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| Author: | Beetsma, R.M.W.J. Jensen, H. |
| Title: | Structural convergence under reversible and irreversible monetary unification |
| Journal: | Journal of International Money and Finance
2003 : APR, VOL. 22:2, p. 417-439 |
| Index terms: | Inflation |
| Freeterms: | Convergence Monetary unification |
| Language: | eng |
| Abstract: | Endogenous monetary unification is explored in the context of a model in which a country with serious structural distortions and high inflation is admitted into a momentary union once its economic structure has converged sufficiently towards that of the existing participants. If unification is reversible, so that the new entrant can always be forced to leave the union again later, convergence stops for a while after the high-inflation country has joined. |
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