scholarly journals Non-Linear Exchange Rate Dynamics in Target Zones: A Bumpy Road Towards a Honeymoon - Some Evidence from the Erm, Erm2 and Selected New EU Member States

2005 ◽  
Author(s):  
Jesús Crespo Cuaresma ◽  
Balazs Egert ◽  
Ronald R. MacDonald
Keyword(s):  
Exchange Rate ◽  
Target Zones ◽  
Member States ◽  
Exchange Rate Dynamics ◽  
Eu Member States ◽  
Non Linear ◽  
Linear Exchange ◽  
New Eu Member States

scholarly journals Financial Liberalization and Current Account Developments in New EU Member States

2020 ◽  
Vol 23 (1) ◽  
pp. 141-154
Author(s):  
Zdenka Obuljen Zoričić ◽  
Boris Cota ◽  
Nataša Erjavec
Keyword(s):  
Exchange Rate ◽  
Current Account ◽  
Positive Sign ◽  
Current Account Balance ◽  
Financial Openness ◽  
Member States ◽  
Eu Member States ◽  
New Eu Member States ◽  
The Eu ◽  
The Current Account

AbstractDue to negotiations on accession to the EU, the new EU member states from Central and Eastern Europe went through the financial opening. In the pre-crisis period followed by high liquidity in global markets, most of the EU new member states experienced rapid credit growth, which conditioned the appreciation of the exchange rate. External imbalances and vulnerabilities built up. Countries experienced deterioration in their current accounts. This paper investigates the link between financial openness, real effective exchange rate, financial crisis and current account balance within the Panel Auto-Regressive Distributed Lag (ARDL) framework for 11 new European Union members during the period from 1999 to 2016. The results obtained by the use of pooled mean group estimator (PMG) show that in the long run, financial openness has a significant negative impact on the current account balance. In the short run, crisis significantly influences the current account balance having a positive sign.

Can the European Union Force its Member States to Introduce the Euro?

2019 ◽  
Author(s):  
Markus D.W. Stoffels
Keyword(s):  
European Union ◽  
Exchange Rate ◽  
Convergence Criterion ◽  
The European Union ◽  
Member States ◽  
Eu Member States ◽  
The Past ◽  
The Exchange Rate ◽  
New Eu Member States ◽  
The Eu

In this study, the author addresses the intriguing, topical but little-studied question of whether the (old and new) EU Member States should, upon accession to the EU, be obliged to introduce the euro. To begin with, he examines—while deliberately ignoring the problematic exchange rate convergence criterion—whether introducing the euro should in principle be obligatory. After having answered this question in the affirmative, he takes a closer look at the exchange rate convergence criterion. He concludes that a country’s formal participation in the ERM II is a necessary but insufficient requirement for that country to meet the exchange rate convergence criterion. However, since ERM II membership is, for its part, voluntary, this also makes a country’s decision to introduce the euro completely voluntary. Accordingly, a Member State like Sweden is entitled to simply circumvent introducing the euro by simply refraining from participating in the ERM II. The author continuously refers to how different groups of Member States have been treated in the past with regard to them introducing the euro.

scholarly journals Long-run real exchange rate determinants: Evidence from eight new EU member states, 1993–2003

2007 ◽  
Vol 35 (1) ◽  
pp. 87-107 ◽  
Author(s):  
Bertrand Candelon ◽  
Clemens Kool ◽  
Katharina Raabe ◽  
Tom van Veen
Keyword(s):  
Exchange Rate ◽  
Real Exchange Rate ◽  
Member States ◽  
Eu Member States ◽  
Long Run ◽  
New Eu Member States

scholarly journals Long-Run Money Demand in the New EU Member States with Exchange Rate Effects

2007 ◽  
Vol 45 (2) ◽  
pp. 75-94 ◽  
Author(s):  
Christian Dreger ◽  
Hans-Eggert Reimers ◽  
Barbara Roffia
Keyword(s):  
Exchange Rate ◽  
Money Demand ◽  
Member States ◽  
Eu Member States ◽  
Long Run ◽  
Rate Effects ◽  
New Eu Member States
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