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04-20 Nominal vs Real Convergence with Respect to EMU Accession
2004/20. Paul de Grauwe and Gunther Schnabl, Nominal versus Real Convergence with Respect to EMU. Accession. How to Cope with the Balassa- Samuelson ...

the nominal and real convergence: a real - FTP Directory Listing
for the stability or optimality of this kind of monetary arrangement. Key words: Eurozone, optimal currency area, nominal convergence, real convergence ...

Nominal convergence vs real convergence - BNR
Real convergence in Romania: guiding marks .……....…21 ... Romania currently meets all nominal convergence criteria… Inflation rate (HICP) .... BG 2010. 2004 – Pre-accession Economic .... joining the EMU, each Member State needs: ... 20. 00. 20. 01. 20. 02. 20. 03. 20. 04. 20. 05. 20. 06. 20. 07. 20. 08. 20. 09. 20. 10. 20.

The Nominal and Real Convergence of the Romanian - LSE
Jun 18, 2010 ... Romania's degree of nominal and real convergence to the euro area. ... economy , labour market flexibility or financial integration, concepts that are not ... The importance of the convergence process has grown with the EU accession of CEE ... theory, in that EMU was mainly created from defensive reasons, ...

Selected Issues Relating to Real and Nominal Convergence on
This paper analyses the process of nominal and real convergence of the New Member States ... The author wishes to express his thanks to V. Spěváček and R. Vintrová from CES VŠEM ... stage of the economic and monetary union (EMU). .... i.e. achieve “full and equal” position in respect of other EU member states.

Real convergence in the CEECs, euro area accession and the role
Also, in the context of EMU enlargement, the real convergence allows ... nominal convergence or price level catch up with the euro area, through the channels of.

Is economic convergence in New Member States sufficient for an
Keywords: New European Member States, Euro, Enlargement of EMU, ... yet stand in terms of meeting or not the Maastricht criteria; then we will try to ... fact related to the problem linked to nominal and real economic convergence in ..... Zapal and Schneider (2006) believe that in the NMS that do not respect the ...... Page 20 ...

Convergence in the EU - Intereconomics
In the run-up to EMU, the issue was framed in terms of nominal versus real convergence of poorer member states. However, with the sovereign debt crisis ...

emu and accession countries: fuzzy cluster - Banco Central de Chile
Slovenia are the leaders in both nominal and real convergence, whereas the other countries from ... second-best solution in respect to forming a monetary union). ... are from the 1998 Accession Group or have already implemented a currency ..... 8 .20 .0. 6 . 56. 0.57. 4 .13 .22 .04 .47 .1. 4. 0.40. 4. Latv ia .9. 5 .05. 0.86. 1 .5. 3.

What kind of convergence does the euro area need?
In the euro area real and nominal convergence have been on different .... tant reasons for this. 20. First, the Maastricht criteria are actually accession criteria.

Exchange rate volatility and growth in small open economies at the
Euro Area Enlargement for very helpful comments. ... 4.2 Model specification and estimation framework. 20. 4.3 Estimation results ... Keywords: Exchange Rate Regimes, Exchange Rate Volatility, Growth, EMU Periphery, ...... De Grauwe, Paul and Gunther Schnabl 2005b: Nominal versus Real Convergence with Respect to.

Interest rate convergence in CEE countries towards EMU levels
Keywords: EMU enlargement, CEE countries, convergence of interest rates, monetary ... cies show by now more or less convergence with the euro area. Inflation ...

set is evaluated in time (at least two semester or year periods) by comparing the re- .... a lower inflation rate criterion to be applied at the EMU accession of the non- .... flict between nominal and real convergence during the run-up to EMU, the ...... Romania will perform well with respect to inflation and economic growth, fact.

Fiscal Convergence in the European Union
Our study explicitly compares fiscal convergence trends during Accession,. Membership and the ..... Nominal Versus Real Convergence with Respect to. EMU ...

The Maastricht Inflation Criterion and the New EU - Eesti Pank
tion criterion, but this is complicated by the process of real convergence ... countries, nominal convergence, real convergence, Balassa-Samuelson ... the enlargement of the European Union from 15 to 27 member countries has .... 2A group of “old” EU countries stands outside the EMU either de jure or de facto; ..... Page 20 ...

Fiscal convergence and discipline in monetary unions - International
members with respect EU15, using the Maastricht fiscal convergence criteria. Our tests ... qualifying countries to form the Economic and Monetary Union (EMU) in 1999. After this ... Although EU accession leaves new members some ...... IMF Working Paper WP 04/62. ... Nominal Versus Real Convergence with Respect to.

Holger Zemanek - Research on Money in the Economy” ROME
remained fairly stable in the early years after EU accession, it increased by about ... 20. 00. 20. 01. 20. 02. 20. 03. 20. 04. 20. 05. 20. 06. 20. 07. 20. 08. 20. 09. 20 ... Samuelson effect, productivity driven real wage increases in the tradable sector ...... Schnabl, Gunther (2005): Nominal versus Real Convergence with Respect.
rome-wp 2015-06.pdf

central bank independence in central and eastern europe on the
European Monetary and Economic Union (EMU), depending on the individual ... however, there is a gap to the ECB's independence with respect to external aspects of ... basis of these criteria the European Council decides whether or not a country is mature ... Nominal and real convergence in accession countries in 2002.
Occasional paper 04.pdf

IMF Working Paper WP/04/35 - Swiss National Bank
currencies prior to ERM2, and a more stable path of real exchange rates over the medium ... Real Exchange Rates in Accession Countries. 20. V. Policy Implications. .... before being allowed to join the Economic and Monetary Union ( EMU), and ... nominal exchange rate is seen in the Central European transition countries.

De jure versus de facto Exchange Rate Stabilization
ship implies sooner or later accession to the European Exchange Rate. Mechanism 2 .... inflation rates have to converge further towards the EMU benchmark as.