By Lucio Vinhas De Souza, Bas Van Aarle
This assortment analyses the financial and trade fee recommendations of the european accession international locations in the course of the EMU (pre-) accession part and in addition coverage questions that may seem upon Euroarea access. Written by way of experts within the box, it's a must-read for all economists with an curiosity within the speedily evolving economies of the long run european member states.
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Extra resources for The Euroarea and the New EU Member States
Sample text
This proviso pertains, in particular, to those ACs which presently record substantial fiscal deficits. Notes 1. For a review of this discussion see Backé and Wójcik (2002). 2. For the main features of this debate see Backé (2002a). 3. For a selective review of the monetary policy integration strategies of Accession Countries see Moser et al. (2002). 4. For two of these country studies on the costs and benefits of Euroarea accession, pertaining to Austria and Sweden respectively, see Baumgartner et al.
It is shown that intra-industry trade induces the convergence of business cycles between trading partners, while there is no direct relation between business cycle and trade intensity. As a result, the OCA endogeneity hypothesis is confirmed. However, this result also underlines the role of specialization in trade. Finally, I ask whether the ACs should introduce the euro as soon as possible after accession to the EU or whether they should do so at a later stage. This question is addressed by applying the endogeneity hypothesis of OCA criteria to eight transition economies (the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia) invited to joint the EU in 2004.
This question is addressed by applying the endogeneity hypothesis of OCA criteria to eight transition economies (the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia) invited to joint the EU in 2004. This chapter applies the relation between the degree of trade integration, the shares of intra-industry trade, and the convergence in business cycles to predict the degree of business cycle harmonization of CEECs with EU countries in the medium term. This approach reflects the Lucas critique in so far as it considers possible structural changes during the accession of the CEECs to the EU and EMU.