Adjustment and Growth in the European Monetary Union

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This volume analyzes the European Community's transition to economic and monetary union (EMU) in the light of the agreements reached at Maastricht last year. It derives from a conference held by the CEPR and the Bank of Portugal, and includes among its contributors a number of noted academic commentators on European integration. The issues addressed in the volume include: the relationship between a common currency and inflation convergence; the effects of monetary unification on Europe's increasingly integrated financial markets and fiscal systems; and EMU's implications for the EC's long-term growth.

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Product Details

  • ISBN-13: 9780521440196
  • Publisher: Cambridge University Press
  • Publication date: 11/28/2006
  • Pages: 388
  • Product dimensions: 5.98 (w) x 8.98 (h) x 1.06 (d)

Table of Contents

1. Introduction Francisco Torres and Francesco Giavazzi; 2. Economic and monetary union: critical notes on the Maastricht Treaty revisions Niels Thygesen; Discussion Lorenzo Bini Smagha, Victor Gaspar, Jose Vinals; 3. The design of optimal fiscal rules for Europe after 1992 Giancarlo Corsetti and Nouriel Roubini; Discussion Axel A. Weber; 4. Contracts, credibility and common knowledge: their influence on inflation convergence Marcus Miller and Alan Sutherland; Discussion David Backus, Michael Dooley; 5. Inflation in fixed exchange regimes: the recent Portuguese experience Sergio Rebelo; Discussion Michael Moore, Guido Tabellini; 6. Models of economic integration and localised growth Giuseppe Bertola; Discussion Joao Cesar das Neves, Charles Wyplosz; 7. Shocking aspects of European monetary integration Tamim Bayoumi and Barry Eichengreen; Discussion Giorgio Basevi, Patrick Minford; 8. Lessons of Massachusetts for EMU Paul Krugman; Discussion Alessandra Casella, Paul de Grauwe; 9. Financial and currency integration in the European monetary system: the statistical record Jeffrey Frankel, Steven Phillips and Menzie Chinn; Discussion Rudiger Dornbusch, Paolo Onofri; 10. Currency substitution: from the policy questions to the theory and back Matthew Canzoneri, Behzad Diba and Alberto Giovannini; Discussion Lucas Papademos, Antonio S. Mello; 11. Coordination of capital income taxes in the economic and monetary union: what needs to be done? Peter B. Sorenson; Discussion Alberto Giovannini; Index.

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