G2TT
来源类型Discussion paper
规范类型论文
来源IDDP623
DP623 East Germany, West Germany, and their Mezzogiorno Problem: An Empirical Investigation
Yue Ma; Andrew Hughes Hallett
发表日期1992-02-29
出版年1992
语种英语
摘要Economic and monetary reunification in Germany has proved to be more expensive than previously thought - and not just for the Germans. If a `Mezzogiorno' problem of continuing fiscal transfers to the East and possible migration flows westwards are to be avoided, there must be convergence in productivity levels. This paper analyses possible convergence paths and the policy regimes which accelerate convergence. The intention is to illustrate the (albeit less extreme) problems facing a European monetary union of asymmetric and incompletely converged economies. Working from first principles, or with the aid of an econometric model, shows that convergence sufficient to avoid a `Mezzogiorno' problem is likely to be slow: perhaps 30-40 years in the German case despite very fast growth in the East. Second, it is not clear that the process is incentive compatible: a substantial part of the servicing and subsidizing costs must be paid by other (non-German) economies in the union without any obvious compensating benefits. Third, to reduce the need for continuing transfers actually requires a policy which promotes price and wage flexibility in the depressed region. This appears to run counter to current market integration in Europe. Such `unpleasant arithmetic' is an important contribution to the monetary union debate, because without it the smooth running of a union of incompletely converged economies will certainly be compromised.
主题International Macroeconomics
关键词Economic convergence Fiscal transfers Monetary union Price flexibility
URLhttps://cepr.org/publications/dp623
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/529784
推荐引用方式
GB/T 7714
Yue Ma,Andrew Hughes Hallett. DP623 East Germany, West Germany, and their Mezzogiorno Problem: An Empirical Investigation. 1992.
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