Abstract
This paper questions whether a monetary union truly favors real convergence. Even if per capita GDP converges over one or two decades, it cannot be necessarily said that the process of convergence is sustainable. Institutional convergence and structural convergence are essential to attain real convergence. There are four elements in the development of real convergence as follows:
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Uribe M (2006) A fiscal theory of sovereign risk. Journal of Monetary Economics 53: 1857–1875
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© 2013 Springer Japan
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Okano, E. (2013). Comment Paper to Chapter “Is the European Monetary Union Sustainable? The Role of Real Convergence”. In: Kaji, S., Ogawa, E. (eds) Who Will Provide the Next Financial Model?. Springer, Tokyo. https://doi.org/10.1007/978-4-431-54282-7_18
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DOI: https://doi.org/10.1007/978-4-431-54282-7_18
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Publisher Name: Springer, Tokyo
Print ISBN: 978-4-431-54281-0
Online ISBN: 978-4-431-54282-7
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