Fears of job losses and of increasing inequality loom large in current debates on how globalization is affecting our economies. By fundamentally changing the organization of production and work, globalization creates complex and changing patterns of winners and losers. Globalization thus creates...

The Maastricht Treaty has augmented the preconditions that have to be fulfilled by ED applicants before a full membership can be achieved. Candidates have to prove that a participation in the European Monetary Union is a realistic possibility at least in the medium term. This paper explores the...

Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to consequences for the exchange rate. This might lower fiscal discipline. In order to shed light on the empirical relevance of this consideration, the impact of the exchange rate...

Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to consequences for the exchange rate. This might lower fiscal discipline. In order to shed light on the empirical relevance of this consideration, the impact of the exchange rate...

Capital mobility is helpful to cope with the loss of adjustment instruments in EMU. High capital mobility in the sense of Feldstein and Horioka (FH) can limit the negative consequences of shocks affecting the saving capacity of an economy in the Eurozone. It is the aim of this paper to assess...