Real Exchange Rate Variability in Monetary Unions

Paul De Grauwe and Hilde Heens
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Hilde Heens: University of Leuven

No 1993015, Discussion Papers (REL - Recherches Economiques de Louvain) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: In this paper we compare the interregional and international degree of real exchange rate variability of a number of EMS-countries. This allows us to gain insights into the costs of a monetary union. Our major conclusion is that a monetary union among all EMS members would be costly for some of them if it were instituted today. We also find that a monetary union among a » hard-core of EMS-countries (Benelux, Germany, Denmark) would not involve major costs.

Pages: 13
Date: 1993-03-01
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Citations: View citations in EconPapers (9)

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