Alternative Paths Towards EMU: Lessons from an Expanded Mundell-Fleming Model for the Accession Countries

Arbeitspapier

A small expectations-expanded "Mundell-Fleming" model is built for the European Union Accession Countries and estimated to assess the optimality of different exchange rate regimes (a peg and a float) through a simple welfare function. Floating appears as the best option for most of the countries in our sample, and this conclusion is robust to changes in the weights of the welfare function. The "shock absorbing" qualities of the regimes for different types of innovations is assessed via a VAR and a structural model, and here again the float seems to outperform a harder regime, in the emergence of temporary shocks.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Kiel Working Paper ; No. 1132

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Monetary Policy ; Policy Objectives; Policy Designs and Consistency; Policy Coordination ; International Economic Order and Integration ; Socialist Institutions and Their Transitions: International Trade, Finance, Investment, Relations, and Aid
• Thema: Euro ; Enlargement ; Transition Economies ; Exchange Rate Regimes ; Mundell-Fleming Models ; Wechselkurssystem ; Übergangswirtschaft ; EU-Erweiterung ; Mundell-Fleming-Modell ; Erwartungstheorie ; Schätzung ; Osteuropa

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Vinhas de Souza, Lúcio ; Ledrut, Elisabeth
• Ereignis: Veröffentlichung
• (wer): Kiel Institute for World Economics (IfW)
• (wo): Kiel
• (wann): 2002

Weitere Informationen

• Handle: http://hdl.handle.net/10419/17815
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ