| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1231 |
| DP1231 Nominal Rigidity and Monetary Uncertainty in a Small Open Economy | |
| Neil Rankin | |
| 发表日期 | 1995-08-31 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | This paper surveys the literature on monetary integration to discover the economic rationale of the Maastricht convergence requirements. The traditional theory of optimum currency areas is silent on the need to have Maastricht-type convergence requirements. The new view of monetary integration based on models incorporating credibility concepts can be used to justify the budgetary convergence requirements. It cannot easily be used to justify the nominal convergence requirements. The paper argues that the dynamics of the convergence requirements will almost certainly lead to a `Great Divide' of the European Union which endangers the level of integration achieved today. We therefore conclude that less emphasis should be put on prior convergence conditions and more on strengthening the functioning of the future monetary institutions of the Union. |
| 主题 | International Macroeconomics |
| 关键词 | Monetary integration |
| URL | https://cepr.org/publications/dp1231 |
| 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/530373 |
| 推荐引用方式 GB/T 7714 | Neil Rankin. DP1231 Nominal Rigidity and Monetary Uncertainty in a Small Open Economy. 1995. |
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