Contributions to Economics

Stabilization Policy in an Exchange Rate Union

Transmission, Coordination and Influence on the Union Cohesion

Authors: De Bonis, Valeria

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About this book

The treaty of Maastricht envisages the full economic and monetary union in Europe. With increasing real and monetary integration policy decisions in individual member countries tend to have a growing impact on the other member countries of the European Community. Against this background the following study analyses within a unified theoretical framework the impact of monetary and fiscal policy pursued by one country on its own macroeconomic performance as well as on those of the other member countries and of the rest of the world. The analysis contrasts the cases of a small and a large European union relative to the rest of the world and distinguishes very clearly between the short-run, the medium-run and the long-run effects. Based on this the consequences for union cohesion and the scope for policy coordination are discussed. Since the analytical framework is defined by a three country model many results from the traditional policy coordination literature which relies on two country models are qualified. In contrasts to most previous research in this area particular attention is paid to the implications of asymmetries between the EC member countries. Furthermore, the structural parameters are in some instances not taken as given but as responsive to the integration process. In this context numerous links to the traditional literature on optimal currency areas are established and interesting implications for union cohesion during the transition are derived.

Table of contents (7 chapters)

Table of contents (7 chapters)

Buy this book

eBook $109.00
price for USA in USD
  • ISBN 978-3-642-51526-2
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • Immediate eBook download after purchase and usable on all devices
  • Bulk discounts available
Softcover $139.00
price for USA in USD
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Bibliographic Information

Bibliographic Information
Book Title
Stabilization Policy in an Exchange Rate Union
Book Subtitle
Transmission, Coordination and Influence on the Union Cohesion
Authors
Series Title
Contributions to Economics
Copyright
1994
Publisher
Physica-Verlag Heidelberg
Copyright Holder
Springer-Verlag Berlin Heidelberg
eBook ISBN
978-3-642-51526-2
DOI
10.1007/978-3-642-51526-2
Softcover ISBN
978-3-7908-0789-9
Series ISSN
1431-1933
Edition Number
1
Number of Pages
X, 174
Number of Illustrations
7 b/w illustrations
Topics