Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 20
... adjustments of interest rates or the exchange rate ) to stimulate the economy . Instead , under a currency board economic adjustment has to come by way of wage and price adjustments , which can be both slower and more painful if ...
... adjustments of interest rates or the exchange rate ) to stimulate the economy . Instead , under a currency board economic adjustment has to come by way of wage and price adjustments , which can be both slower and more painful if ...
Page 89
... adjustment in the wages , supplemented by labour shedding in large corporates . Such process of internal price and wage adjustment takes time and is painful , but will yield long term benefits in productivity and efficiency gains to the ...
... adjustment in the wages , supplemented by labour shedding in large corporates . Such process of internal price and wage adjustment takes time and is painful , but will yield long term benefits in productivity and efficiency gains to the ...
Page 115
... adjustment continued . The decreasing loan stock and high real interest rates in the monetary sector have also supported a similar development . The prices on tradables increased by 0.4 % ( y - o - y ) during the first half of 1999. The ...
... adjustment continued . The decreasing loan stock and high real interest rates in the monetary sector have also supported a similar development . The prices on tradables increased by 0.4 % ( y - o - y ) during the first half of 1999. The ...
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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 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