Abstract
With European monetary integration having started as scheduled on January 1, 1999, what should be the exchange-rate rules governing other European countries that want free access to the European common market but that would not, at least at the outset, be part of the common monetary regime? Some Central and Eastern European counties (CEECs) have already applied for membership in the European Union (EU)—the so-called Visegrad-5 consisting of the Czech Republic, Hungary, the Slovak Republic, Slovenia, and Poland. Other CEECs could be considered for EU membership in the not-too-distant future—the Balkan-2 (Bulgaria and Romania), the Baltic-3 (Estonia, Latvia, and Lithuania), and counties like Croatia and other parts of the former Yugoslavia or the former Soviet Union.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Baldwin, R., J. Francois, and Richard Portes. (1997). “The Costs and Benefits of Eastern Enlargement: The Impact on the EU and Central Europe.” Economic Policy Review: A European Forum (April): 125–176.
Bartolini, L., and A. Prati. (1997). “Soft Versus Hard Targets for Exchange Rate Intervention.” Economic Policy Review: A European Forum (April): 15–52.
Bordo, M.D., and F. Kydland. (1995). “The Gold Standard as a Rule: An Essay in Exploration.” Explorations in Economic History.
De Grauwe, Paul. (1996). “Reforming the Transition to EMU.” In Peter Kenen (ed.), Making EMU Happen, Problems and Proposals: A Symposium (pp. 16–29). Princeton Essays in International Finance No. 199. Princeton, NJ: Princeton University Press.
Eichengreen, Barry, Andrew Rose, and Charles Wyplosz. (1995). “Exchange Rate Mayhem: The Antecedents and Aftermath of Speculative Attacks.” Economic Policy, 21 (October): 249–312.
Krugman, Paul. (1997). “Are Currency Crises Self-Fulfilling?” NBER Macro Annual Conference 1996. City: NBER.
McKinnon, Ronald I. (1993). The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy (2nd ed.). Baltimore, MD: Johns Hopkins University Press.
McKinnon, Ronald I. (1996a). “Monetary Regimes, Government Borrowing Constraints, and Market-Preserving Federalism: Implications for EMU.” In Thomas Courchene (ed.), The National State in a Global/Information Era: Policy Challenges. Kingston, Ont.: Queen’s University.
McKinnon, Ronald I. (1996b). The Rules of the Game: International Money and Exchange Rates. Cambridge, MA: MIT Press.
McKinnon, Ronald I. (1997). “EMU as Device for Collective Fiscal Retrenchment.” American Economic Review (May).
McKinnon, Ronald I. (1999). “Exchange-Rate Coordination for Surmounting the East Asian Crisis.” Asian Economic Journal (February).
McKinnon, Ronald I., and Kenichi Ohno. (1997). Dollar and Yen: Resolving Economic Conflict Between the United States and Japan. Cambridge, MA: MIT Press.
McKinnon, Ronald I., and Huw Pill. (1996). “Credible Liberalizations and International Capital Flows: The Overborrowing Syndrome.” In T. Ito and A. Krueger (eds.), Financial Deregulation and Integration in East Asia (pp. 7–48). Chicago: NBER, University of Chicago Press.
McKinnon, Ronald I., and Huw Pill. (1997). “Credible Liberalizations and Overborrowing.” American Economic Review (May).
McKinnon, Ronald I., and Huw Pill. (1998). “International Overborrowing: A Decomposition of Credit and Currency Risk.” World Development, 26(7)(July): 1267–1282.
Miller, Marcus, and Alan Sutherland. (1991). “The Walters Critique of the EMS: A Case of Inconsistent Expectations?” The Manchester School, 69 (supp.): 23–37.
Obstfeld, Maurice. (1994). “The Logic of Currency Crises.” Cahiers Economique et Monetaires (Bank of France), 43: 188–213.
Obstfeld, Maurice, and Kenneth Rogoff. (1995). “The Mirage of Fixed Exchange Rates.” Journal of Economic Perspectives, 9(4) (Fall): 73–96.
Ohno, Kenichi. (1993). “The Purchasing Power Parity Criterion for Stabilizing Exchange Rates.” In Dilip Das (ed.), Foreign Exchange Markets and International Capital Flows (pp. 394–415).
Pill, Huw. (1995a). “Financial Liberalisation and Financial Management in the Open Economy.” Ph.D. dissertation, Stanford University, June.
Pill, Huw. (1995b). “Target Zones and the European Monetary System: A Reconciliation.” CREG Memo 313, Stanford University, February.
Tanzi, Vito, and Mario Blejer. (1982). “Inflation, Interest-Rate Policy, and Currency Substitution in Developing Countries.” World Development, 10(9): 781–789.
Walters, Alan. (1986). Britain’s Economic Renaissance. Oxford: Oxford University Press.
Walters, Alan. (1990). Sterling in Danger. Institute for Economic Affairs. London: Fontana Press.
Williamson, John. (1985). The Exchange Rate System (2nd ed.). Washington, DC: Institute for International Economics.
Williamson, John. (1994). “Managing the Monetary System.” In P. Kenen (ed.), Managing the World Economy Fifty Years After Bretton Woods. Washington, DC: Institute for International Economics.
World Bank. (1993). The East Asian Miracle: Economic Growth and Public Policy. Oxford: Oxford University Press.
Editor information
Rights and permissions
Copyright information
© 1999 Kluwer Academic Publishers
About this chapter
Cite this chapter
McKinnon, R.I. (1999). Toward Virtual Exchange-Rate Stability in Western and Eastern Europen with the Advent of EMU. In: Blejer, M.I., Škreb, M. (eds) Balance of Payments, Exchange Rates, and Competitiveness in Transition Economies. Springer, Boston, MA. https://doi.org/10.1007/978-0-585-31346-7_4
Download citation
DOI: https://doi.org/10.1007/978-0-585-31346-7_4
Publisher Name: Springer, Boston, MA
Print ISBN: 978-0-7923-8422-9
Online ISBN: 978-0-585-31346-7
eBook Packages: Springer Book Archive