Suchergebnisse

Investigates whether the pre-conditions for an economic and monetary union in the European Community have been created through the establishment of the European Monetary System in 1979. Summary in Italian.

TO ASSESS THE IMPORTANCE OF ECONOMIC INTERDEPENDENCE AND THE POTENTIAL GAINS FROM POLICY COORDINATION IN EUROPE, THIS PAPER ANALYZES THE INTERNATIONAL TRANSMISSION OF POLICIES AND DISTURBANCES IN A RATIONAL EXPECTATION DYNAMIC GENERAL EQUILIBRIUM SIMULATION MODEL OF THE WORLD ECONOMY AND APPLIES THE ANALYSIS TO THE EUROPEAN MONETARY SYSTEM. INTERNATIONAL SPILLOVER EFFECTS AND POTENTIAL GAINS FROM COORDINATION APPEAR TO BE SMALL UNDER THE ASSUMPTION OF FLEXIBLE EXCHANGE RATES IN THE EUROPEAN AREA. THE IMPLICATIONS OF A FIXED-RATE EMS WITH GERMAN LEADERSHIP ARE COMPARED WITH THOSE OF A COOPERATIVE FIXED EXCHANGE RATE REGIME. FINALLY, CAPITAL CONTROLS UNDER FIXED RATES FAIL TO INSURE POLICY AUTONOMY AND INSULATION FROM EXTERNAL DISTURBANCES FOR THE COUNTRIES THAT RESTRICT THE CAPITAL MOVEMENTS.