Currency And Competitiveness In Europe
, Josef Christl
, Peter Mooslechner
, Doris Ritzberger-Grünwald
Edited by Klaus Liebscher, Governor, Josef Christl, Member of the Governing Board, Peter Mooslechner, Member, Governing Board and Doris Ritzberger-Grünwald, Director, Economic Analysis and Research Department, Oesterreichische Nationalbank, Austria
Published in Association with Oesterreichische Nationalbank, Austria
|2008 336 pp Hardback 978 1 84844 035 7
Hardback £93.00 on-line price £83.70
This book is also available as an ebook 978 1 84844 509 3
‘Competitiveness is a notoriously slippery concept. This volume, featuring a galaxy of economic stars, lends some much-needed precision to the term and the debate over its determinants.’
– Barry Eichengreen, University of California, Berkeley, US
This book raises the understanding of exchange rate dynamics and analyses the role of exchange rates in reinforcing economic competitiveness. The overall focus is on the link between currency developments and the real side of the economy. From a regional perspective, the contributions highlight developments in Central, Eastern and South-eastern Europe and thus put a special emphasis on aspects of transition and convergence. Combining contributions from academics, professionals and central bankers, the book addresses key issues of global imbalances, the role of fundamentals in exchange rate economics as well as the significance of qualitative and quantitative aspects of competitiveness, and related policy challenges.
Contributors: E. Alberola, L. Bini Smaghi, M.C. Bonello, J. Bruha, J. Christl, S. Deroose, M.D.D. Evans, M. Fratzscher, H. Genberg, Á. Gereben, D. Igan, G.L. Kaminsky, P. Kutos, K. Liebscher, J. Lipsky, R. MacDonald, P. Mooslechner, A. Orphanides, J. Podpiera, D. Ritzberger-Grünwald, A. Scalia, J.M. Serena, I. Šramko, M. Suardi, J. Williamson, J. Woerz
Full table of contents
This book combines currency matters with competitiveness considerations, with a view to raising the understanding of exchange rate dynamics and to analysing the role of exchange rates in reinforcing economic competitiveness.
The overall focus is on highlighting the link between currency developments and the real side of the economy. From a regional perspective, the contributions centre on developments in Central, Eastern and South-eastern Europe and thus put a special emphasis on aspects of transition and convergence. More specifically, the book addresses key issues of financial globalization and global imbalances; the role of macroeconomic fundamentals in exchange rate economics; the role, objectives and challenges of regional monetary unions; exchange rate dynamics in transition economies and the competitiveness of catching-up countries. It also addresses the structural aspects of competitiveness and the significance of qualitative and quantitative aspects of competitiveness.
Offering the views of eminent academics and professionals, this book will be of great interest to economists and central bankers as well as to international organizations, universities and research institutes.
PART I: HOW CURRENCY AND COMPETITIVENESS CONTRIBUTE TO GROWTH AND STABILITY
1. Competitiveness Still has Currency
2. Financial Market Turbulence and Global Imbalances
3. Are Global Imbalances a Problem?
4. Financial Globalization and Exchange Rate Arrangements
Graciela Laura Kaminsky
5. Exchange Rates from a Multilateral and South-East Asian Perspective
PART II: UNDERSTANDING EXCHANGE RATES
6. Fundamentally Lost? On the Role of Fundamentals in Exchange Rate Economics in History and Theory
7. Macroeconomic Fundamentals and the Exchange Rate
8. Understanding Exchange Rates: A Micro-based Perspective on the Importance of Fundamentals
Martin D.D. Evans
9. Real Exchange Rate Dynamics in Transition Economies: The Role of Investment in Quality
Jan Bruha and Jirí Podpiera
10. The Impact of Exchange Rate Interventions and Communication Over the Medium Term
11. Using the Microstructure Approach to Foreign Exchange Markets in a Central Bank
12. How do Central Banks and FX Traders Interact?
PART III: UNDERSTANDING ECONOMIC COMPETITIVENESS
13. Competitiveness in a Monetary Union
14. Real and Nominal Convergence: Policy Challenges in a Monetary Union
Lorenzo Bini Smaghi
15. Product Quality and International Competitiveness in the New Member States of the EU
16. Structural Aspects of Competitiveness
17. Assessing the Sustainability of External Positions in New EU Member States
Enrique Alberola and José María Serena
PART IV: POLICY CHALLENGES ON THE ROAD TO AND WITHIN MONETARY UNION
18. Preparing for the Euro – Perspectives from the Monetary Policy Strategy in Cyprus
19. Economic Challenges on the Path to the Euro – The Maltese Experience
Michael C. Bonello
20. Slovakia’s Road to the Euro – Lessons Learned and Challenges Ahead
21. Euro Area Enlargement: Lessons and Challenges
Servaas Deroose, Paul Kutos and Massimo Suardi