Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 29
... period with a more flexible exchange rate regime would allow the market to find the appropriate nominal parity at which to join the euro zone . The three economies in question are relatively small and their foreign exchange markets lack ...
... period with a more flexible exchange rate regime would allow the market to find the appropriate nominal parity at which to join the euro zone . The three economies in question are relatively small and their foreign exchange markets lack ...
Page 51
... period from independence to the establishment of the European Monetary System in 1979 falls into three parts . First , the period of private currency ( before 1928 ) ; then the lifetime of the Currency Commission ; finally the Central ...
... period from independence to the establishment of the European Monetary System in 1979 falls into three parts . First , the period of private currency ( before 1928 ) ; then the lifetime of the Currency Commission ; finally the Central ...
Page 64
... period . But from the beginning of the EMS the story is quite different . We note : a long period of generally positive , though modest , excess returns against the DM in the EMS period , significantly interrupted only by the mid - 1986 ...
... period . But from the beginning of the EMS the story is quite different . We note : a long period of generally positive , though modest , excess returns against the DM in the EMS period , significantly interrupted only by the mid - 1986 ...
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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