join the Euro Zone? Evidence from a Synthetic OCA Assessment," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 8(1), pages 77-96, June.
    2. Rey, Serge & Varachaud, Pascal, 2000. "Le comportement des taux de change réels européens de la fin Bretton Woods à l’adoption de l’euro [The behavior of European real exchange rates from the Bretton Woods system end to the adoption of ," MPRA Paper 49502, University Library of Munich, Germany.
    3. Cristina Fernández & Pilar García Perea, 2015. "The impact of the euro on euro area GDP per capita," Working Papers 1530, Banco de España.
    4. Gandjon Fankem, Gislain Stéphane & Fouda Mbesa, Lucien Cédric, 2023. "Business cycle synchronization and African monetary union: A wavelet analysis," Journal of Macroeconomics, Elsevier, vol. 77(C).
    5. Kang-Soek LEE, 2010. "A Euro Peg System as an Alternative for the Chinese Exchange Rate Regime," LEO Working Papers / DR LEO 165, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    6. Naib ALAKBAROV & Utku UTKULU, 2020. "Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe," Sosyoekonomi Journal, Sosyoekonomi Society, issue 28(44).
    7. Jacques Mélitz, 1995. "A suggested reformulation of the theory of optimal currency areas," Open Economies Review, Springer, vol. 6(3), pages 281-298, July.
    8. Bouoiyour, Jamal & Rey, Serge, 1995. "Chocs externes et ajustements des taux de change réels européens [External shocks and adjustment of European real exchange rates]," MPRA Paper 30241, University Library of Munich, Germany.
    9. Saucedo Acosta Edgar J. & Rullán Rosanis Samantha, 2014. "Two Effects of the European Financial Crisis," Business Systems Research, Sciendo, vol. 5(2), pages 46-60, September.

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