Adjustment and growth in the European Monetary Union
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EMU (1993)
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Cambridge/New York, Cambridge University Press, 1993
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TORRES, Francisco S., GIAVAZZI, Francesco (editor/s), Adjustment and growth in the European Monetary Union, Cambridge/New York, Cambridge University Press, 1993 - https://hdl.handle.net/1814/21975
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.
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