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On the Role of Labour Market Reform for the Enlargement of a Monetary Union

Author

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  • Andrew Hughes Hallett
  • Svend E. Hougaard Jensen

Abstract

This paper studies the incentives to join a monetary union, and the incentives to reform within a monetary union and within the candidate countries, respectively. We present some "orders of magnitude" evidence on the size and balance of the incentive effects for joining and being joined, and on the desirability of reform in and out of the existing EMU in Europe. It is found that countries will only want to join a monetary union where there has been sufficient labour market reform, and where labour markets are more flexible than their own. But existing members will want the same properties of their new partners as well. (JEL F02, F15, F33, F 42)

Suggested Citation

  • Andrew Hughes Hallett & Svend E. Hougaard Jensen, 2003. "On the Role of Labour Market Reform for the Enlargement of a Monetary Union," CESifo Economic Studies, CESifo Group, vol. 49(3), pages 355-379.
    • Handle: RePEc:oup:cesifo:v:49:y:2003:i:3:p:355-379.
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    File URL: http://hdl.handle.net/10.1093/cesifo/49.3.355
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    Citations

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    Cited by:

    1. Vassilis Monastiriotis & Sotirios Zartaloudis, 2010. "Beyond the crisis: EMU and labour market reform pressures in good and bad times," LEQS – LSE 'Europe in Question' Discussion Paper Series 23, European Institute, LSE.
    2. Andrew Hughes Hallett, 2005. "Political Devolution without Fiscal Devolution," Vanderbilt University Department of Economics Working Papers 0505, Vanderbilt University Department of Economics.
    3. Louis Jaeck & Sehjeong Kim, 2014. "The Impact of EMU Enlargement on Structural Reforms: A Political Economy Approach," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 20(1), pages 73-86, February.
    4. Michal, Tvrdon, 2008. "Labour Market Institutions and Labour Market Performance in the European Union," MPRA Paper 12219, University Library of Munich, Germany.
    5. Andrew Hughes Hallett & John Lewis, 2004. "Debts, Deficits and the Entry of the Accession Countries into the Euro," Money Macro and Finance (MMF) Research Group Conference 2004 58, Money Macro and Finance Research Group.
    6. Hefeker Carsten, 2011. "Policy Uncertainty and Economic Reforms in a Monetary Union," German Economic Review, De Gruyter, vol. 12(3), pages 274-285, August.

    More about this item

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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