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Stability, Asymmetry and Discontinuity: the Launch of European Monetary Union by Giancarlo Corsetti and Paolo Pesenti. Preliminary and incomplete draft, prepared for the September 1999 Brookings Panel, forthcoming on Brookings Papers on Economic Activity, December 1999. REVISED SEPTEMBER 20 1999. Table of contents: 2. The launch of the euro in historical perspective 3. The stability-oriented monetary strategy according to the ECB 4. Issues in the implementation of the Eurosystem strategy 4.1. Does the Eurosystem strictly focus on price stability? 4.2. Is the Eurosystem policy biased in favor of weaker countries? 4.3. Does the Eurosystem assign a prominent role to monetary aggregates? 5. The instruments of monetary policy in the euro area 6. Liquidity management and the money market 7. The growth of the bond market 8. Public debt management in a common currency area 9. The equity market and the demand for diversification 10. Banks, mergers & acquisitions, and national champions in the euro area 11. The exchange rate of the euro 12. The asymmetric EMU 13. Fiscal vulnerabilities and the SGP Constitution of the ESCB History - three stages towards EMU (short and coincise history).
From
Richard Portes (in 2002): The EU Economy Review (Nov 2001) Economic and Financial Affairs - Publications Chapter 1: Prospects and policy challenges for the EU Economy Chapter 2 Macroeconomic developments in the euro area Chapter 3: Determinants and benefits of investment in the euro area Chapter 4: Financial market integration in the EU Chapter 5: Reforms of pension systems in the EU - an analysis of the policy options Chapter 6: The microeconomic impact of Information and communication technologies in Europe. European Union: Autumn 2001 economic forecasts for 2001-2003 Forecast and economic forecasts for the Candidate Countries more.. First year: New
from the OECD EMU
One Year On a Policy Brief presenting an overview of the study on
the first year of EMU which was discussed in a seminar held at
OECD headquarters on 25 January 2000 and revised in light of the comments
received on this occasion. The cut-off date for information included
therein is 1 February 2000. Joint
press conference given by the EU Presidency, the European Central Bank,
and the European Commission on the introduction of the euro banknotes
and coins FAQ on the euro banknotes and coins: EN A
short piece by Giancarlo Corsetti for Tiaa-cref: Idea Exchange with
Barry Eichengreen (Dec 2001): Feeling
the Impact of the EuroCurrency eurotrash
offers man-in-the-street perspectives on the currency switch.
Concluding
Statement of the IMF Mission on the Economic Policies of the Euro Area
Global
Prospects after September 11 and Implications for Japan Address
by Shigemitsu Sugisaki, Deputy Managing Director IMF Jan 25, 2002
European Central Bank. The official site provides an overview of the institute and contact addresses.
The ECB and its watchers Otmar Issing, Frankfurt June 17 In alphabetical order: Center for Economic Policy Research: "Monitoring the European Central Bank" (and MECB Updates). This is an important series of contributions by leading scholars and observers. Center for Financial Studies:ECB monitor Deutsche
bank research : EMU
Watch series. ECB
Shadow meeting: Minutes (discontinued?) Observatory of the European Central Bank : Home OBCE This is the website of a Spanish ECB Watcher (Observatorio del Banco Central Europeo, OBCE). A Shadow Committee has monitored the ECB since 1999. Zentrum
für Europäische Integrationsforschung Central Banks:
Economic and Monetary Union as seen by the Banque de France Nov 1998 Sweden
and EMU Carlsson Investment Management The Bank of England-Center for Central Banking Studies Europa with links to all official pages. It provides information on every aspect of the European Union's constituent bodies in the EU's 11 languages.
Treaty of Maastricht Treaty of AmsterdamTHE AMSTERDAM TREATY: A COMPREHENSIVE GUIDE BIS
/ BRI / BIZ - Bank for International Settlements - Publications
OECD
Economics: country data and analysis IMF International Monetary Fund Home Page Federal
Reserve Bank of Chicago-Euro Resource Page
Bloomberg.com : Bloomberg EMU Update Chase Global Markets - Currency and Fixed Income Research Daily Brief Financial
Times Morgan Stanley Dean Witter Global Economic Forum. Daily comments on the behavior of major currencies. (free - registration required) Research for Corporate and Institutional Clients by Merrill Lynch (www.ml.com) Le
Monde: L'Euro au quotidien
European
Voice Online, a sister-publication from the Economist Group, has
an archive of news and features on the euro
Economic indicators: http://www.dresdnerkb.com/Euroland+Economic+Indicators/home.htm
Official
interest rates EUROSTAT:
EURO
Indicators - Eurostat - Luxembourg ECB:
Euro area statistics
- February 1999 OECD
Euro data set A comprehensive data set for the euro area Data
and Plot on world currencies: Pacific Exchange Rate Service Financial indicators: European
Stock Market Indexes Capital DATA: BondwareLoanware ISDA Home Page International Swaps and Derivatives Association, inc. European financial institute: Financial News EURIBOR web site : what is Euribor ? What is Eonia ? All indicators GeoInvestor:
Global Financial Markets News, International Economic Statistics/Analysis
Surveys: EUROPINION,
European Continuous Tracking Survey (CTS) - Sondage suivi continu européen
Otmar Issing: How to promote growth in the euro area: the contribution of monetary policy, pdf 109 kB How
to achieve a durable macro-economic policy mix favourable to growth
and employment? by Otmar Issing, May 2000 EMU, the Euro and the European policy mix. by Coppel Durand and Visco (OECD). Cologne European Council (3 and 4 June 1999): Presidency conclusions discussing the European Employment Act ANNEX I Resolution of the European Council and report on the Employment Pact. The so colled Cologne process (coordinated macroeconomic policy - macreconomic dialogue), Luxembourg process (coordinated employment Strategy), Cardiff process (economic reforms). Single
Market News - Action Plan for a Single Financial Market The IMF on Policy Challenges for the Euro Area Klaas Knot, Donogh McDonald, and Karen Swiderski December 1998 Macroeconomic
Policy in the First Year of Euroland December 1998. First Annual
Report on the European Economy of the CEPS Macroeconomic Policy Group.Daniel
Gros, Olivier Blanchard, Michael Emerson, Thomas Mayer, Hans Werner
Sinn, Gilles St. Paul, Guido Tabellini The role of monetary policy in economic policy Wim Duisenberg, Wim, Brussels, 3 December 1998 The Monetary Policy of the Eurosystem by Otmar Issing, IMF Finance and Development, March 1999 Texts
by Nouriel Roubini with relevant links to understand the US debate The Political Business Cycle After 25 Years by ALLEN DRAZEN, University of Maryland and NBER March 2000 Helge Berger "Searching for Political Business Cycles in Germany" (with Ulrich Woitek), Public Choice, 91 (2), 1997, pp. 179-197. Download --- "Further Observations on the Political Business Cycle in German Monetary Aggregates" (with Ulrich Woitek), University of Glasgow, Discussion Papers in Economics, No. 9902, 1999. Download Mobile capital, domestic institutions and Electorally-induced monetary and fiscal policyW. R. Clark, M. Hallerberg EU
Executive crisis. Search The Financial Times. (EU Executive Crisis
- EU CRISIS: Earthquake in Europe - EU: Anglo-Saxon crisis hits the
continent)
ECB Monetary policy decisions to cut rates (SEPT 17) Fine tuning operations on 12 September 2001 ECB Testimony before the Committee on Economic and Monetary Affairs of the European Parliament Duisenberg September 12 The ECB's monetary policy - accountability, transparency and communication Sirkka Hämäläinen September 2001 Christian Noyer: The stability-oriented monetary policy of the ECB, EN September 2001 Publication: the Monetary Policy of the European Central Bank pdf 1010 kB August 2001 The ECB monetary policy strategy and the money market, by Vítor Gaspar, Gabriel Pérez Quirós and Jorge Sicilia, July 2001, (ECB Working Paper No. 69), pdf 512 kB The performance of forecast-based monetary policy rules under model uncertainty, by Andrew Levin, Volker Wieland and John C. Williams, July 2001, (ECB Working Paper No. 68), pdf 471 kB Presentation of the ECB's Annual Report 2000 to the European Parliament. Introductory statement ,Wim Duisenberg July 2001 Wim Duisenberg: European Economic and Monetary Union: a success story EN July 2001 Publication
of the proceedings of the first ECB Central Banking Conference "Why
price stability?" The ECB must rethink its strategy Guido Tabellini June 2001 Sirkka Hämäläinen, What are the benefits of the single currency for competition and growth in the euro area? EN October 2000 Proceedings of the Conference on Monetary policy under uncertainty [EN] pdf 2.591 kB European
Inflation Dynamics JORDI GALI, Universitat Pompeu Fabra and
NBER MARK GERTLER, New York University and NBER J. DAVID LOPEZ-SALIDO,
Bank of Spain
DAVID MAYES and JUHA TARKKA, Bank of Finland The Value of Publishing Official Central Bank Forecasts Otmar Issing: How to promote growth in the euro area: the contribution of monetary policy, pdf 109 kB How to achieve a durable macro-economic policy mix favourable to growth and employment? by Otmar Issing, May 2000 The euro and international capital markets, Carsten Detken and Philipp Hartmann, April 2000, (ECB Working Paper No. 19), pdf 2017 kB The repo Auctions of the ECB and the Vanishing Quota Puzzle , by D. Nautz and J. Oechssler December 1999 Issue of Practical Issue arising from the euro by Bank of England. Conference on "Monetary policy-making under uncertainty", organised jointly by the European Central Bank and the Center for Financial Studies of the University of Frankfurt, Frankfurt am Main, 3 December 1999. Introductory statement by Wim Duisenberg. Otmar Issing: The monetary policy of the ECB in a world of uncertainty Review of the quantitative reference value for monetary growth 2 December 1999. The ECB's monetary policy in the context of globalisation Otmar Issing, speech at the conference "Weltachsen", organised by the Center for European Integration Studies, the Center for Development Research and federal city of Bonn, 11 November 1999. Globally liberalised capital markets and the conduct of monetary policy Christian Noyer: Introductory statement at the Fifth International Financial and Economic Forum: "Impact of globally liberalised capital markets", organised by IFW, Vienna, 11 November 1999. The monetary policy of the ECB: stability, transparency, accountability By Otmar Issing. 25 October 1995. Inflation zone targeting, by A. Orphanides and V.Wieland, October 1999, (ECB Working Paper No. 8) Wim Duisenberg: The Eurosystem's monetary policy strategy: The first year's experience, speech at the joint congress of the Federations, Eurofinas and Leaseurope, Paris, 11 October 1999. Svensson: Monetary Policy Issues for the Eurosystem, February 1999, presented at the Carnegie - Rochester Conference on Issues Regarding European Monetary Unification, November 20-21, 1998 conference version: PDF revised version: PDF Willem Buiter: Alice in Euroland dealing with procedural and other challenges facing the ECB/ECSB. Evolving international financial markets: some implications for Central Banks William R White: BIS 66 The Taylor rule and interest rates in the EMU area: a note Stefan Gerlach and Gert Schnabel: BIS wp No. 73 Bank of England. Practical Issues Arising from the Euro. CHAPTER 3 of the June 1999 Issue provides a nice overview of the euro markets and ECB operations. What does the single monetary policy do? A SVAR benchmark for the European Central Bank, by O. Tristani and C. Monticelli, May 1999, (ECB working paper no 2). pdf 309 kB ECB: Euro area Monetary Aggregates Conceptual Reconciliation Exercise. July 1999.pdf 296 kB ECB: Treasury activities affecting liquidity in the euro area 1999 Willem Brainard, "Uncertainty and the Effectiveness of Policy", AER 1967 Article Output gap uncertainty: does it matter for the Taylor rule? BIS No. 60, Frank Smets: 1998 EMU:
growth through stability by Wim Duisenberg, Washington DC April
27 1999 The stability of money demand in the euro area The demand for M3 in the euro area, by G. Coenen and J-L. Vega, September 1999, (ECB Working Paper No. 6) pdf 416 kB The ECB and its watchersOtmar Issing, Frankfurt June 17 Samuelson:
The Specter Of Deflation MSNBC Dec 14 Proceedings of the Conference on Monetary Policy-Making under Uncertainty, [EN] pdf 2.591 kB DAVID MAYES and JUHA TARKKA, Bank of Finland The Value of Publishing Official Central Bank Forecasts Svensson
in favor of inflation targeting: Willem
Buiter: Issing
in defense of the ECB strategy: Guido Tabellini Inflation Targeting and the Accountability of the European Central Bank (PDF Format, 25 KB) Statement prepared for the public hearing on "Democratic Accountability in the Third phase of EMU", organized by the European Parliament, Subcommittee on Monetary Affairs, on Jan 6, 1998. Peter Schmid: Monetary Targeting in Practice: The German Experience Comment by Jürgen von Hagen Download John Vickers: Inflation Targeting in Practice: The UK Experience Comment by Heinz Herrmann Download Kenneth
N. Kuttner and Adam S. Posen, Does Talk Matter After All? Inflation
Targeting and Central Bank Behavior AFTER the CUT: The President's introductory statement to the press conference on 8 April 1999 Stability, Asymmetry and Discontinuity: the outset of European Monetary Union by Giancarlo Corsetti and Paolo Pesenti, September 4, 1999. Preliminary and incomplete draft, prepared for the September 1999 Brookings Panel, forthcoming on Brookings Papers on Economic Activity, December 1999. Should the ECB cut interest rates in 1999? Bank weighs all the odds by W. Munchau FT Feb 1999, Germany set for battle with ECB FT Feb 18, Lafontaine calls for interest rate cut FT Feb 19, GERMANY: The blame game FT Feb 24 1999 Cukierman
Are
contemporary Central Banks Transparent about Economic Models and Objectives
Which kind of transparency? On the need for clarity in monetary policy-making, Bernhard Winkler, August 2000, (ECB Working Paper No. 26), (pdf 876 kB). pdf 876 kB Sirkka Hämäläinen: The single monetary policy - the role of transparency and openness, [ EN], speech delivered at the Citizens' Agenda 2000 NGO Forum, Tampere, 3 December 1999. Alice in Euroland by Willem Buiter Alice in Euroland: A Response by Ottmar Issing "The Eurosystem: Transparent and Accountable or Willem in Euroland". Similar content in The ECB and its watchers Otmar Issing, Frankfurt June 17 Reply by Willem Buiter to Dr. Issing's letter in the Financial Times (open for business) PAUL DE GRAUWE: ECB, a Law unto itself Nov 1998 papers
from the ECB - CFS conference "Monetary Policy under Uncertainty": The Relation between the Euro and the Dollar", by Niels Thygesen, paper Sirkka Hämäläinen, What are the benefits of the single currency for competition and growth in the euro area? EN October 2000 Is a dollar crisis just around the corner? "Perspectives on OECD Economic Integration: Implications for US Current Account Adjustment" Maurice Obstfeld and Kenneth Rogoff, August 2000 PDF A perspective on the euro by Giancarlo Corsetti (CESifo Forum, Summer 2000) The euro and international capital markets, Carsten Detken and Philipp Hartmann, April 2000, (ECB Working Paper No. 19), pdf 2017 kB Clostermann and Schnatz: The determinant of the euro-dollar exchange rate: synthetic fundamentals and a non-existing currency bundesbank.de EmuNet - Politics and economics: International impact of the Euro (Euro / dollar) EMU and Transatlantic Exchange-Rate Stability by Agnès Bénassy-Quéré, University of Lille II, and Benoît Mojon, CEPII, France Discussing Euro volatility by Jérôme Creel and Henri Sterdyniak, OFCE, France Euro-Dollar Exchange Rate Strategies: A Game Theoretical Approach by André Fourçans and Thierry Warin, ESSEC, France The Effects of European Monetary Union on the Dollar and the Yen as International Reserve and Investment Currencies by Michael Frenkel, WHU Koblenz, Otto Beisheim Graduate School of Management, Germany, and Jens Sondergaard, Georgetown, University, Washington, D.C., USA Economic Interdependence Across the Atlantic: National or European Dollar policy? by Lilia Cavallari and Giuseppe de Arcangelis, Università di Roma La Sapienza, Italy Christian Noyer: The short past and long future of the euro London, 6 December 1999. The Behaviour of the Dollar and Exchange Rates in Europe: Empirical Evidence and Possible Explanations by Paolo Del Giovane and Alberto Franco Pozzolo, February 1998 pdf - 432 kB Economic report of the president 1999 (last chapter includes a section on euro) The Decline of the Dollar by C. Fred Bergsten (1/99) LARRY SUMMERS: The American perspective (1997) Hugo Paemen, the EU ambassador to Washington, and Fred Bergsten, president of the Institute for International Economics, discuss EMU and its impact on the US on National Public Radio's Talk of the Nation phone in programme. This is a RealAudio file. The IMF on The Euro Area and the World Economy John Green and Phillip L. Swagel December 1998 The Euro and the Dollar McCauley, Robert, Working paper No. 50, Bank of International Settlements, November 1997. The
Federal Reserve page from the Washington Post On the Evolution of Credibility and Flexible Exchange Rate Target Zones. with Renzo G. Avesani ( University of Brescia), Giampiero M. Gallo (University of Florence), Mark Salmon (City University Business School, London) Download PDF figure1 figure2 figure3 figure4 figure5 1999 The Target Zone Controversy by Rudi Dornbusch (2/99) A page on TARGET ZONES by the Institute for International Economics Crawling Bands or Monitoring Bands: How to Manage Exchange Rates in a World of Capital Mobilityby John Williamson. Article reprinted from International Finance, October 1998 How to Target Exchange Rates by C. Fred Bergsten Article reprinted from Financial Times, November 20, 1998 The Quest for Exchange Rate-Stability: Realistic or Quixotic? by Paul A. Volcker (11/95) Stability
forum Ft Feb 22 99 Should Banking Supervision and Monetary Policy Tasks Be Given to Different AgenciesCarmine Di Noia and Giorgio Di Giorgio, 1999 This paper was published in International Finance 2:3, 1999. The future of banking supervision and the integration of financial markets by Wim Duisenberg, May 2000 European Banking Distress and EMU: Institution and macroeconomic risk File by Michael Hutchinson Treasury
Virtual Library: http://www.ustreas.gov/press/releases/archive.htm
Financial Stability Forum (FSF): http://www.FSForum.org/ Centre For European Policy Studies (CEPS): European Shadow Financial Regulatory Committee (ESFRC) The Capital Adequacy Reform, seen from Brussels Dealing with Problem Banks in Europe Ivo J. M. Arnold Jan Lemmen The Vulnerability of Banks to Government default risk in the EMU sp0115 July 1999 BIS Capital requirements and bank behaviour: the impact of the Basel Accord April 1999. Supervisory lessons to be drawn from the Asian crisis June 1999 Systemic Aspects of Recent Turbulence in Mature Markets by Garry Schinasi, IMF finance and Development, March 1999 EMU and banking supervision Padoa-Schioppa, Tommaso: EMU and banking supervision, Lecture at the London School of Economics, 24 February 1999. ECB: Possible effects of EMU on the EU banking systems in the medium to long term, 409kBFebruary 1999. Legal Structure, Financial Structure and the Monetary Transmission Mechanism by Stephen Cecchetti FEB 1999 Enemy of None but a Common Friend of All? An International Perspective on the Lender-of-Last-Resort Function by Curzio Giannini A page with interesting links on systemic risk and lender of last resort Professur für Wirtschaftstheorie: CFS-Conference "Allow Banks To Fail!" Edgar Meister Member of the Directorate of the Deutsche Bundesbank Speech at a symposium hosted by the University of Frankfurt on February 1, 1999 Financial
Supervision and Policy Coordination in the EMU (Deutsch-Französisches
Wirtschaftspolitisches Forum/ Forum Economique Franco-Allemand) On the Need for an International Lender of Last Resort by Stanley Fisher, Jan 1999 IMF Finance & Development, December 1998 - Ensuring Financial Stability in the Euro Area By Alessandro Prati and Garry J Schinasi THE COLLAPSE OF THE EUROPEAN MONETARY UNION Charles W. Calomiris, Paul M. Montrone Professor of Finance and Economics, Columbia Business School, Cato Institute, Oct 22 1998 (Implications of banking fragility on EMU stability). Preventing Bank Crises: Lessons from Recent Global Bank Failures, by J Frenkel, Keynote speech on " Preventing Bank Crises: Lessons from Recent Global Bank Failures," conference sponsored by the Federal Reserve Bank of Chicago and the World Bank, Lake Bluff, IL, June 11, 1997. Implications of EMU for IMF Surveillance December 1998 Bank
risk: many
theoretical papers on moral hazard, deposit insurance and lender of
last resort can be found at the following address: Deposit Insurance Reform by the FRB of Minneapolis A page by Pierluigi Balduzzi on Long Term Capital Management by
Nouriel Roubini: A useful link with lots of information on labor market Fondazione Rodolfo DeBenedetti Wim Duisenberg Are different price developments in the euro area a cause for concern?Sept 2000 Purchasing
Power Parities calculated by the OECD Output
and Inflation: Are We Mismeasuring Them ? Problems
of Inflation Measurement
in Germany March 1998 Price Level Convergence Among United States Cities: Lessons for the European Central Bank (PDF) Stephen Cecchetti, Nelson C. Mark, Robert Sonora January 1999 "Does European Unemployment Prop Up American Wages? " by Donal Davis (harvard), National Labor Markets and Global Trade, American Economic Review, June 1998. PDF of the Paper Sources of Purchasing Power Disparity between the G3-Economies", Journal of Japanese and International Economics. (download paper in pdf-Format, 1 MB) by A Weber "Sources
of Purchasing Power Disparities: Europe versus the United States", European
Economy, (pdf,
1 MB) by A Weber
Wim Duisenberg Are different price developments in the euro area a cause for concern? Sept 2000 Wim Duisenberg: Economic divergences in the euro area: the consequences for economic policies, speech delivered at 'Nieuwspoort' in The Hague, the Netherlands, 5 November 1999. EN From the ERM to the euro: new evidence on economic and policy convergence among EU countries, (pdf 383 kB), by I. Angeloni and L. Dedola, May 1999, (ECB working paper no 4). pdf 383 kB Divergences in the euro area: a cause of concerns? by N Björksten and M Syrjanen, Working Paper of the Bank of Finland Proceedings of the Conference on Monetary Policy-Making under Uncertainty, [EN] pdf 2.591 kB http://www.bundesbank.de/en/monatsbericht/7.2beitraege.htmList of Bundesbank publications available to the general public 7. 2 Papers of the Bundesbank Spring Conference "The Monetary Transmission Process: Recent Developments and Lessons for Europe" March 26 and 27, 1999. Credit channels and consumption in Europe: empirical evidence BIS No. 69, Gabe de Bondt June 1999 The transmission mechanism: a quick refresher by the Center for Financial Studies(with references) An EMU with Different Transmission Mechanisms? © Giorgia Giovannetti and Ramon Marimon 1998 full text (pdf file) Will EMU Generate Asymmetry? Comparing Monetary Policy Transmission Across European Countries © Michael Ehrmann 1998 full text (pdf file) Books on Monetary cooperation in euroland A
history of Monetary cooperation in Europe can be found in
The Mark of the Bundesbank : Germany's Role in European Monetary Cooperation by Dorothee Heisenberg 1998 Cooperating With Europe's Monetary Union by C. Randall Henning IIE Theory
On foreign exchange interventions Exchange
Rate Management When Sterilized Interventions Represent Signals of Monetary
Policy Reeves,-Silke-Fabian Does
Foreign Exchange Intervention Signal Future Monetary Policy? by
Kaminsky,-Graciela-L.; Lewis,-Karen-K. Journal-of-Monetary-Economics;37(2),
April 1996, pages 285-312. Occasional
Interventions to Target Rates by Lewis,-Karen-K. American-Economic-Review;85(4),
September 1995, pages 691-715.. Tommaso Padoa-Schioppa: Clearing and settlement of securities: a European perspective speech at the Symposium of the Deutsche Bundesbank Payment and Securities Settlement Systems in Germany against the Background of European and International Developments Frankfurt am Main, 5 September 2001. Information on Target: see ECB - European Central Bank General information TARGET testing & simulation Basic texts January 11 1999: FT EURO: German banks in payment errors; January 12 1999: FT EURO: Target's late opening is extended April 27, 2000: The European Central Bank should sell some of its U.S. dollar reserves to boost the value of the European single currency, Deutsche Bank chief economist Norbert Walter said to German radio station Westdeutscher Rundfunk. ``There are a redundant 250 billion dollars in the basement of the ECB, waiting for the dollar value to decline,'' Walter said, adding that a sale at the current exchange rate could help reduce the euro zone's budget deficits. Walter also said he expects the ECB will raise interest rates by a quarter-point today, though he doesn't expect that will have an impact on the euro. On the effectiveness of sterilized foreign exchange intervention by Rasmus Fatum, February 2000, (ECB Working Paper No. 10) From
the news: The
net foreign currency reserves of the European System of Central
Banks (ESCB or euro system) increased by 100 million euros (dollars)
to 236.9 billion euros in the week ended December 24, the ECB
said on Tuesday. Among the items unrelated to monetary policy operations,
assets held in gold and gold receivables declined by 91 million
euros to a total 114.745 billion euros as a result of the sale of 10
tonnes of gold by a national central bank, the ECB said in a statement.
A central bank spokesman declined to disclose which central bank
was involved. But the sale was consistent with the 1999 Central Bank
Gold Agreement of September 26, the ECB said. Under that agreement,
the 15 European central banks agreed not to sell more than 2,000
tonnes of gold in the next five years at a rate of about 400 tonnes
per year. ESCB holdings of marketable securities of euro-area
residents increased by 100 million euros to 24 billion euros in
the week to December 24. Banknotes in circulation increased by
9.2 billion euros to 370.8 billion euros and liabilities to general
government decreased by 3.5 billion euros to 48.4 billion euros, the
ECB said. The
net foreign currency reserves of the European System of Central
Banks (ESCB or euro system) remained unchanged at 236.8 billion euros
(dollars) in the week ended December 10, the ECB said on Tuesday.
The ESCB comprises the European Central Bank and the national
central banks of the 11 euro-zone countries. Among the items unrelated
to monetary policy operations, assets held in gold and gold receivables
declined by 31 million euros to a total 114.955 billion euros as a result
of the sale of 3.5 tonnes of gold by a national central bank, the ECB
said in a statement. A central bank spokesman declined to disclose which
central bank was involved. But the sale was consistent with the
1999 Central Bank Gold Agreement of September 26, the ECB said.
Under that agreement, the 15 European central banks agreed not
to sell more than 2,000 tonnes of gold in the next five years at a rate
of about 400 tonnes per year. ESCB holdings of marketable securities
of euro-area residents increased by 100 million euros to 24.1 billion
euros in the week to December 10. Banknotes in circulation increased
by 4.2 billion euros to 357.2 billion euros and liabilities to general
government increased by 22.4 billion euros to 71.9 billion euros, the
ECB said. ESCB Joint statement on gold 26 September 1999. After the statement: on Sept. 28 prices rose 22 percent since the banks' comments on the 26, surpassing US$300 for the first time in almost a year. Gold prices are still almost a third less than in early 1996 after some countries sold bullion in favor of interest-bearing bonds. Gold for December delivery rose as much as US$45.20, or 15.9 percent, to US$329.00 an ounce on the Comex division of the New York Mercantile Exchange. That's the highest level since October, 1997. Excess Foreign Exchange Reserves and Overcapitalisation in the Eurosystem Daniel Gros & Franziska Schobert, February 1999 CEPS Working Document No. 128 A Primer on the Balance Sheet of the Eurosystem , by Daniel Gros, 23 Feb 1999 Reserve currency allocation: an alternative methodology BIS Wp No. 72, by Srichander Ramaswamy, August 1999 Manzocchi, S. and P.C. Padoan, Alternative Uses of EU Excess Reserves After the Introduction of the Euro. December 1997. PDF version
Convergence of fiscal policies in the euro area, O. de Bandt and F. P. Mongelli, May 2000, (ECB Working Paper No. 20), pdf 1200 kB Andrea Zaghini The Economic Policy of Fiscal Consolidations: The European Experience pdf - 176 kB Jan Lemmen Managing Government Default Risk in Federal States sp0116*August 1999 Ivo J. M. Arnold Jan Lemmen The Vulnerability of Banks to Government default risk in the EMU sp0115 July 1999 Ivo J. M. Arnold The Third Leg of the Stool: Financial Stability as a Prerequisite for EMU sp0114 June 1999 Fiscal relations within the economic union. OECD Economics Department working paper no. 163, by Peter Hoeller, Marie-Odile Louppe and Patrice Vergriete (April 1996) OCDE-GD(96)72 Estimating prudent budgetary margins for 11 EU countries: A simulated SVAR model approach. OECD Economics Department working paper no. 216, by Thomas Dalsgaard and Alain de Serres (July 1999) eco-wkp(99)8 Dornbusch: LaFontaine's Europe [November, 1998] The Buba and the Italian Debt Bomb [March, 1998] Can the Ins hurt the Outs? A Welfare Analysis of International Fiscal Links Corsetti and Pesenti 1998 The Precarious Fiscal Foundations of EMU by Chris Sims 1998 by J. Cochrane Irish fiscal policy under EMU by Phil Lane Effects of the European Monetary Union on Taxation and Interest Spending of National Governments Mongelli, Francesco, IMF Working Paper, WP/97/93, International Monetary Fund, July 1997. Searching for Non-Keynesian Effects of Fiscal Policy Giavazzi Jappelli and Pagano, 1998 "An Alternative Stability Pact for the European Union," with Kevin McCauley and Malcolm Sawyer, March 2000, Jerome Levy Institute w.p. no. 296, http://www.levy.org/docs/wrkpap/pdf/296.pdf Jan Lemmen Life Without the Stability Pact sp0109* January 1999 Following are extracts from a report compiled by European Union finance ministers Nov. 29 1999 and presented to EU leaders at the Helsinki summit. This section of the report deals with implementation of the bloc's pact for stability and growth. The
effectiveness of the budgetary and economic surveillance procedure will
be enhanced by improvements in two areas: An Analysis of the Stability pact by R. Beetsma and H Uhlig On the Need for Fiscal Constraints in a Monetary Union PDF (Adobe Acrobat) file VV Chari and Pat Keho EMU Stability Pact by C Wyplosz `Excessive Deficits' Sense and Nonsense in the Treaty of Maastricht Buiter, Corsetti and Roubini Economic Policy 1993 A useful link Fondazione Rodolfo DeBenedetti Jürgen von Hagen Fiscal Policy and Intranational Risk-Sharing 1988 "Aggregate Risk Sharing Across US States and Across European Countries" by Marco del Negro pdf "Risk Sharing Across US States and European Countries: An Empirical Puzzle." by Marco del Negro pdf Why Do More Open Economies Have Bigger Governments? by Dani Rodrik 1998 "The theory of fiscal federalism: What does it mean for Europe?," in Siebert, H. (ed.), Quo Vadis Europe?, 1997, J.C.B. Mohr: Tübingen (T. Persson, G. Roland and G. Tabellini). Phil Davis Pension Fund Reform and European Financial Markets sp0107* Nov 1998 Social Protection: the Achilles heel of EMU by Ian Begg Nouriel Roubini on the US debate: Should the US Privatize Social Security ?
European Inflation Dynamics JORDI GALI, Universitat Pompeu Fabra and NBER MARK GERTLER, New York University and NBER J. DAVID LOPEZ-SALIDO, Bank of Spain What is the "natural rate of unemployment in the euro area? Look at the "Alternative measures of the NAIRU in the euro area: estimates and assessment" by Silvia Fabiani and Ricardo Mestre, March 2000, pdf 1061 kB (ECB Working Paper No. 17). Of related interest: "The quest for prosperity without inflation, Athanasios Orphanides, March 2000, (ECB Working Paper No. 15), pdf 604 kB Unemployment in Europe: Lisbon Special European Council March 22 23.Contribution of the Italian Government. Welfare to work: an academic study by Boeri, Layard and Nickell that provides the background Welfare-to-work and fight against long-term unemployment File OECD February 2000 Local Development and Job Creation Globalisation has become a key force of change in all OECD countries. It is making our economies more open, bringing new opportunities, new markets and new wealth. But it also demands more rapid adjustment to change. The accomplishment of strategic restructuring is often required, so that workers are not displaced or excluded from the labour market and so that no localities are left to lag behind or decline. In the new economic environment, policy-makers must help build dynamic and flexible regions and cities. They must assist the transition from individual closed local economic systems to a new, open global system. IMF WORLD ECONOMIC AND FINANCIAL SURVEYS: World Economic Outlook, Chapter IV: Chronic Unemployment in the Euro Area: Causes and Cures File 4 Cologne European Council (3 and 4 June 1999): Presidency conclusions discussing the European Employment Act ANNEX I Resolution of the European Council and report on the Employment Pact. September 1999 Commission adopts Employment Guidelines for 2000 Commission makes recommendations on the implementation of Member States employment policies OECD Standardised Unemployment Rates Labour Market & Tax Policy in the EMU (Deutsch-Französisches Wirtschaftspolitisches Forum/ Forum Economique Franco-Allemand) International labor statistics (Foreign labor statistics by the US BLS) Myths
and realities of the US labor market: from the Economic report
of the president 1999 Unemployment and real wages, a basic model by O Blanchard (1998) Revisiting European Unemployment by O Blanchard (1998) "The European Employment Problem", No. 616 by Assar Lindbeck Acrobat Format (PDF), Acrobat Format (PDF) "Unemployment, Labour-Market Reform and Monetary Union", No. 639 by Lars Calmfors Acrobat Format (PDF) "Macroeconomic Policy, Wage Setting and Employment - What Difference Does the EMU Make?", No. 657 by Lars Calmfors. Acrobat Format (PDF). Acrobat Format (PDF) "Monetary Union and Precautionary Labour-Market Reform", No. 659 by Lars Calmfors. Acrobat Format (PDF). Acrobat Format (PDF) Optimal Wage Indexation for a Monetary Union with Country Specific Shocks Leichter, Jules, UCSC Dept of Economics Working Paper, No. 400, June 1998. Exchange rates and labor markets Exchange Rates Do Matter: French Job Reallocation and Exchange Rate Turbulence, 1984-1992,Pierre Olivier Gourinchas (Princeton) "Employment Versus Wage Adjustment and the U.S. Dollar", Jose Campa and Linda Goldberg, NBER working paper (November 1998). " Exchange Rates and Local Labor Markets", Linda Goldberg and Joseph Tracy, forthcoming, in Trade and Wages, edited by Robert Feenstra. (NBER and University of Chicago Press). "Exchange Rates and Employment Instability: Evidence from Matched CPS Data" , Linda Goldberg, Joseph Tracy and Stephanie Aaronson, forthcoming, American Economic Review: Papers and Proceedings Historical and international perspective Capital Mobility and Labor by Dani Rodrik April 1998. Draft paper prepared for the NBER workshop on Trade, Technology, Education, and the U.S. Labor Market, April 30-May 1, 1998. "Keynesianism, Pennsylvania-Avenue Style: Some Economic Consequences of the 1946 Employment Act," J. Bradford De Long, Journal of Economic Perspectives 10:3 (Summer 1996), pp. 41-53. Alberto Cybo-Ottone, Carmine Di Noia, and Maurizio Murgia Recent Development in the Structure of Securities Markets [Access article in PDF] Comments and Discussion FiguresTables 2000 Group of Ten -- Report on Consolidation in the Financial Markets. January 2001 The euro and international capital markets, Carsten Detken and Philipp Hartmann, April 2000, (ECB Working Paper No. 19), pdf 2017 kB The Stock-Exchange Industry: network effects, implicit mergers and corporate governance Di Noia 1999 Treasury Virtual Library: http://www.ustreas.gov/press/releases/archive.htm Financial Stability Forum (FSF): http://www.FSForum.org/ A large new European stock exchange unveiled on March 21 2000 by the Paris, Amsterdam and Brussels bourses will have a stock market listing by the end of the year and has plans to expand into the London and US markets. Articles from FT The challenge of Europe's Bourses Euronext plans expansion Christian Noyer: The outlook for the euro area economy and its financial markets, EN 24 February 2000. CHAPTER 3 of the June 1999 Issue and CHAPTER 2 of the December 1999 Issue by Bank of England: "Practical Issues Arising from the Euro." provides a nice overview of the euro markets and ECB operations. Centre For European Policy Studies (CEPS): European Shadow Financial Regulatory Committee (ESFRC) Towards Safer Derivatives Markets BIS Quarterly Review: International Banking and Financial Market Developments November 1999 Stability, Asymmetry and Discontinuity: the Launch of European Monetary Union by Giancarlo Corsetti and Paolo Pesenti. Draft prepared for the September 1999 Brookings Panel, forthcoming on Brookings Papers on Economic Activity, December 1999. The Impact of Monetary Union on Diversification Opportunities in European Capital Markets by Gary Santry and Simon Stevenson, University College Dublin, Ireland, 1999 Gikas Hardouvelis , Dimitrios Malliaropulos , Richard Priestley CEPR wp 2124. EMU and European Stock Market Integration Richard Portes Global Financial Markets and Financial Stability: Europe’s RoleJune (November) 1999 European Capital Markets Jean Dermine, Professor of Banking and Finance; Director, INSEAD Center for International Financial Services, and Pierre Hillion, Professor of Finance, INSEAD; CEPR Fellow (Oxford University Press 1999).
Phil Davis Pension Fund Reform and European Financial Markets sp0107* Nov 1998 Robert
N. McCauley and William R. White: The
Euro and European financial markets BIS wp No. 41, May 1997 Value
at risk models in finance, by Simone Manganelli and Robert F.Engle,
August 2001, (ECB Working Paper No. 75) Christian Noyer: The euro and the banking sector Sept 2000 Is a euroland banking system already emerging? Tommaso Padoa-Schioppa:Vienna, 29 April 2000. The future of banking supervision and the integration of financial markets by Wim Duisenberg, May 2000 Press release: The European Central Bank releases two reports prepared by the Banking Supervision Committee: "EU banks' income structure" pdf 533 kB and "Asset prices and banking stability" pdf 444 kB. European Banking Distress and EMU: Institution and macroeconomic risk FileMichael Hutchinson Why Do Banks Merge?, D. Focarelli, F. Panetta and C. Salleo, December 1999 pdf - 167 kB Centre For European Policy Studies (CEPS): European Shadow Financial Regulatory Committee (ESFRC) A New Role for Deposit Insurance in Europe Dealing with Problem Banks in Europe Bank Portfolios in Euroland by Claudia M. Buch and Susanne Lapp, Kiel Institute of World Economics, Germany. 1999 Sinikka Salo , E Philip Davis, Excess Capacity in EU and US Banking Sectors - Conceptual, Measurement and Policy Issues s p0105* August 1998 Money and Banking Statistics Sector Manual - Guidance for the statistical classification of customers, second edition, November 1999. pdf 862 kB Sirkka Hämäläinen: Possible effects of EMU on the EU banking systems in the medium and long term, speech delivered at the General Assembly of the European Mortgage Federation, Brussels, 5 November 1999. A cross-country comparison of market structures in European banking, by O. de Bandt and E. P. Davis, September 1999, (ECB Working Paper No. 7), pdf 211 kB Quarterly Review: International Banking and Financial Market Developments by BIS August 1999 Single Market News - Action Plan for a Single Financial Market , Financial services: Commission outlines Action Plan for single financial market (11 May 1999) DG XV: Banks Securities Payment Systems ECB The effects of technology on the EU banking systems, [EN] July 1999. pdf 272 kB FBE (Banking Federation of the European Union) Home Page The EBF paper on payment systems in the Euro zone EURIBOR web site : what is Euribor ? What is Eonia ? Links to European banks on the www. EMU and banking supervisionPadoa-Schioppa, Tommaso: EMU and banking supervision, Lecture at the London School of Economics, ECB: Possible effects of EMU on the EU banking systems in the medium to long term. 409 kB. February 1999. Legal Structure, Financial Structure and the Monetary Transmission Mechanism by Stephen Cecchetti FEB 1999 https://www.dbresearch.com/content-de/pdf/emu-free/emu_59.pdf by Deutsche Bank on the effects of EMU on the Structure of European banking. "The
Future of European Banking" by Jean-Pierre Danthine, Francesco Giavazzi,
Xavier Vives, Ernst-Ludwig von "Allow Banks To Fail!" Edgar Meister Member of the Directorate of the Deutsche Bundesbank Speech at a symposium hosted by the University of Frankfurt on February 1, 1999 White Paper on measuring the profitability of banking activities by the Bank of France Impact of EMU on the banking structure in Europe Helmut Schieber, Member of the Directorate of the Deutsche Bundesbank November 14 and 15, 1998 The Role of Banks in Monetary Policy: A Survey with Implications for the European Monetary Union Kashyap, Anil and Jeremy Stein, " Economic Perspectives, Federal Reserve Bank of Chicago, Sept/Oct 1997. Dossiers / Euro by Strategic Road: plenty of links to Banking and financial associations The Financial Services Authority (FSA) of the UK Check this site: Pensions and Social Insurance (PSI) at Birkbeck Pensions Institute homepage at Birkbeck. Pensions Institute: Discussion Papers Pensions Institute: links to other web sites Linkages between Pension Reform and Financial Sector Development (February, 1999) PDF David Blake Financial System Requirements for Successful Pension Reform (January, 1999) DG XV: Insurance , Supplementary Pensions , Consumer Protection The Crisis of Germany's Pension Insurance System and How It Can Be Resolved Hans Werner Sinn #7304 (PE) New opportunities for insurance in the Single Market (18 May 1999) by Mario Monti Towards a Single Market for Pensions: the Next Steps (5 November 1998) Pensions in the US: There is a new site that makes U.S. employer pension and welfare reports available to the public at no cost. The site, at freeERISA.com www.freeERISA.com, makes information available on the investments and structure of more than one million pension and health/welfare plans from U.S. employers. Benefit plan financial information of employers of all sizes, from mom-and-pop operations to giant corporations, associations, and labor unions, can be viewed or downloaded from the new site. Towards a unified European corporate governance? OECD Principles of Corporate Governance Brussels urges accounting changes FT Feb 19, 99 HM Treasury recently launched an official euro site which provides information for businesses preparing for the euro. The Association for the Monetary Union of Europe founded in 1987 by European industrialists who agreed on the objectives of monetary stability and a single currency for the success of the single market. Check their [Euro News] , [Companies & the Euro] and [Services]. Also EURO sustainability report, 1998 The UK arm of the KMPG firm of management consultants has surveyed companies across Europe on the key strategic business issues presented by European Monetary Union. Dossiers / Euro by Strategic Road: links to euro-pages by corporations Exporter's Guide to the Euro by US exporters Paribas International.Look for the newsletter "Euroleader" (only visible using the Internet Explorer browser). Nouriel
Roubini on
Why has the euro been so weak? by Guy Meredith 2001 Competing
currencies: the external value of the euro Deutsche Bank Research
Euro
pushed down by Eastern Europe? Deutsche
bank research 2001 European Union balance of payments/international investment position statistical methods, 1 December 1999 European Union balance of payments/international investment position statistical methods, December 1999. pdf 3 MB Capital Flows to Emerging Market Economies Institute of International Finance,IIF, September 1999 Euro
area balance of payments key items The Euro: Implications for the United States. Answers to key questions US General Accounting Office, March 2000 The European Union (EU) in the US Greenspan
urges Europe on world growth FT Feb 25 Economic Report of the President 1999 (the last chapter includes a discussion of the implication of the euro for the dollar as well as the US official position on the birth of the European currency). A US Perspective on Economic and Monetary Union in Europe by W.J. McDonough, president, NYFed, November 17, 1997 US
Embassy Paris: Economics - EMU EURO A source of selected official
statements about the euro. See also "Does European Unemployment Prop Up American Wages? " by Donal Davis (harvard), National Labor Markets and Global Trade, American Economic Review, June 1998. PDF of the Paper The Marshall Plan (.pdf) By B DeLong and B Eichengreen Federal Reserve Bank of Chicago-Euro Resource Page Managing the International Monetary System -- Address by Stanley Fischer July 2000 Check the homepage by Nouriel Roubini "What caused the Asian currency and financial crisis?" The impact of the euro on money and bond markets, by Javier Santillán, Marc Bayle and Christian Thygesen, July 2000, (ECB Occasional Paper No. 1), (pdf 486 kB). pdf 486 kB The ECB's monetary policy in the context of globalisation Otmar Issing, speech at the conference "Weltachsen", organised by the Center for European Integration Studies, the Center for Development Research and federal city of Bonn, 11 November 1999. Globally liberalised capital markets and the conduct of monetary policy Christian Noyer: Introductory statement at the Fifth International Financial and Economic Forum: "Impact of globally liberalised capital markets", organised by IFW, Vienna, 11 November 1999. Hoover Institution Public Policy Inquiry: International Monetary Fund International Institutions for Reducing Global Financial Instability Kenneth Rogoff #7265 (IFM) The International Lender of Last Resort: How Large Is Large Enough? C. Wyplosz and O. Jeanne. The theoretical and practical reasons why no international financial institution is able to do lending in last resort. IFM on Hedge Funds (Eichengreen and Mathieson) Project on International Financial Architecture, by Barry Eichengreen, University of California, Berkeley A Small Contribution to the New International Financial Architecture by Willem H. Buiter and Anne C.Siber EMU and the launch of the euro Padoa-Schioppa, Tommaso: EMU and the launch of the euro, Beijing, 2 March 1999. The International Role of the Euro and the ESCB’s Monetary Policy Wim Duisenberg, Frankfurt, 20 November 1998. The euro as a stabiliser in the international economic system Prof. Dr. Dr. h.c. Hans Tietmeyer, President of the Deutsche Bundesbank. Speech given at the conference of the Luxembourg Institute for European and International Studies and the Pierre Werner Foundation in Luxembourg on December 4, 1998 HOW WILL EUROPEAN MONETARY UNION CHANGE THE GLOBAL FINANCIAL ARCHITECTURE? Bernard Connolly, Executive Director and Chief Economist, AIG International, THE COMING OF THE EURO: INTERNATIONAL MONEY AND GLOBAL POLITICS (conference paper by Alan A. Walters, AIG Trading Group, Inc., pdf) Cato Institute, Oct 22 1998 An International Role for the Euro? by C Wyplosz The Global Economic Effects of the Japanese Crisis IIE Working Paper 98-6 The IMF and the transparency dilemma by Giancarlo Corsetti University of Toronto G8 Information Centre Rethinking the World Economy by Dani Rodrik The politics of International Economic Relations: a bibliography Link to the homepage: "WHAT CAUSED THE ASIAN CURRENCY AND FINANCIAL CRISIS?" by Nouriel Roubini (NYU). Including work by Giancarlo Corsetti Paolo Pesenti and Nouriel Roubini
Paul Krugman: Crying With Argentina NYTimes The impact of the euro on money and bond markets, by Javier Santillán, Marc Bayle and Christian Thygesen, July 2000, (ECB Occasional Paper No. 1), (pdf 486 kB). pdf 486 kB The Impact of Monetary Union on Diversification Opportunities in European Capital Markets by Gary Santry and Simon Stevenson, University College Dublin, Ireland Bank Portfolios in Euroland by Claudia M. Buch and Susanne Lapp, Kiel Institute of World Economics, Germany Wayne E. Ferson, Campbell R. Harvey -- "Economic, Financial, and Fundamental Global Risk In and Out of the EMU" NBER WP 6967, March 1999 Quarterly Review: International Banking and Financial Market Developments BIS August 1999 Corsetti
Pericoli and Sbracia Some
Contagion, Mostly interdependence: more pittfalls in tests of financial
contagion 2000 Decision of the European Central Bank on fraud prevention Oct. 7 1999 OECD Policy brief Money Laundering - (in pdf format - 99 kb) July 1999 Money laundering: Commission proposes to extend scope of EU Directive (14 July 1999) OECD FATF Reports-Financial Action Task Force on Money Laundering Kenneth
Rogoff: "Foreign and Underground Demand for Euro Notes: Blessing or
Curse?" Economic Policy 26, April 1998, 263-303. ECB Review of the International Role of the euro pdf 679 kB September 2001 Christian Noyer: The international impact of the euro speech delivered by the Vice-President during his visit to the United States in January 2000. The Euro as a Monetary Anchor in the CEECs by Agnès Bénassy-Quéré, University of Lille II, and Amina Lahrèche-Révil, University of Évry, France 1999 Getting Fit for the EU: A Currency Board for Poland? by Andreas Freytag, Institut für Wirtschaftspolitik, Köln, Germany, 1999 Eastern Europe and the Euro Area (with some Lessons from Recent Asian Experience) by Antonin Rusek, Susquehanna University, USA, 1999 EMU, Euro, and EU-Membership: An Evaluation from the Turkish Macroeconomic Perspective by Aykut Kibritcioglu, Ankara University, Turkey, 1999 Is Asia an Optimum Currency Area ? "Shocking" Aspects of Output Fluctuations in East Asia by Hazel Yuen The euro and Latin America: Implications of the Euro for Latin America’s Financial and Banking Systems by Eduardo Levy Yeyati and Federico Sturzenegger The Euro and Latin America III: Is EMU a Blueprint for Mercosur? by Eduardo Levy Yeyati and Federico Sturzenegger Finance & Development, June 1999 - The Euro and Latin America Rudy Dornbusch The Euro: Implications for Latin America March 1998 EMU and the Developing Countries by Benjamin J. Cohen wp file A homepage prepared by Aykut Kibritcioglu with a section on the international impactof the euro. Barry Eichengreen "Does Mercosur Need a Single Currency?" (text) October 1998. Carstens Agustín y Werner Alejandro "Mexico´s Montary Policy Framework Under a Floating Exchange Rate Regime." May 1999. Asian Countries Can’t Ignore The Euro EuroAsia by Yonghao Pu WSJ 1998 The impact of the euro on Asia by Ramkishen Rajan, Lowe Institute of Political Economy, CA The UngainlyEMU and the Flailing Geese NIRA (National Institute for Research Advancement) Review, by Manuel F. Montes is a Senior Fellow at the Institute for Southeast Asian Studies, in Singapore, where he is on leave from his position as a Senior Fellow at the East-West Center in Honolulu.
Corsetti and Pesenti Self-validating optimum currency crises 2002 International Economics Working Paper 9208: Costs and Benefits of EMU by Wilfried Fuhrmann, University of Potsdam Center for Economic Research Discussion Paper: Designing Fiscal and Monetary Institutions for a European Monetary Union "The Endogeneity of the Optimum Currency Area Criteria" by J Frankel and A Rose PDF File The Costs/Benefits of a Common Monetary Policy in France and Germany and Possible Lessons for Monetary Union Abstract © Jacques Mélitz and Axel A. Weber Michael Funke Macroeconomic Shocks in Euroland vs the UK: Supply, Demand, or Nominal? [Paper] Wim Duisenberg Are different price developments in the euro area a cause for concern? Sept 2000 A homepage with US regional data "Aggregate
Risk Sharing Across US States and Across European Countries"
pdf by Marco del Negro Divergences in the euro area: a cause of concerns? by N Björksten and M Syrjanen, Working Paper of the Bank of Finland Sebnem Kalemi-Ozcan, Bent Sorensen, and Oved Yosha "Risk-Sharing and Specialization:Regional and International Evidence" PDF file "Monetary Union, Asymmetric Productivity Shocks and Fiscal Insurance: an Analytical Discussion" by Ken Kletzer June 1998. PDF Do trade and technology reduce asymmetries? Evidence from manufacturing industries in the EU. by Raffaele Pace and Riccardo Rovelli, Feb. 1998 PDF version Lessons
from Intranational Economics for International Economics A 1999
conference organized by the Studienzentrum Gerzensee, Switzerland Michael Funke Macroeconomic Shocks in Euroland vs the UK: Supply, Demand, or Nominal? [Paper] International Herald Tribune, Paris, Wednesday, February 23, 2000: Shifting Tactics, Blair Challenges EU to Make Euro a Better Deal Niels Thygesen "EMU, Britain and Other Outsiders" sp0102 May 1998 Debate
Search
FT for the following: From
FT 1997: Sources European Movement The European Movement is Britain’s leading pro-European oorganisation. It is leading the campaign for a yes vote in the forthcoming referendum on joining the European single currency. The Association for the Monetary Union of Europe is a lobbying group for the establishment of monetary union backed by many European companies. Its web site has a monthly online EMU newsletter. UK Citizens Online Democracy is running an EMU and Britain debate. It has a set of background papers and resources. Research Group on the political economy of European Integration. Berkeley 99 The Political Economy of French Economic Policy and the Transition to EMU de Boissieu, C. and J. Pisani-Ferry, Working Paper, CEPII, Paris, October 1995. Political Cycles and the Macroeconomy Alesina, Roubini with Cohen, Mit press 1998 "The Political Economy of European Exchange Rates: An Empirical Assessment" by J Frieden August 1998 The Political Economy Working Paper Archive. University of Michigan Political Science Research Resources The politics of International Economic Relations: a bibliography Wim Duisenberg: Economic divergences in the euro area: the consequences for economic policies, speech delivered at 'Nieuwspoort' in The Hague, the Netherlands, 5 November 1999. EN From the ERM to the euro: new evidence on economic and policy convergence among EU countries, (pdf 383 kB), by I. Angeloni and L. Dedola, May 1999, (ECB working paper no 4). pdf 383 kB Divergences in the euro area: a cause of concerns? by N Björksten and M Syrjanen, Working Paper of the Bank of Finland How Regions Converge Francesco Caselli e John Coleman. University of Chicago. September 1998. Data
set on European
Regions by X Sala-i-martin.
EUN- NUE Calendrier- Index List of events tied to European integration: colloquia, conferences, seminars. A CFS conference in July: Liquidity Risk: Rethinking Risk Management Professur für Wirtschaftstheorie THE EMU AND THE OUTSIDE WORLD - ETH Zurich December 1999 Conference on: “Fiscal Policy and Fiscal Federalism in the EMU”at UCLA IMF Economic Forum -- Regional Unemployment in Europe: Implications for EMU OCT 4 1999 World Wide European Integration Events Calendar Harvard University --- List of Events IGier bocconi: New frontiers in economic policy: unsolved issues after the euro ( Le Nuove Frontiere della Politica Economica 6 "I nodi irrisolti dopo l'Euro" ) Rome June 7th 1999. IfK-Center for Financial Studies Research Conference on The ECB and Its Watchers, Frankfurt, June 1999 Bundesbank conference on The Monetary Transmission Process: Recent Developments and Lessons for Europe, Frankfurt, March 26-27, 1999 Economic Prospects for the Countries of Southeast Europe in the Aftermath of the Kosovo Crisis IMF
The Economic Consequences of the Kosovo Crisis by IMF April 1999
On
the Asian crisis and proposals to reform the international financial
architecture: check the homepage by Nouriel Roubini
"What caused the Asian currency and financial crisis?" This homepage has been chosen as a selection for the The Scout Report - January 7, 2000 biweekly collection of useful Internet sites for researchers, educators, and students in business and economics This page was created in February 1999. Since Feb 2000, the average number of hits has been 3500 per week (16500 per month), with very little variation.The total number of hits in the period February 2000- May 2001 is 250,808. Disclaimer:
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