by Massachusetts Institute of Technology, Dept. of Economics in Cambridge, MA .
Written in English
In the second half of the 1990s, the prospect of entry in the euro led to an output boom and large current account deficits in Portugal. Since then, the boom has turned into a slump. Current account deficits are still large, and so are budget deficits. This paper reviews the facts, the likely adjustment in the absence of major policy changes, and examines policy options. Keywords: Unemployment, competitive disinflation, euro, productivity growth, common currency, competitiveness. JEL Classifications: E24, F41, J6.
|Series||Working paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 06-04, Revised, Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 06-04.|
|Contributions||Massachusetts Institute of Technology. Dept. of Economics|
|The Physical Object|
|Pagination||28 p. :|
|Number of Pages||28|
Book Description This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe. This book sheds new light on if and why, between and , European governments succeeded in initiating and actually implementing the farthest-reaching austerity programs in modern history. It analyzes the underlying causes of austerity and economic adjustment packages during the Euro crisis. And as I put it in my book The Euro: How a Common Currency Threatens the Future of Europe, the euro was a system almost designed to fail. It took away governments’ main adjustment mechanisms. Overall, however, it does a tremendous job of laying out a view and it is the only book currently in print that covers so many facets. And it is not afraid to shout from the rooftops that the emperor has no clothes. It makes excellent background reading for my favorite book on the Euro, the one by the FT’s Martin s:
Hoping to avoid the huge costs associated with current policies, Stiglitz proposes two other alternatives: a well-managed end to the common currency; or a bold, new system dubbed 'the flexible euro.' This important book, by one of the world's leading economists, addresses the euro-crisis on a bigger intellectual scale than any s: IMPLEMENTATION OF THE MACROECONOMIC ADJUSTMENT PROGRAMMES IN THE EURO AREA STATE-OF-PLAY CEPS E-BOOK MARCH DANIEL GROS CINZIA ALCIDI ANSGAR BELKE LEONOR COUTINHO ALESSANDRO GIOVANNINI Abstract Two of the four macroeconomic adjustment programmes – in Portugal and Ireland – can be considered a success in the sense that . An analysis of the Foreign Currency Translation Adjustments column indicates a positive translation adjustment $36, in and a negative translation adjustment of $12, in From the signs of these adjustments, one can infer that, in aggregate, the foreign currencies in which Sonoco has operations appreciated against the U.S. But a single currency renders such adjustments impossible. Unless the euro dissolves, Europe's only solution, even with complete Greek cooperation, a fully leveraged EFSF, and strenuous ECB efforts, is a long painful adjustment in the relative economic fundamentals of its periphery. Greeks, Irish, Italians, Portuguese, and Spaniards have to.
DOI link for Adjusting to Europe. Adjusting to Europe book. The Impact of the European Union on National Institutions and Policies. Edited By Yves Meny, Pierre Muller, Jean-Louis Quermonne. Edition 1st Edition. First Published eBook Published 11 September Pub. location London. Why is the euro such a problem? Joseph Stiglitz: It impeded or made impossible the ability to adjust when there was a shock. It was a big shock, . Books shelved as european-setting: The Book Thief by Markus Zusak, The Count of Monte Cristo by Alexandre Dumas, The Da Vinci Code by Dan Brown, The Nigh. Select Currency Adjustments and click on + Make an Adjustment button on the top right corner of the page. The exchange rates used are just for the purpose of an example. Fill in the following fields.