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Deciding to enter a monetary union : the role of trade and financial linkages
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| 자료유형 | 단행본 |
|---|---|
| 서명/저자사항 | Deciding to enter a monetary union : the role of trade and financial linkages/ prepared by Ruy Lama and Pau Rabanal. |
| 개인저자 | Lama, Ruy,1975-. Rabanal, Pau, |
| 단체저자명 | International Monetary Fund. Institute for Capacity Development. |
| 발행사항 | [Washington, D.C.]: International Monetary Fund, ?012. |
| 형태사항 | 1 online resource (52 pages). |
| 총서사항 | IMF working paper;WP/240 |
| ISBN | 9781475512434 1475512430 |
| 기타표준부호 | 10.5089/9781475512434.001 |
| 일반주기 |
Title from PDF title page (IMF Web site, viewed Oct. 5, 2012).
"Institute for Capacity Development." "October 2012." |
| 서지주기 | Includes bibliographical references. |
| 요약 | This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model to compute the welfare trade-offs from joining the euro. We evaluate two alternative scenarios. In the first one, we consider a reduction of trade costs that occurs after the adoption of a common currency. In the second, we introduce interest rate spread shocks of the same magnitude as the ones observed during the recent debt crisis in Europe. The reduction of trade costs generates a net welfare gain of 0.9 percent of life-time consumption, while the increased interest rate spread volatility generates a net welfare cost of 2.9 percentage points. The welfare calculation suggests two ways to preserve the welfare gains in a monetary union: ensuring fiscal and financial stability that reduces macroeconomic country risk, and increasing wage flexibility such that the economy adjusts to external shocks faster. |
| 주제명(단체명) | Economic and Monetary Union. |
| 일반주제명 | Monetary unions --Europe. Monetary unions --Europe --Econometric models. Eurozone. Eurozone --Econometric models. BUSINESS & ECONOMICS --Finance. |
| 언어 | 영어 |
| 바로가기 |  |
