L'Unione Monetaria Tedesca, la Bundesbank e il collasso dello SME
DOI:
https://doi.org/10.13133/2037-3651/10995Keywords:
EMS, EMU, German reunification, BundesbankAbstract
The recent collapse of the European Monetary System (EMS) is a setback in the move towards European economic and monetary union (EMU). Two major causes have been identified for one crisis in the EMS in September 1992 and its subsequent collapse on 2 August 1993: German reunification and the effects of the Maastricht Treaty. The active role of the German Bundesbank in the collapse of the EMS is examined.
JEL Codes: F02, E50
References
ANDERSEN, TORBEN and FRIEDRICH SCHNEIDER (1986), "Coordination of fiscal and monetary policy under different institutional arrangements", European Journal of Poli-tical Economy, 2, 169-191.
BOFINGER, PETER (1991), "Geld- und Kreditpolitik nach Bildung der deutschen Wdhrungsunion", in H. Groner, E. Kantzenbach und O. Meyer Hrsg., Wirtschafts-politische Probleme der Integration der ehemaligen DDR in die Bundesrepublik, Duncker & Humblot, Berlin, 151-175.
BUNDESBANK (1991), Monthly Report, October, Frankfurt.
BUNDESBANK, Auszage aus Presseartikeln, various issues.
CANZONERI, MATTHEW B. and BEHZAD T. DIBA (1991), "Fiscal deficits, financial integration, and a central bank for Europe", Journal of the Japanese and International Economies, 5, 381-403.
DE GRAUWE, PAUL (1993), "The political economy of monetary union in Europe", World Economy, 16, 653-661.
DE GRAUWE, PAUL (1994), "Towards European Monetary Union without the EMS", Economic Policy, 18, 147-185.
EICHENGREEN, BARRY (1993), "The crisis in the EMS and the transition to EMU: an interim assessment", University of California at Berkeley, mimeo.
EICHENGREEN, BARRY and CHARLES WYPLOSZ (1993), "The unstable EMS", Brookings Papers on Economic Activity, 1, 51-143.
FRANZ, WOLFGANG, GUSTAV HEIDBRINK and WERNER SMOLNY (1993), "The impact of German unification of West Germany's goods and labor market: a macroeconomic disequilibrium model in action", paper presented at the Tel Aviv-Konstanz Conference on International Economics, Konstanz, October 14-15.
FRATIANNI, MICHELE and JÙRGEN VON HAGEN (1992), The European Monetary System and European Monetary Union, Westview, Boulder.
FREY, BRUNO S. and FRIEDRICH SCHNEIDER (1981), "Centrai bank behavior: a positive empirical analysis", Journal of Monetary Economics, 7, 291-315.
GARRETT, GEOFFREY (1993), "The politics of Maastricht", Economics and Politics, 5, 105-123.
GOODMAN, JOHN B. (1992), Monetary Sovereignty: The Politics of Central Banking in Western Europe, Cornell University Press, Ithaca.
HARTWIG, KARL-HANS (1984), "Bundesbankautonomie und Infiationsbelampfung: Politische Okonomie des Notenbankverhaltens", List-Forum, 12, 307-322.
HAVRILESKY, THOMAS (1994), "The political economy of monetary policy", European Journal of Political Economy, 10, 111-134.
HUGHES HALLETT, ANDREW and Y. MA (1993), "East Germany, West Germany, and their Mezzogiorno problem: a parable for European economie integration", Economic Journal, 103, 416-428.
KENEN, PETER B. (1992), EMU After Maastricht, Group of Thirty, Washington.
KRUGER, JÙRGEN and MANFRED TEUTEMANN (1992), "The German economy after unification: domestic and European aspects", Economic Papers, 91, Commission of the European Community.
MARSH, DAVID (1992), The Bank that Rules Europe, Heinemann, London.
MELITZ, JACQUES (1991), "German reunification and exchange rate policy in the EMS", CEPR Discussion Paper, 520, February.
PORTES, RICHARD (1993), "EMS and EMU after the fall", World Economy, 16, 1-15.
SANDHOLTZ, WAYNE (1993), "Choosing union: monetary politics and Maastricht", International Organization, 47, 1-39.
SIEBERT, HORST (1991), "German unification: the economics of transition", Economic Policy, 13, 287-340.
SVENSSON, LARS E.O. (1994), "Fixed exchange rates as a means to price stability: what have we learned?", European Economic Review, 38, 447-468.
VAUBEL, ROLAND (1993a), "Die deutsche Bundesbank als Modell far eine europàische Zentralbank?" in D. Duwendag and J. Siebke, eds., Europa vor dem Eintritt in die Wirtschafts- und Wiihrungsunion, Duncker & Humblot, Berlin, 23-79.
VAUBEL, ROLAND (1993b), "The breakdown of the ERM and the future of EMU: explanations, predictions and simulations from a public choice perspective", Uni-versity of Mannheim, mimeo.
VON HAGEN, NRGEN (1992), "German unification: economic problems and consequences. A Comment", Carnegie-Rochester Conference Series on Public Policy, 36, 211-222.
WYPLOSZ, CHARLES (1991), "On the real exchange rate effects of German unification", Weltwirtschaftliches Archiv, 127, 1-17.
Downloads
Published
Issue
Section
License
All material in this website and every article published by the review are licensed under a Creative Commons Attribution - Non commercial - No derivates 4.0 International license. Authors retain all rights on their works and grant the right to first publication to the review under the aforementioned license.