Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 149
... debt levels and the credibility gain from joining the euro is also non - monotonic . Countries with very low debt levels might be close to indifferent because there is no credibility problem associated with the temptation to inflate ...
... debt levels and the credibility gain from joining the euro is also non - monotonic . Countries with very low debt levels might be close to indifferent because there is no credibility problem associated with the temptation to inflate ...
Page 157
... debt ratio it is convenient to re - write equation ( 14 ) slightly as : ( 15 ) Leuro - La = a2 ( g + bp ) 2 [ 1 + o ... debt to GDP ratio could also be non monotonic . However , as the debt ratio appears also in other terms of equation ...
... debt ratio it is convenient to re - write equation ( 14 ) slightly as : ( 15 ) Leuro - La = a2 ( g + bp ) 2 [ 1 + o ... debt to GDP ratio could also be non monotonic . However , as the debt ratio appears also in other terms of equation ...
Page 164
... debt ratios ( practically zero in Estonia , very high in Bulgaria ) surely reflects at least partially the difference in the respective national fiscal institutions . The Bulgarian debt was accumulated after all by successive ...
... debt ratios ( practically zero in Estonia , very high in Bulgaria ) surely reflects at least partially the difference in the respective national fiscal institutions . The Bulgarian debt was accumulated after all by successive ...
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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 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