haku: @author McKay, J. E. / yhteensä: 1
viite: 1 / 1
« edellinen | seuraava »
| Tekijä: | McKay, J. E. |
| Otsikko: | Evaluating the EMU criteria: Theoretical constructs, member compliance and empirical testing |
| Lehti: | Kyklos
1997 : VOL. 50:1, p. 63-82 |
| Asiasana: | EUROPEAN MONETARY SYSTEM EXCHANGE RATES PUBLIC FINANCE INFLATION EMPIRICAL RESEARCH |
| Kieli: | eng |
| Tiivistelmä: | European monetary union, planned for January 1 1999, requires EU members to fulfil five criteria. Theoretical support for these five criteria is, at best, weak, and empirical tests have not been attempted. This study addresses itself to that gap. It reviews the theory, investigates the extent to which EU members meet the requirements and tests the criteria empirically. It assesses whether the EMU criteria, as proxied, are indicators of exchange rate stability. Results are not supportive: the model is clearly mis-specified. The best results obtained suggest, if anything, that the debt criterion has no role to play, and that, contrary to the specified criteria, high inflation differentials and high budget deficit/GDP ratios are more consistent with exchange rate stability. |
« edellinen | seuraava »
SCIMA