Arbeitspapier
The anticipated and concurring effects of the EMU: exchange rate volatility, institutions and growth
Reduced exchange rate volatility and higher and less heterogeneous quality of institutional rules and macroeconomic policies are two of the main (anticipated and concurring) effects expected from a currency union.In this paper we measure the magnitude of these two effects on the Euro area countries, looking at real effective exchange rates (REER) and at different indicators of quality of institutional rules and macroeconomic policies (QIRMP).We find that the first effect is much stronger than the second when we compare relative changes on Euro area countries and the rest of the world in the relevant period.We further evaluate the impact of both effects on economic growth on a larger sample of countries. Our findings show that both have significant impact on levels (more robust) and on rates of growth (weaker) of per capita GDP.
- ISBN
-
952-462-148-7
- Language
-
Englisch
- Bibliographic citation
-
Series: Bank of Finland Discussion Papers ; No. 15/2004
- Classification
-
Wirtschaft
- Subject
-
real exchange rate
volatility
institutional rules
macroeconomic policy
- Event
-
Geistige Schöpfung
- (who)
-
Bagella, Michele
Becchetti, Leonardo
Hasan, Iftekhar
- Event
-
Veröffentlichung
- (who)
-
Bank of Finland
- (where)
-
Helsinki
- (when)
-
2004
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Bagella, Michele
- Becchetti, Leonardo
- Hasan, Iftekhar
- Bank of Finland
Time of origin
- 2004
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