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Economic Conditions, Investment and Employment in Europe

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  • Kurihara Y.

Abstract

From 1999 the integrated currency ‘Euro’ has been introduced, however the doubt about introducing it has been discussed broadly. This paper presents an analysis on the European business cycle on the basis of the theory of optimum currency area, and analyses the problem of whether the movements of business cycle has shown convergence or not. The result is that the convergence has been ongoing recently. And this paper also considers of the reason of investment or employment that may be the big reason of promoting monetary integration. Some countries have realized increase of employment by exports and other countries have done it by domestic investment through appreciation of their own currencies. And on the whole, the process of increasing monetary integration in Europe, in other words, EMS (ERM) period, seems to have had a negative impact on employment.

Suggested Citation

  • Kurihara Y., 2002. "Economic Conditions, Investment and Employment in Europe," European Research Studies Journal, European Research Studies Journal, vol. 0(3-4), pages 3-12, July-Dece.
    • Handle: RePEc:ers:journl:v:v:y:2002:i:3-4:p:3-12
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    References listed on IDEAS

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    1. Frankel, Jeffrey A & Rose, Andrew K, 1998. "The Endogeneity of the Optimum Currency Area Criteria," Economic Journal, Royal Economic Society, vol. 108(449), pages 1009-1025, July.
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    3. Peersman, Gert & Smets, Frank, 2001. "Are the effects of monetary policy in the euro area greater in recessions than in booms?," Working Paper Series 52, European Central Bank.
    4. Rose, Andrew K & Engel, Charles, 2002. "Currency Unions and International Integration," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(4), pages 1067-1089, November.
    5. Daniel Gros, 1996. "Germany’s stake in exchange rate stability," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 31(5), pages 236-240, September.
    6. Gordon, Robert J, 1995. "Is There a Trade-off between Unemployment and Productivity Growth?," CEPR Discussion Papers 1159, C.E.P.R. Discussion Papers.
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