04589oam 22011054 450 991078852230332120230829002147.01-4623-0440-01-4527-3702-91-282-39252-297866138207851-4527-0336-1(CKB)3360000000443117(EBL)3014535(SSID)ssj0000943019(PQKBManifestationID)11505580(PQKBTitleCode)TC0000943019(PQKBWorkID)10974563(PQKB)11757315(OCoLC)694141240(MiAaPQ)EBC3014535(IMF)WPIEE2006151(EXLCZ)99336000000044311720020129d2006 uf 0engur|n|---|||||txtccrPrice Impacts of Non-Adoption of the Euro for Small European Countries /Harald Anderson, Sibel BeadleWashington, D.C. :International Monetary Fund,2006.1 online resource (22 p.)IMF Working Papers"June 2006."1-4518-6411-6 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. OPTIMAL CURRENCY AREA LITERATURE BEFORE 1999""; ""III. ESTIMATION METHOD FOR SJAASTAD MODEL""; ""IV. DATA""; ""V. ESTIMATION RESULTS""; ""VI. EUROPEAN ECONOMIES BEFORE AND AFTER THE INTRODUCTION OF THE EURO, AND THE BAYOUMI- EICHENGREEN MODEL""; ""VII. CONCLUSIONS""; ""References""Debates surrounding the adoption of a common currency have focused on its benefits weighed against the long-term costs of losing monetary independence. These debates have assumed that the penalty for not adopting a common currency is the maintenance of the status quo. This paper uses the Sjaastad model to analyze the price-making power of major currencies with regard to the prices of traded goods in small countries that have not adopted the euro and uses the Bayoumi-Eichengreen OCA index methodology to shed further light on changes in Europe. The empirical evidence suggests that small countries that have not adopted the euro have increasingly seen a change in the determinants of their traded goods prices. This seems to contrast with the experience of small countries that adopted the euro. The results need to be interpreted carefully, given the short time series.IMF Working Papers; Working Paper ;No. 2006/151Monetary policyEuropeForeign exchange ratesEuropeExports and ImportsimfForeign ExchangeimfMoney and Monetary PolicyimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfFinancial Aspects of Economic IntegrationimfTrade PolicyimfInternational Trade OrganizationsimfMonetary economicsimfInternational economicsimfCurrencyimfForeign exchangeimfCurrenciesimfMonetary unionsimfExchange ratesimfPlurilateral tradeimfReserve currenciesimfMoneyimfInternational tradeimfUnited StatesimfMonetary policyForeign exchange ratesExports and ImportsForeign ExchangeMoney and Monetary PolicyMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsFinancial Aspects of Economic IntegrationTrade PolicyInternational Trade OrganizationsMonetary economicsInternational economicsCurrencyForeign exchangeCurrenciesMonetary unionsExchange ratesPlurilateral tradeReserve currenciesMoneyInternational tradeAnderson Harald1462094Beadle Sibel1462095DcWaIMFBOOK9910788522303321Price Impacts of Non-Adoption of the Euro for Small European Countries3670945UNINA