The impact of European Monetary Union enlargement on Central Banks

2003 ◽  
Vol 31 (4) ◽  
pp. 295-296
Keyword(s):  
Monetary Union ◽  
European Monetary Union ◽  
Central Banks ◽  
European Monetary ◽  
The Impact

The Legal and Economic Questions posed by the German Constitutional Court’s decision in the Public Sector Purchase Programme (PSPP) Case

2021 ◽  
Vol 7 (3) ◽  
pp. 399-412
Author(s):  
Andrew James Perkins
Keyword(s):  
Monetary Union ◽  
Judicial Review ◽  
European Monetary Union ◽  
Central Banks ◽  
Central Banking ◽  
Constitutional Court ◽  
European Law ◽  
European Monetary ◽  
The Public ◽  
German Constitutional Court

This paper seeks to explore the PSPP decision of the German Constitutional Court and its effect on the monetary policy decisions taken by central banks. It begins by exploring the decision and its effect in Germany, together with its wider implications for the European Monetary Union before moving onto consider the standard of review that should be applied by the Courts when they are required to review central banks actions. Conclusions are reached to show that any standard of review should be limited because of the unique economic and political circumstances in which central bank decision making takes place. Keywords: Central Banking; Judicial Review; Proportionality; European Law; European Monetary Union.

scholarly journals Effects of economic clusters, FDI and R&D on Innovation: Developing Countries in European Monetary Union Example

2019 ◽  
Vol 7 (2) ◽  
pp. 236-251 ◽  
Author(s):  
Durmuş Çağrı Yıldırım ◽  
KORHAN ARUN
Keyword(s):  
Developing Countries ◽  
Developing Country ◽  
Monetary Union ◽  
European Monetary Union ◽  
Gdp Per Capita ◽  
European Monetary ◽  
Moderation Effect ◽  
Empirical Results ◽  
Per Capita ◽  
The Impact

This study investigates the impact of clusters, FDI, RD, and GDP per capita on innovation. Using a unique panel dataset obtained from eight developing countries with similar innovation levels that are in and out of economic clusters from 2001-2014. The empirical results show that dynamic (uncountable) effects of clusters are not statistically significant on innovation, but static effects (countable) are. Therefore, clusters are effective for developing countries on trade but not innovation directly that developing country should increase trade for innovation spillover by moderation effect of being in economic unions.

scholarly journals Pitfalls of DSGE Model Approach in Monetary Union

2019 ◽  
Vol 10 (4) ◽  
pp. 369-382
Author(s):  
Zlatica Konôpková
Keyword(s):  
Monetary Union ◽  
European Monetary Union ◽  
Model Estimation ◽  
Dsge Model ◽  
European Monetary ◽  
Country Size ◽  
Policy Simulations ◽  
The Stability ◽  
The Impact ◽  
Model Approach

Abstract This paper investigates the impact of country size on the DSEG model estimation of the monetary union. Following DSGE model for fiscal policy simulations (FiMod) the union is considered to have a two-country structure, the investigated country has weight in union equal to its population share and the second country represents the rest of members. The model is estimated for different country sizes and it is found there are two areas of equilibrium instability which covers 11 of 19 European Monetary Union members. The result is in contrary with Stähler and Thomas (2012) who estimated FiMod for Spain and stated that model can be recalibrated to every member of the monetary union. According to the result the size of country matters and affects the stability of equilibrium. Therefore, special attention is paid to small economies in monetary union. The results and consequences are then discussed with examples from recent history.

scholarly journals The Impact of European Monetary Union on Finance-Growth Nexus

2012 ◽  
Vol 19 (3) ◽  
pp. 347-356
Author(s):  
Saeed Armin ◽  
Saifuzzaman Ibrahim ◽  
W. N. W. Azman-Saini
Keyword(s):  
Monetary Union ◽  
European Monetary Union ◽  
European Monetary ◽  
The Impact ◽  
Finance Growth Nexus

scholarly journals Mixed Signals: Central Bank Independence, Coordinated Wage Bargaining, and European Monetary Union

1998 ◽  
Vol 52 (3) ◽  
pp. 505-535 ◽  
Author(s):  
Peter A. Hall ◽  
Robert J. Franzese
Keyword(s):  
Central Bank ◽  
Monetary Union ◽  
European Monetary Union ◽  
Wage Bargaining ◽  
Central Bank Independence ◽  
Economic Effects ◽  
Currency Unions ◽  
European Monetary ◽  
The Status ◽  
The Impact

Plans for the European Monetary Union (EMU) are based on the conventional postulate that increasing the independence of the central bank can reduce inflation without any real economic effects. However, the theoretical and empirical bases for this claim rest on models of the economy that make unrealistic information assumptions and omit institutional variables other than the central bank. When signaling problems between the central bank and other actors in the political economy are considered, we find that the character of wage bargaining conditions the impact of central bank independence by rendering the signals between the bank and the bargainers more or less effective. Greater central bank independence can reduce inflation without major employment effects where bargaining is coordinated, but it can bring higher levels of unemployment where bargaining is less coordinated. Thus, currency unions like the EMU may require higher levels of unemployment to control inflation than their proponents envisage. They will have costs as well as benefits, and these will be unevenly distributed among and within the member nations, depending on the changes they induce in the status of the bank and of wage coordination.

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