Better Than the Euro? The European Monetary System (1979–1998)
| Autor: | Martin Höpner, Alexander Spielau |
|---|---|
| Rok vydání: | 2017 |
| Předmět: |
media_common.quotation_subject
05 social sciences Geography Planning and Development European Monetary System International economics Development 050601 international relations 0506 political science Negotiation Exchange rate Political Science and International Relations European integration 050602 political science & public administration Economics media_common |
| Zdroj: | New Political Economy Is the European Union Capable of Integrating Diverse Models of Capitalism? |
| ISSN: | 1469-9923 1356-3467 |
| DOI: | 10.1080/13563467.2017.1370443 |
| Popis: | The euro crisis has provoked a debate on the pros and cons of adjustable exchange rate regimes that enable their participants to negotiate nominal de- and revaluations. To evaluate the functioning of such regimes, we revisit the EMU’s predecessor, the European Monetary System (EMS). We show that in the EMS, devaluations did indeed help more than revaluations did hurt. Assuming that the political-economic heterogeneity of the Eurozone will not vanish in the foreseeable future, the move to a more flexible exchange rate regime might therefore be economically advantageous. However, a purely economic view ignores the huge political ‘maintenance costs’ of negotiable realignments, costs that the EMS members aimed at overcoming when they opted for the euro. The re-politicization of nominal exchange rate policy in today’s Eurozone would therefore not end transnational political conflicts in the Eurozone but fuel new ones. Introduction The structural elements of the European monetary system The EMS phases A macroeconomic view on the exchange rate adjustments Political conflicts in discretionary exchange rate regimes Discussion References |
| Databáze: | OpenAIRE |
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