This conference volume discusses the pros and cons of early integration into the European Union of Eastern transition countries, given the information available at the turn of the century. The questions posed refer to the structural gap between accession countries (ACs) and the EU, the optimal...

The heated debate over the sustainability of Australia’s high current account deficit that raged over most of the fixed and floating exchange period was due to the failure of policymakers to shift from the Keynesian Mundell Fleming (KMF) paradigm which has been rendered obsolete by the...

This paper examines the creation of the euro and its operation since then. It also examines the benefits and costs arising from the creation of the euro and its present and expected relative importance, especially in relation to the US dollar and the Japanese yen.

This conference volume discusses the pros and cons of early integration into the European Union of Eastern transition countries, given the information available at the turn of the century. The questions posed refer to the structural gap between accession countries (ACs) and the EU, the optimal...

Monetary integration refers to the sharing by a group of nations a common currency and central bank. It is most unlikely that the United States will accept a common currency within NAFTA (even if it were the dollar) and a common central bank. With NAFTA not being an optimum currency area, there...

The paper focuses on the question whether banks and capital markets in Central Europe are capable of exerting a positive influence on enterprise performance at the present stage of the economic transformation. These markets are characterised by privileged, collaborative interfirm/interbank...

In dollarized financial systems, there exists a currency mismatch risk that could lead to financial crises. Central Banks in such economies have to adjust their foreign currency policies accordingly. This paper estimates the probability of Central Bankers' intervention in the foreign currency...

After completion of the internal market and the introduction of the euro, the European Union put Eastern enlargement on the agenda for the new millennium. When the enlargement process was started in 1997, it was aiming at the stability and prosperity for the entire European continent. The...