EMU enlargement, stabilization costs and insurance mechanisms
Autor(a) principal: | |
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Data de Publicação: | 2008 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/25625 |
Resumo: | This paper considers the determinants of the macroeconomic costs of joining EMU for the new EU Member Sates, and compares them with those of the EMU members. Specifically, we investigate the business cycle correlation between the candidate’s economy and that of the euro area as a whole, and the ability of insurance mechanisms and fiscal policies to smooth income fluctuations. The results suggest that EMU membership would not be costly for some countries (Cyprus, Hungary and Malta) but for other countries it could have relevant costs, at least in the short-run. For some of these countries, business cycles are not yet well synchronized with the euro area’s business cycle, and risk-sharing mechanisms do not provide enough insurance against shocks. |
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EMU enlargement, stabilization costs and insurance mechanismsEMUOptimum Currency AreasStabilization CostsInsurance MechanismsThis paper considers the determinants of the macroeconomic costs of joining EMU for the new EU Member Sates, and compares them with those of the EMU members. Specifically, we investigate the business cycle correlation between the candidate’s economy and that of the euro area as a whole, and the ability of insurance mechanisms and fiscal policies to smooth income fluctuations. The results suggest that EMU membership would not be costly for some countries (Cyprus, Hungary and Malta) but for other countries it could have relevant costs, at least in the short-run. For some of these countries, business cycles are not yet well synchronized with the euro area’s business cycle, and risk-sharing mechanisms do not provide enough insurance against shocks.ElsevierRepositório da Universidade de LisboaAfonso, AntónioFurceri, Davide2022-09-29T14:21:56Z20082008-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/25625engAfonso, António and Davide Furceri. (2008). "EMU enlargement, stabilization costs and insurance mechanisms". Journal of International Money and Finance, Vol. 27, No. 2: pp. 169-187.0261-5606info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:55:11Zoai:www.repository.utl.pt:10400.5/25625Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:09:26.632081Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
EMU enlargement, stabilization costs and insurance mechanisms |
title |
EMU enlargement, stabilization costs and insurance mechanisms |
spellingShingle |
EMU enlargement, stabilization costs and insurance mechanisms Afonso, António EMU Optimum Currency Areas Stabilization Costs Insurance Mechanisms |
title_short |
EMU enlargement, stabilization costs and insurance mechanisms |
title_full |
EMU enlargement, stabilization costs and insurance mechanisms |
title_fullStr |
EMU enlargement, stabilization costs and insurance mechanisms |
title_full_unstemmed |
EMU enlargement, stabilization costs and insurance mechanisms |
title_sort |
EMU enlargement, stabilization costs and insurance mechanisms |
author |
Afonso, António |
author_facet |
Afonso, António Furceri, Davide |
author_role |
author |
author2 |
Furceri, Davide |
author2_role |
author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Afonso, António Furceri, Davide |
dc.subject.por.fl_str_mv |
EMU Optimum Currency Areas Stabilization Costs Insurance Mechanisms |
topic |
EMU Optimum Currency Areas Stabilization Costs Insurance Mechanisms |
description |
This paper considers the determinants of the macroeconomic costs of joining EMU for the new EU Member Sates, and compares them with those of the EMU members. Specifically, we investigate the business cycle correlation between the candidate’s economy and that of the euro area as a whole, and the ability of insurance mechanisms and fiscal policies to smooth income fluctuations. The results suggest that EMU membership would not be costly for some countries (Cyprus, Hungary and Malta) but for other countries it could have relevant costs, at least in the short-run. For some of these countries, business cycles are not yet well synchronized with the euro area’s business cycle, and risk-sharing mechanisms do not provide enough insurance against shocks. |
publishDate |
2008 |
dc.date.none.fl_str_mv |
2008 2008-01-01T00:00:00Z 2022-09-29T14:21:56Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/25625 |
url |
http://hdl.handle.net/10400.5/25625 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Afonso, António and Davide Furceri. (2008). "EMU enlargement, stabilization costs and insurance mechanisms". Journal of International Money and Finance, Vol. 27, No. 2: pp. 169-187. 0261-5606 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Elsevier |
publisher.none.fl_str_mv |
Elsevier |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799131189336866816 |