| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP9226
|
| DP9226 Adjustment Mechanisms in a Currency Area |
| Charles A. E. Goodhart
|
| 发表日期 | 2012-11-25
|
| 出版年 | 2012
|
| 语种 | 英语
|
| 摘要 | Both the euro-area and the United States suffered an initially quite similar housing and financial shock in 2007/8, with several states in both regions being particularly badly affected. Yet there was never any question that the worst hit US states would need a special bail-out or leave the dollar area, whereas such concerns have worsened in the euro-area. We focus on three badly affected states, Arizona, Spain and Latvia, to examine the working of relative adjustment mechanisms within the currency region. We concentrate on four such mechanisms, relative wage adjustment, migration, net fiscal flows and bank flows. Only in Latvia was there any relative wage adjustment. Intra-EU migration has increased, but is more costly for those involved in the EU (than in the USA). Net federal financing helped Arizona and Latvia in the crisis, but not Spain. The locally focussed structure of banking amplified the crisis in Spain, whereas the role of out-of-state banks eased adjustment in Arizona and Latvia. The latter reinforces the case for an EU banking union. |
| 主题 | International Macroeconomics
|
| 关键词 | Assymetric shocks
Adjustment mechanisms
Relative unit labour costs
Migration
Fiscal transfers
Banking union
|
| URL | https://cepr.org/publications/dp9226
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538060
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推荐引用方式
GB/T 7714 |
Charles A. E. Goodhart. DP9226 Adjustment Mechanisms in a Currency Area. 2012.
|
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