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Real Exchange Rate Variability in Monetary Unions

Author

Listed:
  • Paul DE GRAUWE

    (University of Leuven)

  • Hilde Heens

    (University of Leuven)

Abstract

In this paper we compare the interregional and international degree of real exchange rate variability of a number of EMS-countries. This allows us to gain insights into the costs of a monetary union. Our major conclusion is that a monetary union among all EMS members would be costly for some of them if it were instituted today. We also find that a monetary union among a » hard-core of EMS-countries (Benelux, Germany, Denmark) would not involve major costs.

Suggested Citation

  • Paul DE GRAUWE & Hilde Heens, 1993. "Real Exchange Rate Variability in Monetary Unions," Discussion Papers (REL - Recherches Economiques de Louvain) 1993015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:1993015
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    File URL: http://www.jstor.org/stable/40724014
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    Cited by:

    1. Kang-Soek Lee & Philippe Saucier, 2011. "Should the UK Join the Euro Zone? Evidence from a Synthetic OCA Assessment," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 8(1), pages 77-96, June.
    2. Jacques Mélitz, 1995. "A suggested reformulation of the theory of optimal currency areas," Open Economies Review, Springer, vol. 6(3), pages 281-298, July.
    3. Rey, Serge & Varachaud, Pascal, 2000. "Le comportement des taux de change réels européens de la fin Bretton Woods à l’adoption de l’euro [The behavior of European real exchange rates from the Bretton Woods system end to the adoption of ," MPRA Paper 49502, University Library of Munich, Germany.
    4. Cristina Fernández & Pilar García Perea, 2015. "The impact of the euro on euro area GDP per capita," Working Papers 1530, Banco de España.
    5. Gandjon Fankem, Gislain Stéphane & Fouda Mbesa, Lucien Cédric, 2023. "Business cycle synchronization and African monetary union: A wavelet analysis," Journal of Macroeconomics, Elsevier, vol. 77(C).
    6. Kang-Soek LEE, 2010. "A Euro Peg System as an Alternative for the Chinese Exchange Rate Regime," LEO Working Papers / DR LEO 165, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    7. Bouoiyour, Jamal & Rey, Serge, 1995. "Chocs externes et ajustements des taux de change réels européens [External shocks and adjustment of European real exchange rates]," MPRA Paper 30241, University Library of Munich, Germany.
    8. Saucedo Acosta Edgar J. & Rullán Rosanis Samantha, 2014. "Two Effects of the European Financial Crisis," Business Systems Research, Sciendo, vol. 5(2), pages 46-60, September.
    9. Naib ALAKBAROV & Utku UTKULU, 2020. "Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe," Sosyoekonomi Journal, Sosyoekonomi Society, issue 28(44).

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