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Equilibrium Exchange Rate Models, the Euro and the 2004 Expansion of the EU

Equilibrium Exchange Rate Models, the Euro and the 2004 Expansion of the EU PDF Author: Isabell Koske
Publisher: Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
ISBN:
Category : Business & Economics
Languages : en
Pages : 212

Book Description
Since the launch of the euro in 1999, researchers, policy makers, and business analysts have put great interest in the evolution of the external value of the euro. In 2004 the European Monetary Union expanded its membership with the accession of ten countries from central and eastern Europe and the Mediterranean. As these countries are committed to adopt the euro as soon as they fulfill the Maastricht criteria, knowing their currencies' equilibrium value is of great policy interest. This study addresses these questions by deriving equilibrium exchange rate paths for the euro and for the currencies of the new EU member countries. Specifically, one part investigates in how far variations in seven bilateral nominal euro exchange rates can be explained by monetary factors and then estimates the equilibrium path of the real effective exchange rate of the euro based on the NATREX approach. The final chapters derive equilibrium exchange rate paths for the currencies of the Czech Republic, Hungary, Poland, Slovenia, Slovakia, and the three Baltic countries using a small country version of the NATREX model.

Equilibrium Exchange Rate Models, the Euro and the 2004 Expansion of the EU

Equilibrium Exchange Rate Models, the Euro and the 2004 Expansion of the EU PDF Author: Isabell Koske
Publisher: Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
ISBN:
Category : Business & Economics
Languages : en
Pages : 212

Book Description
Since the launch of the euro in 1999, researchers, policy makers, and business analysts have put great interest in the evolution of the external value of the euro. In 2004 the European Monetary Union expanded its membership with the accession of ten countries from central and eastern Europe and the Mediterranean. As these countries are committed to adopt the euro as soon as they fulfill the Maastricht criteria, knowing their currencies' equilibrium value is of great policy interest. This study addresses these questions by deriving equilibrium exchange rate paths for the euro and for the currencies of the new EU member countries. Specifically, one part investigates in how far variations in seven bilateral nominal euro exchange rates can be explained by monetary factors and then estimates the equilibrium path of the real effective exchange rate of the euro based on the NATREX approach. The final chapters derive equilibrium exchange rate paths for the currencies of the Czech Republic, Hungary, Poland, Slovenia, Slovakia, and the three Baltic countries using a small country version of the NATREX model.

The European Central Bank

The European Central Bank PDF Author: Hanspeter K. Scheller
Publisher:
ISBN: 9789289900270
Category : Banks and banking, Central
Languages : en
Pages : 229

Book Description
Comprehensive 200-page overview of the ECB from its inception in June 1998 until the present day.

Managing European Union Enlargement

Managing European Union Enlargement PDF Author: Helge Berger
Publisher: MIT Press
ISBN: 9780262025614
Category : Business & Economics
Languages : en
Pages : 330

Book Description
Leading international economists assess the effects of the 2004 expansion of the European Union. In May 2004 the European Union will undergo the largest expansion in its history when ten countries -- Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia -- become members. The number of new members and their diversity make this "big bang" enlargement particularly challenging. Not only do these countries vary widely in language, culture, and geography, but also their per capita income is less than half that of existing members. EU officials believe that expanded integration will serve the EU's objectives of peace, stability, prosperity, and democracy; but the less abstract questions of costs and benefits of enlargement are more complex. Each of the chapters in this CESifo volume addresses a different aspect of EU expansion. The contributors, all leading international practitioners and scholars, consider such topics as the effect of euro zone expansion on European Central Bank monetary policy making; using the euro as an external anchor for a national currency; worker migration and income differentials; the Swiss experience with immigration policy in a direct democracy framework; detailed sector analysis using a computable general equilibrium model of the world economy; investment and job creation and destruction in incumbent member countries; and the asymmetric effects of enlargement on high- and low-income incumbent countries. Taken together, the chapters provide useful guidance in shaping the EU policies of the future.

Europe and Global Imbalances

Europe and Global Imbalances PDF Author: Philip R. Lane
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 66

Book Description
Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.

Exchange Rate Volatility and Trade Flows--Some New Evidence

Exchange Rate Volatility and Trade Flows--Some New Evidence PDF Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498330282
Category : Business & Economics
Languages : en
Pages : 132

Book Description
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IEO Evaluation of Exchange Rate Policy

IEO Evaluation of Exchange Rate Policy PDF Author: International Monetary Fund. Independent Evaluation Office
Publisher: International Monetary Fund
ISBN: 1589066499
Category : Business & Economics
Languages : en
Pages : 147

Book Description
The IMF is charged by its Articles of Agreement and a 1977 Executive Board Decision to exercise surveillance over the international monetary system and members’ exchange rate policies. The overriding question addressed by this evaluation is whether, over the 1999–2005 period, the IMF fulfilled this core responsibility. The main finding is that the IMF was simply not as effective as it needs to be in both its analysis and advice and in its dialogue with member countries. The evidence supporting this conclusion, along with other key findings, is set out in this report. The report also presents a detailed set of recommendations that could go a long way in improving the quality and effectiveness of IMF surveillance.

Emigration and Its Economic Impact on Eastern Europe

Emigration and Its Economic Impact on Eastern Europe PDF Author: Mr.Ruben Atoyan
Publisher: International Monetary Fund
ISBN: 1498367453
Category : Social Science
Languages : en
Pages : 48

Book Description
This paper analyses the impact of large and persistent emigration from Eastern European countries over the past 25 years on these countries’ growth and income convergence to advanced Europe. While emigration has likely benefited migrants themselves, the receiving countries and the EU as a whole, its impact on sending countries’ economies has been largely negative. The analysis suggests that labor outflows, particularly of skilled workers, lowered productivity growth, pushed up wages, and slowed growth and income convergence. At the same time, while remittance inflows supported financial deepening, consumption and investment in some countries, they also reduced incentives to work and led to exchange rate appreciations, eroding competiveness. The departure of the young also added to the fiscal pressures of already aging populations in Eastern Europe. The paper concludes with policy recommendations for sending countries to mitigate the negative impact of emigration on their economies, and the EU-wide initiatives that could support these efforts.

Equilibrium Exchange Rates

Equilibrium Exchange Rates PDF Author: Ronald MacDonald
Publisher: Springer Science & Business Media
ISBN: 9780792384243
Category : Business & Economics
Languages : en
Pages : 364

Book Description
How successful is PPP, and its extension in the monetary model, as a measure of the equilibrium exchange rate? What are the determinants and dynamics of equilibrium real exchange rates? How can misalignments be measured, and what are their causes? What are the effects of specific policies upon the equilibrium exchange rate? The answers to these questions are important to academic theorists, policymakers, international bankers and investment fund managers. This volume encompasses all of the competing views of equilibrium exchange rate determination, from PPP, through other reduced form models, to the macroeconomic balance approach. This volume is essentially empirical: what do we know about exchange rates? The different econometric and theoretical approaches taken by the various authors in this volume lead to mutually consistent conclusions. This consistency gives us confidence that significant progress has been made in understanding what are the fundamental determinants of exchange rates and what are the forces operating to bring them back in line with the fundamentals.

International Economics

International Economics PDF Author: Charles Van Marrewijk
Publisher: Oxford University Press
ISBN: 0199567093
Category : Business & Economics
Languages : en
Pages : 756

Book Description
Covering both trade and international finance, this innovative text provides a thoroughly up-do-date and comprehensive treatment of each area. Throughout, the theory is illustrated with empirical evidence and an abundance of relevant case studies. It includes an online study guide.

Exchange Rate Economics

Exchange Rate Economics PDF Author: Ronald MacDonald
Publisher: Routledge
ISBN: 1134838220
Category : Foreign exchange
Languages : en
Pages : 334

Book Description
''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""