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Currency and Competitiveness in Europe
This book combines currency matters with competitiveness considerations, with a view to raising the understanding of exchange rate dynamics and to analysing the role of exchange rates in reinforcing economic competitiveness.
More Information
Critical Acclaim
Contributors
Contents
More Information
This book combines currency matters with competitiveness considerations, with a view to raising the understanding of exchange rate dynamics and to analysing the role of exchange rates in reinforcing economic competitiveness.
The overall focus is on highlighting the link between currency developments and the real side of the economy. From a regional perspective, the contributions centre on developments in Central, Eastern and South-eastern Europe and thus put a special emphasis on aspects of transition and convergence. More specifically, the book addresses key issues of financial globalization and global imbalances; the role of macroeconomic fundamentals in exchange rate economics; the role, objectives and challenges of regional monetary unions; exchange rate dynamics in transition economies and the competitiveness of catching-up countries. It also addresses the structural aspects of competitiveness and the significance of qualitative and quantitative aspects of competitiveness.
Offering the views of eminent academics and professionals, this book will be of great interest to economists and central bankers as well as to international organizations, universities and research institutes.
The overall focus is on highlighting the link between currency developments and the real side of the economy. From a regional perspective, the contributions centre on developments in Central, Eastern and South-eastern Europe and thus put a special emphasis on aspects of transition and convergence. More specifically, the book addresses key issues of financial globalization and global imbalances; the role of macroeconomic fundamentals in exchange rate economics; the role, objectives and challenges of regional monetary unions; exchange rate dynamics in transition economies and the competitiveness of catching-up countries. It also addresses the structural aspects of competitiveness and the significance of qualitative and quantitative aspects of competitiveness.
Offering the views of eminent academics and professionals, this book will be of great interest to economists and central bankers as well as to international organizations, universities and research institutes.
Critical Acclaim
‘Competitiveness is a notoriously slippery concept. This volume, featuring a galaxy of economic stars, lends some much-needed precision to the term and the debate over its determinants.’
– Barry Eichengreen, University of California, Berkeley, US
– Barry Eichengreen, University of California, Berkeley, US
Contributors
Contributors: E. Alberola, L. Bini Smaghi, M.C. Bonello, J. Brůha, J. Christl, S. Deroose, M.D.D. Evans, M. Fratzscher, H. Genberg, Á. Gereben, D. Igan, G.L. Kaminsky, P. Kutos, K. Liebscher, J. Lipsky, R. MacDonald, P. Mooslechner, A. Orphanides, J. Podpiera, D. Ritzberger-Grünwald, A. Scalia, J.M. Serena, I. Šramko, M. Suardi, J. Williamson, J. Woerz
Contents
Contents:
Preface
PART I: HOW CURRENCY AND COMPETITIVENESS CONTRIBUTE TO GROWTH AND STABILITY
1. Competitiveness Still has Currency
Klaus Liebscher
2. Financial Market Turbulence and Global Imbalances
John Lipsky
3. Are Global Imbalances a Problem?
John Williamson
4. Financial Globalization and Exchange Rate Arrangements
Graciela Laura Kaminsky
5. Exchange Rates from a Multilateral and South-East Asian Perspective
Hans Genberg
PART II: UNDERSTANDING EXCHANGE RATES
6. Fundamentally Lost? On the Role of Fundamentals in Exchange Rate Economics in History and Theory
Peter Mooslechner
7. Macroeconomic Fundamentals and the Exchange Rate
Ronald MacDonald
8. Understanding Exchange Rates: A Micro-based Perspective on the Importance of Fundamentals
Martin D.D. Evans
9. Real Exchange Rate Dynamics in Transition Economies: The Role of Investment in Quality
Jan Brůha and Jiří Podpiera
10. The Impact of Exchange Rate Interventions and Communication Over the Medium Term
Marcel Fratzscher
11. Using the Microstructure Approach to Foreign Exchange Markets in a Central Bank
Áron Gereben
12. How do Central Banks and FX Traders Interact?
Antonio Scalia
PART III: UNDERSTANDING ECONOMIC COMPETITIVENESS
13. Competitiveness in a Monetary Union
Josef Christl
14. Real and Nominal Convergence: Policy Challenges in a Monetary Union
Lorenzo Bini Smaghi
15. Product Quality and International Competitiveness in the New Member States of the EU
Deniz Igan
16. Structural Aspects of Competitiveness
Julia Woerz
17. Assessing the Sustainability of External Positions in New EU Member States
Enrique Alberola and José María Serena
PART IV: POLICY CHALLENGES ON THE ROAD TO AND WITHIN MONETARY UNION
18. Preparing for the Euro – Perspectives from the Monetary Policy Strategy in Cyprus
Athanasios Orphanides
19. Economic Challenges on the Path to the Euro – The Maltese Experience
Michael C. Bonello
20. Slovakia’s Road to the Euro – Lessons Learned and Challenges Ahead
Ivan Šramko
21. Euro Area Enlargement: Lessons and Challenges
Servaas Deroose, Paul Kutos and Massimo Suardi
Index
Preface
PART I: HOW CURRENCY AND COMPETITIVENESS CONTRIBUTE TO GROWTH AND STABILITY
1. Competitiveness Still has Currency
Klaus Liebscher
2. Financial Market Turbulence and Global Imbalances
John Lipsky
3. Are Global Imbalances a Problem?
John Williamson
4. Financial Globalization and Exchange Rate Arrangements
Graciela Laura Kaminsky
5. Exchange Rates from a Multilateral and South-East Asian Perspective
Hans Genberg
PART II: UNDERSTANDING EXCHANGE RATES
6. Fundamentally Lost? On the Role of Fundamentals in Exchange Rate Economics in History and Theory
Peter Mooslechner
7. Macroeconomic Fundamentals and the Exchange Rate
Ronald MacDonald
8. Understanding Exchange Rates: A Micro-based Perspective on the Importance of Fundamentals
Martin D.D. Evans
9. Real Exchange Rate Dynamics in Transition Economies: The Role of Investment in Quality
Jan Brůha and Jiří Podpiera
10. The Impact of Exchange Rate Interventions and Communication Over the Medium Term
Marcel Fratzscher
11. Using the Microstructure Approach to Foreign Exchange Markets in a Central Bank
Áron Gereben
12. How do Central Banks and FX Traders Interact?
Antonio Scalia
PART III: UNDERSTANDING ECONOMIC COMPETITIVENESS
13. Competitiveness in a Monetary Union
Josef Christl
14. Real and Nominal Convergence: Policy Challenges in a Monetary Union
Lorenzo Bini Smaghi
15. Product Quality and International Competitiveness in the New Member States of the EU
Deniz Igan
16. Structural Aspects of Competitiveness
Julia Woerz
17. Assessing the Sustainability of External Positions in New EU Member States
Enrique Alberola and José María Serena
PART IV: POLICY CHALLENGES ON THE ROAD TO AND WITHIN MONETARY UNION
18. Preparing for the Euro – Perspectives from the Monetary Policy Strategy in Cyprus
Athanasios Orphanides
19. Economic Challenges on the Path to the Euro – The Maltese Experience
Michael C. Bonello
20. Slovakia’s Road to the Euro – Lessons Learned and Challenges Ahead
Ivan Šramko
21. Euro Area Enlargement: Lessons and Challenges
Servaas Deroose, Paul Kutos and Massimo Suardi
Index
