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International Implications of German Unification

  • Hans-Werner Sinn

This paper advances the hypothesis that the EUS crisis was caused by German unification. The unification has implied a massive resource demand which parallels the US resource demand following Reagan's tax reforms in the eighties. The resource demand revised the German interest rates relative to the rest of the world which brought about devaluations of other European currencies. The paper identifies those European currencies which currently are undervalued.

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File URL: http://www.nber.org/papers/w5839.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5839.

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Date of creation: Nov 1996
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Publication status: published as The Economics of Globalization. Razin, A., and E. Sadka, eds., Cambridge: Cambridge University Press, 1999, pp. 33-58.
Handle: RePEc:nbr:nberwo:5839
Note: IFM
Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
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  1. 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.
  2. 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.
  3. 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.
  4. 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.
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