EMU, Financial Markets and the World Economy

1. Front Matter

   Pages i-ix

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2. EMU, Financial Markets and the World Economy

   1. EMU, Financial Markets and the World Economy

      • Thomas Moser, Bernd Schips

      Pages 1-8

3. EMU and the International Monetary System

   1. Front Matter

      Pages 9-9

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   2. How Does EMU Affect the Dollar and the Yen as International Reserve and Investment Currencies?

      • Michael Frenkel, Jens Søndergaard

      Pages 11-30

   3. May the Euro Increase Exchange Rate Volatility?

      • Jérôme Creel, Henri Sterdyniak

      Pages 31-52

   4. EMU and Transatlantic Exchange Rate Stability

      • Agnès Bénassy-Quéré, Benoît Mojon

      Pages 53-72

   5. A Game Theoretical Approach to Monetary Policy

      • André Fourçans, Thierry Warin

      Pages 73-87

4. EMU and European Capital Markets

   1. Front Matter

      Pages 89-89

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   2. The Impact of Diversification Opportunities in European Capital Markets

      • Gary Santry, Simon Stevenson

      Pages 91-108

   3. Bank Portfolios in Euroland

      • Claudia M. Buch, Susanne Lapp

      Pages 109-142

   4. Financial Markets and the Euro

      • Victor A. Canto, Robert I. Webb

      Pages 143-156

5. EMU and Macroeconomic Policy

   1. Front Matter

      Pages 157-157

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   2. Symmetry or Asymmetry in European Dollar Policies?

      • Lilia Cavallari, Giuseppe De Arcangelis

      Pages 159-180

   3. Monetary Integration and the Value of Waiting

      • Frank Strobel

      Pages 181-192

   4. International Spillovers of Macroeconomic Shocks

      • Douglas Laxton, Eswar S. Prasad

      Pages 193-205

   5. Fiscal Policy under EMU

      • Bas van Aarle

      Pages 207-216

6. EMU and Countries outside the Euro Area

   1. Front Matter

      Pages 217-217

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   2. Business Cycles in Switzerland

      • Yin-Wong Cheung, Frank Westermann

      Pages 219-230

   3. Getting Fit for the EU

      • Andreas Freytag

      Pages 231-251

   4. Eastern Europe and the Euro Area

      • Antonin Rusek

      Pages 253-267

This book is based on the conference "EMU and the Outside World", held at the Swiss Federal Institute of Technology (ETH), December 11, 1998. The conference was organized by the Swiss Institute for Business Cycle Research (KOF), which is supported jointly by the ETH and the Swiss Society for Business Cycle Research (SGK), an organization comprising representatives from private industry, the Swiss National Bank and public authorities. On the eve of the final stage of European Economic and Mone­ tary Union (EMU), Zurich seemed to be a particularly appropriate place for such a conference. On the one hand, given its location and economic and financial links with the euro area, Switzerland is one of the "outside coun­ tries" most affected by EMU. On the other hand, it was nowhere else than in Zurich where the vision of "a United States of Europe" was expressed for the first time by Winston Churchill in his speech on September 19, 1946. For many EMU is a step in that direction, whether welcome or not. Most of the papers appearing in this volume were presented at the con­ ference and have been revised and updated. Three contributions, chapter 11- 13, were commissioned specially for this publication. Besides the authors of the chapters, special thanks are due to Guido Boller, Robert McCauley, Umberto Schwarz, and Charles Wyplosz.

• Capital Markets
• Eastern Europe
• Euro
• Euroland
• Institution
• Integration
• Investment
• Policy
• Switzerland
• economic policy
• economy
• financial markets
• fiscal policy
• monetary policy
• monetary union

• Swiss National Bank, Switzerland

  Thomas Moser

• Swiss Federal Institute of Technology (ETH), Switzerland

  Bernd Schips

Thomas Moser is a staff economist at the central bank of Switzerland, and a lecturer of economics at the University of Zurich, Switzerland. Bernd Schips is a Professor of Economics at the Swiss Federal Institute of Technology (ETH) in Zurich, Switzerland, and Director of the Institute for Business Cycle Research (KOF) at the ETH. He is a member of the advisory board of IFO-Institute, Munich, Germany, and of the Centre for European Economic Research (ZEW) at the University of Mannheim, Germany.

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