Real Exchange Rate Variability in Monetary Unions

Paul DE GRAUWE · Hilde Heens

27 citations0/0 files storedRecherches économiques de Louvain

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Global Financial Crisis and Policies Monetary Policy and Economic Impact European Monetary and Fiscal Policies

Abstract

Summary In this paper we compare the interregional and international degree of real exchange rate variability of a number of EMS-countries. This allows us to gain insights into the costs of a monetary union. Our major conclusion is that a monetary union among all EMS members would be costly for some of them if it were instituted today. We also find that a monetary union among a «hard-core» of EMS-countries (Benelux, Germany, Denmark) would not involve major costs.

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References

1991Geography and Trade 1991Optimum Currency Areas 1970Monetary Problems of the International Economy.2017Economic theory and underdeveloped regions 1991Is Europe an Optimum Currency Area?1949Economic Union Between Nations and the Location of Industries 1959Economic Theory and Western European Integration

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