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2003 | nr 11-12 | 14--28
Tytuł artykułu

Towards the Euro-zone through the ERM II Countering Fallacies

Warianty tytułu
Rola ERM II na drodze do strefy euro
Języki publikacji
Artykuł przedstawia funkcjonowanie mechanizmu ERM II i argumenty w debacie w sprawie terminu przystąpienia nowych państw UE do strefy euro.
Opis fizyczny
  • 1. Agreement of 1 September 1998 between the European Central Bank and the national central banks of the member states outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of Economic and Monetary Union. ECB, 1998
  • 2. Bank of Greece (2001): Annual Report 2000, Athens 2001.
  • 3. Bofinger, P. and T. Wollmershauser (2002): Exchange rate policies for the transition to EMU. In: The Choice of Exchange Rate Regime and Monetary Policy Rule in Accession to EU and Entry to EMU. Bank of Estonia, 2002.
  • 4. Borowski, J., M. Brzoza-Brzezina and P. Szpunar (2003): Exchange rate regimes and Poland’s participation in ERM II. "Bank i Kredyt" nr 1/2003.
  • 5. Brzoza-Brzezina M. (2003a): Zagadnienie naturalnej stopy procentowej. „Ekonomista" nr 4/2003.
  • 6. Brzoza-Brzezina, M. (2003b): Rola naturalnej stopy procentowej w polskiej polityce pieniężnej. „Ekonomista" nr 5/2003.
  • 7. Burnside, C., M. Eichenbaum and S. Rebelo (1999): Hedging and Financial Fragility in Fixed Exchange Rate Regimes. NBER Working Paper No. W7143, 1999.
  • 8. CEPR (2003): Sustainable Regimes of Capital Movements in Accession Countries. Policy Paper No. 10, January 2003.
  • 9. Chmielewski, T., and M. Rozkrut (2003): Towards the Euro-zone – Nominal Potholes in the Real Convergence Path? Challenges for the Polish Monetary Policy. "Journal of Emerging Markets, Finance and Trade", M.E. Sharpe, Inc., forthcoming.
  • 10. Coricelli, F. (2001): Exchange rate arrangements in the transition to EMU: Some arguments in favor of an early adoption of the euro, manuscript, 2001.
  • 11. De Grauwe, P. (1997): The Economics of Monetary Integration. Oxford University Press, New York, 1997.
  • 12. Deutsche Bundesbank (2003): Ways out of the crisis – Some points to consider for economic policy in Germany. Frankfurt am Main, March 2003.
  • 13. Eichengreen, B. and C. Wyplosz (1993): The Unstable EMS, Brooking Papers on Economic Activity 1.
  • 14. Eichengreen, B., A. Rose and C. Wyplosz (1995): Exchange Market Mayhem: The Antecedents and Aftermath of Speculative Attacks. Economic Policy 21.
  • 15. European Central Bank (2002a): Convergence Report 2002.
  • 16. European Central Bank (2002b): The Eurosystem and the Accession Process. Position Paper, December 2002.
  • 17. European Central Bank (2003): EU Banking Sector Stability. February 2003
  • 18. European Commission (2001): Policy adjustment in the euro-area countries: the risk of overheating, in "The EU Economy: 2001 Review", Directorate General, Economic and Financial Affairs, 2001.
  • 19. European Commission (2002a): Real and nominal convergence in the transition accession countries: Selected issues. "The EU Economy: 2002 Review", Directorate General, Economic and Financial Affairs, 2002.
  • 20. European Commission (2002b): Report from the Commission. Convergence Report 2002. Sweden.
  • 21. Eurostat Database.
  • 22. Fidrmuc, J. (2001): The Endogeneity of optimum currency area criteria, intraindustry trade and EMU enlargement. BOFIT Discussion Paper No. 8.
  • 23. Frankel, J.A. and A.K. Rose (1998): The endogeneity of the optimum currency area criteria. "Economic Journal", Vol. 108, issue 449.
  • 24. Galati, G. and K. Tsatsaronis (2001): The impact of the euro on Europe’s financial markets, BIS Working Paper No. 100.
  • 25. Garber, P.M. and M.G. Spencer (1995): Foreign Exchange Hedging and the Interest Rate Defense. Staff Papers, International Monetary Fund, 42(3), September.
  • 26. Garganas, N. C. and G. S. Tavlas (2001): Monetary Regimes and Inflation Performance: The Case of Greece. In Greece’s Economic Performance and Prospects. Bryant, R.C., N.C. Garganas, G.S. Tavlas (ed.), Bank of Greece, The Brookings Institution.
  • 27. Gáspár, P. (2001): Real and Nominal Convergence of Pre-Accession Economies and the Choice of Exchange Rate Regime. International Centre for Economic Growth (ICEG) and Budapest University of Economics.
  • 28. Jensen, Hugo Frey (2001): Costs and benefits of ERM II: The Danish experience. Paper for the conference at National Bank of Poland, The Polish way to the euro.
  • 29. Knogler, M. (2002): Arbeitsmarktpolitische Herausforderungen in den Ländern der EU-Beitrittskandidaten. Osteuropa – Institut München, Working Papers, Nr. 235, Februar.
  • 30. Kroger, J. (2002): Integration of the Accession Countries into the currency union. A plea for a realistic approach, manuscript.
  • 31. Lucas, R. (1981): Studies in Business Theory. MIT Press, Cambridge, MA.
  • 32. Lucas, R (1983): Understanding Business Cycles. MIT Press, Cambridge, MA.
  • 33. Łyziak, T. (2001): Monetary Transmission Mechanisms in Poland. Working Paper No 19, NBP.
  • 34. Maurel, M. (2002): On the way of EMU enlargement towards CEECs : What is the appropriate exchange rate regime? CEPR Discussion Paper No. 3409, June.
  • 35. Mayes, D.G. and A. Suvanto (2002): Beyond the Fringe: Finland and the Choice of Currency.
  • 36. Jnl Publ. Pol., 22, 2, 161-182, Cambridge University Press, 2002.
  • 37. McKinnon, R. (1997): Alternative Exchange Rate Regimes, the EMU, and Sweden. "Swedish Economic Policy Review", 4(1).
  • 38. Mundell, R.A. (2000): Exchange rate arrangements in Central and Eastern Europe. W: Austrian Ministry for Economic Affairs (ed.): Eastern enlargement: The sooner, the better? Vienna.
  • 39. National Bank of Poland (2002): Stability and Structure of Financial Systems in CEC5, May.
  • 40. Obstfeld, M. and K. Rogoff (1996): Foundations of International Macroeconomics. The MIT Press.
  • 41. OECD Monthly Statistics of International Trade.
  • 42. Padoa-Schioppa, T. (2000): High-Level Seminar With the EU-Candidate Countries, remarks delivered made by T. Padoa-Schioppa, Paris, 21 December, mimeo.
  • 43. Papaioannou, M.G. (2001): Volatility and misalignments of EMS and other currencies during 1974-1998. In: European Monetary Union and Capital Markets. Choi, J.J. (ed.), Elsevier Science Ltd.
  • 44. Resolution of the European Council on the establishment of an exchange-rate mechanism in the third stage of economic and monetary union. Amsterdam, 16 June 1997.
  • 45. Rose, A. (2000): One money, one market: The effects of common currencies on trade, "Economic Policy: A European forum", CEPR, London.
  • 46. Rozkrut, M. (2003): Polityka pieniężna po trzech kwartałach 2003 r. IBnGR, październik.
  • 47. Stark, J. (2003): The Race for the Euro. "The International Economy", Spring.
  • 48. Tarkka, J. (2002): The Effects of EMU on the Finnish Economy: Some Early Conjectures. "The Economic and Social Review", Vol. 33, No. 2.
  • 49. Welteke, E. (2002): A single currency for Europe. In: The biggest financial market in the world.
  • 50. Worldbank (2002): Slovak Republic – Living standards, employment, and labour market study. A World Bank Country Study, Washington.
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