Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 11
... nominal exchange rate could absorb part of the real appreciation linked to higher inflation in candidate countries ( Balassa - Samuelson effect ) . He then underlined the reasons for keeping the CBA within the ERMII until the final ...
... nominal exchange rate could absorb part of the real appreciation linked to higher inflation in candidate countries ( Balassa - Samuelson effect ) . He then underlined the reasons for keeping the CBA within the ERMII until the final ...
Page 28
... nominal convergence by allowing nominal appreciations to absorb the well - known Balassa - Samuelson effect ( a tendency for the real exchange rate to appreciate as a result of faster productivity growth in the traded goods sector than ...
... nominal convergence by allowing nominal appreciations to absorb the well - known Balassa - Samuelson effect ( a tendency for the real exchange rate to appreciate as a result of faster productivity growth in the traded goods sector than ...
Page 30
... nominal convergence will be affected in part by relative price adjustments that involve higher - than - EU - average inflation , but this should not necessarily be seen as a problem . The special characteristics of the transition ...
... nominal convergence will be affected in part by relative price adjustments that involve higher - than - EU - average inflation , but this should not necessarily be seen as a problem . The special characteristics of the transition ...
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Common terms and phrases
accession countries adjustment adopt the euro anchor currency assets average Bank of Estonia Bank of Lithuania banking sector banking system budget Bulgaria candidate countries capital movements cent central bank commercial banks competitiveness credibility currency board arrangement currency board system Currency Commission current account deficit debt Directorate domestic Economic and Financial Economic and Monetary economic policy EMU acquis ERMII Estonian kroon Estonian monetary euro area European Commission European Union exchange rate policy exchange rate regime exports Financial Affairs financial markets financial sector fiscal policy fixed exchange rate flexibility foreign exchange framework growth Hong Kong Honohan implementation important increase inflation integration interbank interest rates investment Irish pound joining the euro liquidity litas macroeconomic Member monetary policy monetary system Monetary Union money market nominal participation payments percent period real exchange rate reserve requirement Russian crisis seigniorage stabilisation trade transition economies wages