Title: From EMS to EMU: Are we better off?
Authors: De Grauwe, Paul
Dewachter, Hans
Aksoy, Yunus
Issue Date: 1999
Publisher: K.U.Leuven, Faculty of Economics and Applied Economics : Department of Economics
Series Title: CES - Discussion Paper Series (DPS) 99.21 pages:1-23
Abstract: In this paper we compare the stabilizing properties of the EMU to those of a ERM system, controlled by Germany. We find that in general the EMU will provide better stabilization of inflation, output and the interest rate than the EMS system. However, these results only apply if the ECB can effectively control monetary policy.\ In the case that the ECB-representatives do not coordinate and take a nationalistic point of view, the EMS regime is preferred by various countries.
Publication status: published
KU Leuven publication type: IR
Appears in Collections:Research Center of International Economics, Leuven

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