EMU and the Regional Impact of Monetary Policy

Bibliographic Data

ID10405331
AuthorsCarlos J Rodriguez-Fuentes (0000-0003-1885-4429, Universidad de La Laguna, corresponding author), Carlos Rodríguez-Fuentes, Sheila C Dow (0000-0001-9969-197X, University of Stirling), Sheila Dow
Year2003
Volume37
Issue9
Pages969-980
Publication date2003-12-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueRegional Studies (JOURNAL)
Journal identifiersISSN: 0034-3404 • E-ISSN: 1360-0591
PublisherRoutledge (PUBLISHER • GB)
DOI10.1080/0034340032000143959
OpenAlexW2009285081
LanguageEN
Citations received15
References cited10

EMU and the regional impact of monetary policy, Reg. Studies 37, 969- 980. In this paper we focus on a topic which has been attracting renewed interest because of monetary unification in Europe: the regional dimension of national monetary policies. Most of the debate over the regional implications of the Euro has been developed within the Optimum Currency Area framework. According to this theory, European monetary policy would have regional effects when the countries of the Euro-zone had such structural differences as to produce asymmetric shocks. These asymmetrical effects could only be offset by labour mobility and wage/price flexibility. However, we argue here that, in addition, European monetary policy may have more general regional effects, including in particular by producing a higher instability in the pattern of credit availability for some peripheral regions. This latter possibility, and the forces underlying it, are explored here both at the theoretical level and the empirical level, examining the process by which monetary policy is transmitted

Currency · Economics · International economics · Monetary economics · Monetary policy · Unification · Welfare economics · Banking stability, regulation, efficiency · European Monetary and Fiscal Policies · Global Financial Crisis and Policies

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