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EMU after two years — Have critics been confirmed?

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References

  1. See for a rather similar evaluation Stefan Collignon: Two years into the Euro: the next step for Europe, mimeo, London School of Economics 2001.

  2. See for an authoritative evaluation Maurice Obstfeld and Kenneth Rogoff: Perspectives on OECD economic Integration: Implications for US Current Account Adjustment, Paper presented at the Federal Reserve Bank of Kansas’ Jackson Hole conference, August 2000.

  3. See Ray Fair: Fed Policy and the Effects of a Stock Market Crash on the Economy, in: Business Economics, April 2000, pp. 7–14.

  4. See Patrick Artus: Creation of Value with Excess Debt, Flash No. 99–179, CDC-Research Department, Paris 1999.

  5. See for a comprehensive treatment Robert Shiller: Irrational Exuberance, Princeton 2000, Princeton University Press. A particularly instructive reasoning can be found in Sushil Wadhwani: The US Stock Market and the Global Economic Crisis, in: National Institute Economic Review, January 1999, pp. 86–105.

  6. See for a concise and convincing overview Patrick Artus: Anomalies des marchés, Paris 1995, Economica.

  7. See Paul de Grauwe: The Euro-Dollar Exchange Rate: In Search of Fundamentals, mimeo, University of Leuven 2000; Hans-Helmut Kotz: The Euro’s Exchange Rate—A Problem for the ECB, forthcoming in: Rolf Caesar and Hans-Eckart Scharrer (eds.): European Economic and Monetary Union—a Preliminary Assessment, Baden-Baden 2001, Nomos.

  8. See George Akerlof: An Economic Theorist’s Book of Tales, Cambridge 1984, pp. 123–44, CUP.

  9. See for example Sanford Grossman and Joseph Stiglitz: On the Impossibility of Informationally Efficient Markets, in: American Economic Review, Vol. 70, 1980, pp. 393–408.

  10. The whole of this argument is, obviously, inspired by James Tobin: On the Efficiency of the Financial System, in: Lloyds Bank Review, No. 153, 1984, pp. 1–15; for a comprehensive overview see also Robert Shiller: Human Behavior and the Efficiency of the Financial System, in: Handbook of Macroeconomics, Vol. 1c, Amsterdam 1999, New Holland, pp. 1305–40.

  11. See for a very instructive review Kenneth Rogoff: The Purchasing Power Parity Puzzle, in: Journal of Economic Literature, June 1996, pp. 647–668.

  12. A standard procedure, as developed in particular by Jeffrey Frankel (International Capital Mobility and Crowding-out in the U.S. Economy: Imperfect Integration of Financial or Goods Markets?, in: Ric Hafer (ed.): How open is the U.S. Economy, Lexington 1986, Lexington Books, pp. 33–67)

  13. See for a very fine overview Ronald MacDonald: Concepts to Calculate Equilibrium Exchange Rates: An Overview, paper prepared for a Bundesbank Workshop, Frankfurt, March 2000.

  14. Jeffrey Frankel: Does Foreign Exchange Intervention Work? Consequences for the Dollar, Washington 1993, Institute for International Economics.

  15. See for example Jean-Pierre Danthine et al.: European Financial Markets after EMU: A First Assessment, CEPR Discussion Paper No. 2413, 2000; or Ingo Walter and Roy Smith: High Finance in the Euro-Zone, Harlow 2000, Pearson.

  16. See in particular Robert De Young et al.: The Informational Advantage of Specialized Monitors: The Case of Bank Examiners, mimeo, Office of the Comptroller of the Currency, 1998; as well as Joe Peek et al.: Is Bank Supervision Central to Central Banking, in: Quarterly Journal of Economics, 1999, Vol. 114, No. 2, pp. 629–53.

  17. See on this Hans-Helmut Kotz: Capital Markets in Euroland: Filling Gaps and Piercing Veils, in: Rolf Caesar and Hans-Eckart Scharrer (eds.): Economic Policy Challenges in EMU, Baden-Baden 2000, Nomos.

  18. See for the following Olivier Blanchard: Country Adjustment within Euroland. Lessons after Two Years, mimeo, MIT 2001.

  19. See Hans-Werner Sinn and Michael Reutter: Die Mindest-inflationsrate für die Euro-Länder, in: ifo-Schnelldienst, Nos. 35–36, 2000, pp. 23–26.

  20. See Stephen Cecchetti et al.: Price Level Convergence Among United States Cities: Lessons for the European Central Bank, mimeo, Federal Reserve Bank of New York 1999; for Euroland evidence see the careful paper written by Guenter Beck and Axel Weber: How wide are European Borders: New Evidence on the Integration Effects of Monetary Union, mimeo, Center for Financial Studies, Frankfurt 2001.

  21. See on this Hans-Helmut Kotz und Wim Kösters: Perspectives on the Policy Mix in Europe, in: Rolf Caesar and Hans-Eckart Scharrer (eds.): Economic Policy Challenges in EMU, op. cit. Baden-Baden 2000, Nomos.

  22. See Sachverständigenrat: Jahresgutachten, Stuttgart 1998, Metzler-Poeschel; and Pierre Jacquet and Jean Pisani-Ferry: La coordination de la politique économique dans la zone euro: bilan et propositions, in: Conseil d’Analyse Économique, Questions européennes, Paris 2000, La Documentation Française, pp. 11–40.

  23. This is a position argued in the paper by Pierre Jacquet and Jean Pisani-Ferry, op. cit. La coordination de la politique économique dans la zone euro: bilan et propositions, in: Conseil d’Analyse Économique, Questions européennes, Paris 2000, La Documentation Française, pp. 11–40., as well as in Jürgen von Hagen: Co-ordination of Economic Policies and Employment, in: Alexandre Lamfalussy et al. (eds.): The Euro-Zone: A New Economic Entity, Brussels 1999, Bruylant.

  24. See on this Paul de Grauwe: The Economics of Monetary Union, Oxford 1999, OUP.

  25. See on this Klaus Gretschmann and Hans-Helmut Kotz: The Politics of EMU: Problems in Creating Wahlverwandschaften, in: Kredit und Kapital, 1997, Sonderheft 14, pp. 123–136.

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  1. Land Central Bank in Bremen, Lower Saxony and Saxony-Anhalt, Hanover, Germany

    Hans-Helmut Kotz

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Kotz, HH. EMU after two years — Have critics been confirmed?. Intereconomics 36, 62–68 (2001). https://doi.org/10.1007/BF02973770

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