| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1748 |
| DP1748 Anonymous Market and Group Ties in International Trade | |
| Alessandra Casella; James E. Rauch | |
| 发表日期 | 1997-11-30 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | This paper analyses the constraints European Union law places on the 1 January 1999 choices of irrevocably fixed conversion rates between the euro and the currencies of EMU members states. Current EU legislation, notably the Maastricht Treaty, requires that the bilateral currency conversion factors implied by the 1 January 1999 choices equal closing market exchange rates on 31 December 1998. Given that legal constraint, there still exist several strategies for choosing the relative prices of EMU member currencies against the euro. Unfortunately, most of these have potentially damaging side effects. One approach, based on official Stage 2 offers of contingent euro forward contracts with value dates at the start of Stage 3, allows a highly credible preannouncement of the bilateral currency conversion factors to be set at the start of EMU. That approach assumes, however, that no prospective EMU members can withdraw between their selection in May 1998 and the start of Stage 3. |
| 主题 | International Macroeconomics |
| 关键词 | Emu Euro European system of central banks Maasticht treaty |
| URL | https://cepr.org/publications/dp1748 |
| 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/530890 |
| 推荐引用方式 GB/T 7714 | Alessandra Casella,James E. Rauch. DP1748 Anonymous Market and Group Ties in International Trade. 1997. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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