Adjustment and growth in the European Monetary Union

Adjustment and growth in the European Monetary Union

TORRES, Francisco S.; GIAVAZZI, Francesco

Title: Adjustment and growth in the European Monetary Union

Editor(s): TORRES, Francisco S.; GIAVAZZI, Francesco

Date: 1993

Publisher: Cambridge University Press

Citation: Cambridge/New York, Cambridge University Press, 1993

URI: http://hdl.handle.net/1814/21975

ISBN: 052144019X; 9780521440196

Abstract:

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.

--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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