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Central European Countries’ Accessions to EMU - Costs and Benefits for EMU-Insiders and Outsiders

Central European Countries’ Accessions to EMU - Costs and Benefits for EMU-Insiders and Outsiders
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Year:    2003

Author:    Alexander, Volbert, Loef, Hans-E.

Credit and Capital Markets – Kredit und Kapital, Vol. 36 (2003), Iss. 4 : pp. 445–464

Abstract

During the process of economic integration in Western Europe formerly unstable peripheral countries (Ireland, Portugal, Spain) achieved higher real economic growth than Germany and France provided their stabilization efforts are treated as credible in the long run. One important reason analysed in the paper was that the shift to stability reduced uncertainties for investors. Central European Countries have an even better chance to pursue a stabilization policy without painful real effects like unemployment because their political will to join EMU and their economic advantages in case of an accession are credible. Therefore they should follow a strict stabilization strategy combined with suitable institutional and legal adjustments. (JEL F31, F33, F36)

Journal Article Details

Publisher Name:    Global Science Press

Language:    Multiple languages

DOI:    https://doi.org/10.3790/ccm.36.4.445

Credit and Capital Markets – Kredit und Kapital, Vol. 36 (2003), Iss. 4 : pp. 445–464

Published online:    2003-04

AMS Subject Headings:    Duncker & Humblot

Copyright:    COPYRIGHT: © Global Science Press

Pages:    20

Author Details

Alexander, Volbert

Loef, Hans-E.

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Section Title Page Action Price
Volbert Alexander/Hans-E. Loef: Central European Countries' Accessions to EMU -\rCosts and Benefits for EMU-Insiders and Outsiders 445
I. Investment Decisions in CEC 447
II. Credibility Problems for Central European Countries 450
III. Uncertainty and Real Growth in Central European Countries 454
IV. Conclusions 461
References 462
Summary: Central European Countries' Accessions to EMU - Costs and Benefits for EMU-Insiders and Outsiders 463
Zusammenfassung: Der Eintritt zentraleuropäischer Länderin die Europäische Währungsunion - Vor- und Nachteile für Mit- und Nichtmitglieder 463
Résumé: L'entrée des pays d'Europe centrale dans l'Union monétaire européenne - Avantages et inconvénients pour les membres et non-membres 464