Exchange-Rate and Interest-Rate Driven Competitive Advantages in the EMU
Real exchange and interest rates may still fluctuate inside the EMU and give rise to changes in competitiveness. We find, in contrast to what is generally expected, no convergence in these variables after the introduction of the euro. On the contrary, a divergence is found that is extraordinary when compared to the preceding 40 years. The magnitude of the divergence should urge on a wave of restructuring in the EMU, conditioned upon adequate policy responses. the worst-case scenario involves a flight to structural support and protectionism, challenging the whole idea of the EMU.
|Date of creation:||26 Apr 2002|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +46 46-222 32 61
Fax: +46 46-222 34 06
Web page: http://www.lri.lu.se/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Oxelheim, Lars & Rafferty, Michael, 2002.
"On the Static Efficiency of Secondary Bond Markets,"
Working Paper Series
2001/7, Lund University, Institute of Economic Research.
- Oxelheim, Lars & Rafferty, Michael, 2005. "On the static efficiency of secondary bond markets," Journal of Multinational Financial Management, Elsevier, vol. 15(2), pages 117-135, April.
- Oxelheim, Lars & Rafferty, Michael, 2004. "On the Static Efficiency of Secondary Bond Markets," Working Paper Series 623, Research Institute of Industrial Economics.
- Pinelopi Koujianou Goldberg & Michael M. Knetter, 1997.
"Goods Prices and Exchange Rates: What Have We Learned?,"
Journal of Economic Literature,
American Economic Association, vol. 35(3), pages 1243-1272, September.
- Pinelopi K. Goldberg & Michael M. Knetter, 1996. "Goods Prices and Exchange Rates: What Have We Learned?," NBER Working Papers 5862, National Bureau of Economic Research, Inc.
- Oxelheim, Lars & Randoy, Trond, 2003.
"The impact of foreign board membership on firm value,"
Journal of Banking & Finance,
Elsevier, vol. 27(12), pages 2369-2392, December.
- Oxelheim, Lars & Randøy, Trond, 2001. "The Impact of Foreign Board Membership on Firm Value," Working Paper Series 567, Research Institute of Industrial Economics.
- Lars Oxelheim & Clas Wihlborg, 2003.
"Recognizing Macroeconomic Fluctuations In Value Based Management,"
Journal of Applied Corporate Finance,
Morgan Stanley, vol. 15(4), pages 104-110.
- Oxelheim, Lars & Wihlborg, Clas, 2002. "Recognizing Macroeconomic Fluctuations in Value Based Management," Working Paper Series 574, Research Institute of Industrial Economics.
- Andreas Beyer & Jurgen A. Doornik & David F. Hendry, 2000. "Reconstructing Aggregate Euro-zone Data," Journal of Common Market Studies, Wiley Blackwell, vol. 38(4), pages 613-624, November.
- Martin Feldstein, 2000.
"The European Central Bank and the Euro: The First Year,"
NBER Working Papers
7517, National Bureau of Economic Research, Inc.
- Feldstein, Martin, 2000. "The European Central Bank and the Euro: The First Year," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 345-354, May.
- Eichengreen, Barry, 2000. "The Euro One Year On," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 355-368, May.
- European Commission, 2001. "EMU: The First Two Years," Papers 42, Commission of the EEC - Euro Papers.
- Feldstein, Martin, 2000. "The European Central Bank and the Euro: The First Year," Scholarly Articles 3043424, Harvard University Department of Economics.
When requesting a correction, please mention this item's handle: RePEc:hhb:lufewp:2001_008. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Elsbeth Andersson)The email address of this maintainer does not seem to be valid anymore. Please ask Elsbeth Andersson to update the entry or send us the correct address
If references are entirely missing, you can add them using this form.