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Exchange-Rate and Interest-Rate Driven Competitive Advantages in the EMU

  • Andrén, Niclas

    ()

    (Department of Business Administration, School of Economics and Management, Lund University)

  • Oxelheim, Lars

    ()

    (Department of Business Administration, School of Economics and Management, Lund University)

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.

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Paper provided by Lund University, Institute of Economic Research in its series Working Paper Series with number 2001/8.

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Length: 23 pages
Date of creation: 26 Apr 2002
Date of revision:
Handle: RePEc:hhb:lufewp:2001_008
Contact details of provider: Postal: Institutet för Ekonomisk Forskning, Box 7080, SE-220 07 LUND, Sweden
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Fax: +46 46-222 34 06
Web page: http://www.lri.lu.se/

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  1. Oxelheim, Lars & Rafferty, Michael, 2002. "On the Static Efficiency of Secondary Bond Markets," Working Paper Series 2001/7, Lund University, Institute of Economic Research.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. Martin Feldstein, 2000. "The European Central Bank and the Euro: The First Year," NBER Working Papers 7517, National Bureau of Economic Research, Inc.
  7. Eichengreen, Barry, 2000. "The Euro One Year On," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 355-368, May.
  8. European Commission, 2001. "EMU: The First Two Years," Papers 42, Commission of the EEC - Euro Papers.
  9. Feldstein, Martin, 2000. "The European Central Bank and the Euro: The First Year," Scholarly Articles 3043424, Harvard University Department of Economics.
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