Towards Monetary Union in the European Community: Why and How

Gros, Daniël; Thygesen, Niels

doi:10.1007/978-3-642-97319-2_4

Cited by 34 publications

(39 citation statements)

References 6 publications

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“…But this is well compatible with our idea of making the system flexible enough to be able to account for was larger within the ERM than outside of it (Gros and Thygesen 1998). 15 Expectations of some exchange rate flexibility or the possibility of exchange rate adjustments would also increase incentives for agents to apply appropriate measures against foreign exchange risk and decrease the moral hazard to rely excessively on the peg.…”

mentioning

confidence: 54%

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Yen or Yuan? China's Role in the Future of Asian Monetary Integration

Hefeker

Nabor

2003

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in ABSTRACTMost proposals for Asian monetary cooperation assign a special role to the Japanese yen as an anchor currency. We focus instead on the potential role of the Chinese renminbi. It becomes increasingly clear that China will assume the role of the dominant economy in the region, and that it will become a more important destination for Asian products than Japan in as little as five years. This development should assign a special role to the Chinese currency and its exchange rate to the other Asian currencies. It is rather unlikely that the renminbi will assume a dominant role immediately but by drawing comparisons with the European monetary integration process, it seems possible to design a system in which most of the present currencies have a role, but where the relative weights shift over time. The evolution of the ERM is a model for the process of Asian monetary integration.JEL Classification: F 3, F 4.

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confidence: 54%

“…The main problems of the "early" ERM have been large and only slowly converging inflation differentials (Gros and Thygesen 1998). Germany (followed by Belgium and the Netherlands) had relatively low rates while other members took considerable time to reach these.…”

Section: An Asian Ermmentioning

confidence: 99%

Yen or Yuan? China's Role in the Future of Asian Monetary Integration

Hefeker

Nabor

2003

SSRN Journal

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“…Ökonomen gingen lange Zeit davon aus, dass die ökonomischen Vorteile einer Europäischen Währungsunion (EWU) gering seien und deshalb kaum ökonomisches Interesse ausschlaggebend sein könne (Eichengreen 1996a, Wyplosz 1997 Masson und Taylor (1993), Bayoumi und Eichengreen (1997) oder Gros und Thygesen (1998). 2 Feldstein (1997) Geldpolitik der Europäischen Zentralbank eng folgen.…”

Section: Dass Die Europäische Währungsintegration Eigentlich Nur Als unclassified

Die Europäische Währungsintegration nach dem Zweiten Weltkrieg: Politik, Ideologie oder Interessen?

Hefeker¹

2007

Internationalismus Und Europäische Integration Im Vergleich

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The present paper analyzes the process of monetary integration in Europe from a political-economy point of view. It argues that EMU can be less explained as driven by political factors than by the logic of European and international integration in goods and capital markets that make EMU a natural consequence of the integration process. ZUSAMMENFASSUNGDer Beitrag analysiert die Geschichte der europäischen Währungsintegration aus

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“…per cent of GDP of the participating countries as a result of a decline in transaction costs (see Gros and Thygesen 1995). In addition, there may be dynamic (e.g.…”

Section: Prologuementioning

confidence: 99%