EMU enlargement, stabilization costs and insurance mechanisms

被引:32
作者
Afonso, Antonio [2 ,3 ]
Furceri, Davide [1 ,4 ]
机构
[1] Univ Palermo, Dept Econ, I-90133 Palermo, Italy
[2] European Cent Bank, Directorate Gen Econ, D-60311 Frankfurt, Germany
[3] Univ Tecn Lisboa, ISEG TU Lisbon, Dept Econ, UECE Res Unit Complex & Econ, P-1249078 Lisbon, Portugal
[4] Univ Illinois, Dept Econ M C 144, Chicago, IL 60607 USA
关键词
EMU; optimum currency areas; stabilization costs; insurance mechanisms;
D O I
10.1016/j.jimonfin.2007.12.010
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This paper considers the determinants of the macroeconomic costs of joining EMU for the new EU Member Sates, and compares them with those of the EMU members. Specifically, we investigate the business cycle correlation between the candidate's economy and that of the euro area as a whole, and the ability of insurance mechanisms and fiscal policies to smooth income fluctuations. The results suggest that EMU membership would not be costly for some countries (Cyprus, Hungary and Malta) but for other countries it could have relevant costs, at least in the short-run. For some of these countries, business cycles are not yet well synchronized with the euro area's business cycle, and risk-sharing mechanisms do not provide enough insurance against shocks. (C) 2008 Elsevier Ltd. All rights reserved.
引用
收藏
页码:169 / 187
页数:19
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