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dc.contributor.authorDornbusch, Rudien_US
dc.contributor.authorGiavazzi, Francescoen_US
dc.date.accessioned2011-04-12T08:38:05Z-
dc.date.available2011-04-12T08:38:05Z-
dc.date.issued1999en_US
dc.identifier.citationEIB Papers 0257-7755 4 1999 2 24-32en_US
dc.identifier.urihttp://hdl.handle.net/10419/44784-
dc.description.abstractThis paper argues that Central Europe should draw the lessons from the Asian and Mexican crises: hard money and sound credit are essential in a world where capital is intensely mobile, contagion pervasive and the economic and social costs of crises nothing short of formidable. We argue that Central European countries should adopt a currency board using the euro as their reference currency. In this part of the world a currency board system is eminently plausible because trade patterns link the region closely to the markets of the European Union. Moreover, the appearance of the euro, in conjunction with the intense desire of the East to become integrated in the European market, removes the traditional nationalist objections to a currency board. The argument for moving now is opportunity. Europe is in the midst of a historic transformation that affords governments with an absolutely unique opportunity to do those things which ordinarily are politically impossible.en_US
dc.language.isoengen_US
dc.subject.ddc330en_US
dc.subject.stwCurrency Boarden_US
dc.subject.stwEuroen_US
dc.subject.stwOsteuropaen_US
dc.titleHard currency and sound credit: A financial agenda for Central Europeen_US
dc.typeArticleen_US
dc.identifier.ppn308627644en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:EIB Papers, European Investment Bank (EIB)

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