EMU, Financial Markets and the World Economy 2001 edition

Marc Notes: Includes bibliographical references and indexBiographical Note: Thomas Moser is a staff economist at the central bank of Switzerland, and a lecturer of economics at the University of Zurich, Switzerland. Bernd Schips is a Professor of Economics at the Swiss Federal Institute of Technology (ETH) in Zurich, Switzerland, and Director of the Institute for Business Cycle Research (KOF) at the ETH. He is a member of the advisory board of IFO-Institute, Munich, Germany, and of the Centre for European Economic Research (ZEW) at the University of Mannheim, Germany. Table of Contents: Contributors. Preface. 1. EMU, Financial Markets and the World Economy: An Overview; T. Moser, B. Schips. Part I: EMU and the International Monetary System. 2. How Does EMU Affect the Dollar and the Yen as International Reserve and Investment Currencies? M. Frenkel, J. Sondergaard. 3. May the Euro Increase Exchange Rate Volatility? J. Creel and H. Sterdyniak. 4. EMU and Transatlantic Exchange Rate Stability; A. Benassy-Quere and B. Mojon. 5. A Game Theoretical Approach to Monetary Policy: What Strategy for the ECB? A. Fourcans, T. Warin. Part II: EMU and European Capital Markets. 6. The Impact of Diversification Opportunities in European Capital Markets; G. Santry, S. Stevenson. 7. Bank Portfolios in Euroland; C. M. Buch, S. Lapp. 8. Financial Markets and the Euro; V. A. Canto, R. I. Webb. Part III: EMU and Macroeconomic Policy. 9. Symmetry or Asymmetry in European Dollar Policies? Evidence from the Core Countries; L. Cavallari, G. De Arcangelis. 10. Monetary Integration and the Value of Waiting; F. Strobel. 11. International Spillovers of Macroeconomic Shocks: A Quantitative Exploration; D. Laxton, E. S. Prasad. 12. Fiscal Policy under EMU: An Overview; B. van Aarle. Part IV: EMU and Countries Outside the Euro Area. 13. Business Cycles in Switzerland: An Empirical Analysis of the German and the U. S. Effects; Y.-W. Cheung, F. Westermann. 14. Getting Fit for the EU: A Currency Board for Poland; A. Freytag. 15. Eastern Europe and the Euro Area; A. Rusek. 16. Will the Euro Hurt Industrializatikon of Europe's Southern Trading Partners? Evidence from Industrial Panel Data; J.-F. Ruhashyankiko. 17. EMU, Euro and EU-Membership: An Evaluation from the Turkish Macroeconomic Perspective; A. Kibritcoğlu. Index."Publisher Marketing: The Economic and Monetary Union (EMU) is an event of historic proportions with far-reaching implications in the years to come. The essays in this collection provide an analysis of several theoretical and policy issues associated with these implications. They are organized under four broad issues. Firstly, the likely consequences of the euro for the international monetary system is analyzed, and its role as an international currency and the level and long-run volatility of its rate of exchange against other major currencies is explored. Secondly, the potential long-run impact of the EMU on European capital markets, diversification opportunities, and the analytical framework for equity and fixed income analysts are explored. Thirdly, macroeconomic policy issues resulting from the institutional design of EMU are investigated. Finally, the possible impact of EMU on countries outside the euro area is discussed, particularly on countries in Central and Eastern Europe, in the Mediterranean basin, in Africa, and in the Middle East.

Contributor Bio:  Moser, Thomas Thomas Moser is a staff economist at the central bank of Switzerland, and a lecturer of economics at the University of Zurich, Switzerland. Bernd Schips is a Professor of Economics at the Swiss Federal Institute of Technology (ETH) in Zurich, Switzerland, and Director of the Institute for Business Cycle Research (KOF) at the ETH. He is a member of the advisory board of IFO-Institute, Munich, Germany, and of the Centre for European Economic Research (ZEW) at the University of Mannheim, Germany.