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The Maastricht convergence criteria and economic growth in the EMU

  • Slawomir I. BUKOWSKI

The Maastricht convergence criteria are partially based on the theory of optimum currency areas and costs-benefits analysis of the creation of a single currency area as the EMU foundation. Fulfillment of convergence criteria should be durable, but it requires a certain degree of real convergence between member countries of the monetary union. The analysis of the economic role of the convergence criteria which has been carried out in this paper indicates that its implementation has been an important factor of macroeconomic stabilization for the EMU countries as well as for the countries planning accession to the Union. On the basis of the theory of economics and results of empirical studies we cannot state univocally that the convergence criteria are a barrier to economic growth. Naturally, this problem is controversial, but we can formulate a hypothesis that implementation of convergence criteria is an important factor of macroeconomic stabilization and sustainable economic growth.

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Paper provided by Università di Perugia, Dipartimento Economia in its series Quaderni del Dipartimento di Economia, Finanza e Statistica with number 24/2006.

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Length: 16 pages
Date of creation: 01 Oct 2006
Date of revision:
Handle: RePEc:pia:wpaper:24/2006
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  1. Buiter, Willem H., 1977. "`Crowding out' and the effectiveness of fiscal policy," Journal of Public Economics, Elsevier, vol. 7(3), pages 309-328, June.
  2. Javier Andres & Ignacio Hernando, 1997. "Does Inflation Harm Economic Growth? Evidence for the OECD," NBER Working Papers 6062, National Bureau of Economic Research, Inc.
  3. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72, pages 584.
  4. Hubert Gabrisch, 2002. "Financial fragility and exchange rate arrangements of EU candidate countries," IWH Discussion Papers 156, Halle Institute for Economic Research.
  5. Herbert G. Grubel, 1970. "The Theory of Optimum Currency Areas," Canadian Journal of Economics, Canadian Economics Association, vol. 3(2), pages 318-24, May.
  6. Fischer, Stanley, 1993. "The role of macroeconomic factors in growth," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 485-512, December.
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