Exchange-Rate Regimes and Currency Unions Proceedings of a conferenc
The contributions are concerned with the theoretical and empirical analyses of fixed and flexible exchange rate systems, the role of central bank and other government policies in such systems, the prospects, workings and effects of a European Monetary Sys
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Exchange-Rate Regimes and Currency Unions Proceedings of a conference held by the Confederation of European Economic Associations at Frankfurt, Germany, 1990
Edited by
Emst Baltensperger Professor of Economics University of Bern, Switzerland
and
Hans-Wemer Sinn Professor of Economics University of Munich, Germany
M
St. Martin's Press
© Confederation of European Economic Associations 1992
Softcover reprint of the hardcover 1 st edition 1992 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London WIP9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published in Great Britain 1992 by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 2XS and London Companies and representatives throughout the world This book is published in association with the Confederation of European Economic Associations. A catalogue record for this book is available from the British Library. ISBN 978-1-349-22041-0 ISBN 978-1-349-22039-7 (eBook) DOI 10.1007/978-1-349-22039-7 1098765432 03 02 01 00 99 98 97 96 95 94 First published in the United States of America 1992 by Scholarly and Reference Division, ST. MARTIN'S PRESS, INC., 175 Fifth Avenue, New York, N.Y. 10010 ISBN 978-0-312-08101-0 Library of Congress Cataloging-in-Publication Data Exchange-rate regimes and currency unions / edited by Emst Baltensperger and Hans-Wemer Sinn. p. cm. Based on papers presented at a conference held in Frankfurt, Germany, in Feb. 1990. "In association with the Confederation of European Economic Associations." Includes bibliographical references and index. ISBN 978-0-312-08101-0 (New York).- ISBN 978-0-333-56943-6 (London) I. Monetary unions-Europe-Congresses. 2. Foreign exchange-Europe-Congresses. 3. European Monetary System (Organization)-Congresses. I. Baltensperger, Ems!. 11. Sinn, Hans-Wemer. Ill. Confederation of European Economic Associations. HG925.E98 1992 332.4'5'094-dc20 92-7179 CIP
Contents xi xii xv xvi xviii
List of Figures List of Tables Preface Notes on the Contributors List of Abbreviations
1 Introduction 1
Pierre Mail/et
1.1 European Monetary System and Monetary Integration 1.2 Exchange Rates and Central Bank Policy 1.3 European Monetary Union
2 4
6 9
References PART I EUROPEAN MONETARY SYSTEM AND MONETARY INTEGRATION 2 The Entry of Southern Countries Into the European Monetary System Patrick Artus and Claude Dupuy
2.1 Introduction 2.2 The Models 2.3 Indebtedness Policy of Spain and Portugal Appendix: Figures for Spain and Portugal:
13 13
15
28
32 34
References 3 Perfect Capital Mobility and the Italian Economy Giancarlo Gandolfo and
