The De Grauwe and Schnabl paper has two parts. The first part focuses on the reasons why the enlargement countries are so (justifiably) eager to join the euro zone. The second part is an empirical exercise. It seeks to distill from the experience of the enlargement countries the advantages they have received in terms of inflation control and growth stimulus from pursuing fixed exchange rate regimes, in so far as they have been able to do so.
Arellano, Manuel, and Stephen Bond, 1991, “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations,” Review of Economic Studies, Vol. 58 (April), pp. 277–97.
Calvo, Guillermo, and Carmen Reinhart, 2002, “Fear of Floating,” Quarterly Journal of Economics, Vol. 117 (May), pp. 379–408.
Eichengreen, Barry, and David Leblang, 2003, “Exchange Rates and Cohesion: Historical Perspectives and Political-Economy Considerations,” Journal of Common Market Studies, Vol. 41 (December), pp. 797–822.
European Forecasting Network, 2003, Autumn 2003 Report. Available via the Internet: http://www.efn.unibocconi.it.
National Bank of Hungary, 2002, Adopting the Euro in Hungary: Expected Benefits, Costs and Timing, NBH Occasional Paper No. 24 (Budapest: National Bank of Hungary).
National Bank of Poland, 2004, A Report on the Costs and Benefits of Poland’s Adoption of the Euro. Available via the Internet: http://www.nbp.pl.
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