Adjustment and Growth in the European Monetary Union
Francisco Torres, Francesco Giavazzi
Cambridge University Press, Oct 21, 1993 - Business & Economics - 388 pages
The Maastricht Treaty, signed in December 1991, set a timetable for the European Community's economic and monetary union (EMU) and clearly defined the institutional policy changes necessary for its achievement. Subsequent developments have demonstrated, however, the importance of many key issues in the transition to EMU that were largely neglected at the time. This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January 1992. In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe. They also consider the prospects for inflation and fiscal convergence, regional policy and the integration of financial markets and fiscal systems. Attention focuses on adjustment mechanisms with differentiated shocks, region-specific business cycles and excessive industrial concentration and the cases for a two-speed EMU and fiscal federalism.
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critical notes on the Maastricht Treaty revisions
3 The design of optimal fiscal rules for Europe after 1992
their influence on inflation convergence
the recent Portuguese experience
6 Models of economic integration and localized growth
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adjustment aggregate Belgium beneﬁts budget deﬁcits capital income central bank chapter coefﬁcients contract convergence corporate tax correlation cost credibility currency substitution debt deﬁned demand disturbances demand shocks Deutschmark difﬁcult dividend dividend tax domestic EC countries economic and monetary effects equation equilibrium Europe European Community European monetary European monetary system expected factors ﬁgures ﬁnance ﬁnancial ﬁnd ﬁrm ﬁrst ﬁscal deﬁcits ﬁscal policy ﬁxed exchange rate ﬂows foreign France Germany growth rates harmonization implies income tax increase inﬂation inﬂation rate integration investment Italy Krugman Maastricht member countries monetary policy monetary union nominal interest rate non-tradables OECD Optimum Currency Areas output period political Portugal price level production proﬁts rate of inﬂation ratio realignment reﬂect regime regions relative price sector signiﬁcant speciﬁc stability supply shocks Table target zone tax competition tax harmonization tax rates taxation tradables variables wage