Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 67
... Competitiveness One aspect of the lack of flexibility of a fixed currency regime relates to its inability to respond to losses of competitiveness , which can be important if the wage - setting system does not take account of external ...
... Competitiveness One aspect of the lack of flexibility of a fixed currency regime relates to its inability to respond to losses of competitiveness , which can be important if the wage - setting system does not take account of external ...
Page 136
... competitiveness , there are a number of other relevant measures of competitiveness , including productivity , wages , unit labour costs , and evolution of exports . Figure 2- Real Effective Exchange Rate ( 1 - June 1992 ) 5 sept - 93 6 ...
... competitiveness , there are a number of other relevant measures of competitiveness , including productivity , wages , unit labour costs , and evolution of exports . Figure 2- Real Effective Exchange Rate ( 1 - June 1992 ) 5 sept - 93 6 ...
Page 141
... competitiveness problem at this stage and that the level of both the exchange rate and of wages does not appear out of equilibrium . In addition , it is clear that measuring competitiveness simply by the real exchange rate ( deflated by ...
... competitiveness problem at this stage and that the level of both the exchange rate and of wages does not appear out of equilibrium . In addition , it is clear that measuring competitiveness simply by the real exchange rate ( deflated by ...
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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