Currency and Competitiveness in Europe

0......Page 1
Cover......Page 2
Copyright......Page 3
Contents......Page 4
Contributors......Page 6
Preface......Page 8
PART I How currency and competitiveness contribute to growth and stability......Page 12
1. Competitiveness still has currency......Page 14
2. Financial market turbulence and global imbalances......Page 19
3. Are global imbalances a problem?......Page 42
4. Financial globalization and exchange rate arrangements......Page 57
5. Exchange rates from a multilateral and South-East Asian perspective......Page 67
PART II Understanding exchange rates......Page 74
6. Fundamentally lost? On the role of fundamentals in exchange rate economics in history and theory......Page 76
7. Macroeconomic fundamentals and the exchange rate......Page 93
8. Understanding exchange rates: a micro-based perspective on the importance of fundamentals......Page 107
9. Real exchange rate dynamics in transition economies: the role of investment in quality......Page 120
10. The impact of exchange rate interventions and communication over the medium term......Page 133
11. Using the microstructure approach to foreign exchange markets in a central bank......Page 162
12. How do central banks and FX traders interact?......Page 175
PART III Understanding economic competitiveness......Page 186
13. Competitiveness in a monetary union......Page 188
14. Real and nominal convergence: policy challenges in a monetary union......Page 192
15. Product quality and international competitiveness in the new member states of the EU......Page 206
16. Structural aspects of competitiveness......Page 238
17. Assessing the sustainability of external positions in new EU member states......Page 255
PART IV Policy challenges on the road to and within monetary union......Page 272
18. Preparing for the euro – perspectives from the monetary policy strategy in Cyprus......Page 274
19. Economic challenges on the path to the euro – the Maltese experience......Page 287
20. Slovakia’s road to the euro – lessons learned and challenges ahead......Page 299
21. Euro area enlargement: lessons and challenges......Page 307
Index......Page 324