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Economic Risks of EMU

In: Risk Management

Author

Listed:
  • Michael Frenkel

    (WHU Koblenz)

  • Paul McCracken

    (University of Michigan Business School)

Abstract

This paper reviews recent research and the first five years of EMU experience with a view to examine the risks that EMU entails for governments, firms, and workers. It also looks at the long-term stability of the euro. Although it has often been emphasized that exchange rate risk is eliminated by EMU, risks can occur for a variety of reasons which are discussed in this paper. More specifically, we consider fiscal policy, rigidity of labor markets, and EMU enlargement as potential sources of risk in the EMU and look at shifts of the importance of different risk components in financial markets resulting from EMU.

Suggested Citation

  • Michael Frenkel & Paul McCracken, 2005. "Economic Risks of EMU," Springer Books, in: Michael Frenkel & Markus Rudolf & Ulrich Hommel (ed.), Risk Management, edition 0, pages 741-764, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-26993-9_38
    DOI: 10.1007/3-540-26993-2_38
    as

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