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Currency and Competitiveness in Europe

Edited by Klaus Liebscher, Governor, Oesterreichische Nationalbank, Josef Christl, Managing Director, Macro-Consult e. U., Peter Mooslechner, Member, Governing Board and Doris Ritzberger-Grünwald, Director, Oesterreichische Nationalbank, Austria
This book combines currency matters with competitiveness considerations, with a view to raising the understanding of exchange rate dynamics and to analysing the role of exchange rates in reinforcing economic competitiveness.
Published in Association with Oesterreichische Nationalbank, Austria
Extent: 336 pp
Hardback Price: £96.00 Web: £86.40
Publication Date: 2008
ISBN: 978 1 84844 035 7
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  • Economics and Finance
  • Financial Economics and Regulation
  • Industrial Economics
  • Money and Banking
This book combines currency matters with competitiveness considerations, with a view to raising the understanding of exchange rate dynamics and to analysing the role of exchange rates in reinforcing economic competitiveness.

The overall focus is on highlighting the link between currency developments and the real side of the economy. From a regional perspective, the contributions centre on developments in Central, Eastern and South-eastern Europe and thus put a special emphasis on aspects of transition and convergence. More specifically, the book addresses key issues of financial globalization and global imbalances; the role of macroeconomic fundamentals in exchange rate economics; the role, objectives and challenges of regional monetary unions; exchange rate dynamics in transition economies and the competitiveness of catching-up countries. It also addresses the structural aspects of competitiveness and the significance of qualitative and quantitative aspects of competitiveness.

Offering the views of eminent academics and professionals, this book will be of great interest to economists and central bankers as well as to international organizations, universities and research institutes.
‘Competitiveness is a notoriously slippery concept. This volume, featuring a galaxy of economic stars, lends some much-needed precision to the term and the debate over its determinants.’
– Barry Eichengreen, University of California, Berkeley, US
Contributors: E. Alberola, L. Bini Smaghi, M.C. Bonello, J. Br?ha, J. Christl, S. Deroose, M.D.D. Evans, M. Fratzscher, H. Genberg, Á. Gereben, D. Igan, G.L. Kaminsky, P. Kutos, K. Liebscher, J. Lipsky, R. MacDonald, P. Mooslechner, A. Orphanides, J. Podpiera, D. Ritzberger-Grünwald, A. Scalia, J.M. Serena, I. Šramko, M. Suardi, J. Williamson, J. Woerz
Contents:

Preface

PART I: HOW CURRENCY AND COMPETITIVENESS CONTRIBUTE TO GROWTH AND STABILITY
1. Competitiveness Still has Currency
Klaus Liebscher

2. Financial Market Turbulence and Global Imbalances
John Lipsky

3. Are Global Imbalances a Problem?
John Williamson

4. Financial Globalization and Exchange Rate Arrangements
Graciela Laura Kaminsky

5. Exchange Rates from a Multilateral and South-East Asian Perspective
Hans Genberg

PART II: UNDERSTANDING EXCHANGE RATES
6. Fundamentally Lost? On the Role of Fundamentals in Exchange Rate Economics in History and Theory
Peter Mooslechner

7. Macroeconomic Fundamentals and the Exchange Rate
Ronald MacDonald

8. Understanding Exchange Rates: A Micro-based Perspective on the Importance of Fundamentals
Martin D.D. Evans

9. Real Exchange Rate Dynamics in Transition Economies: The Role of Investment in Quality
Jan Br?ha and Ji?í Podpiera

10. The Impact of Exchange Rate Interventions and Communication Over the Medium Term
Marcel Fratzscher

11. Using the Microstructure Approach to Foreign Exchange Markets in a Central Bank
Áron Gereben

12. How do Central Banks and FX Traders Interact?
Antonio Scalia

PART III: UNDERSTANDING ECONOMIC COMPETITIVENESS
13. Competitiveness in a Monetary Union
Josef Christl

14. Real and Nominal Convergence: Policy Challenges in a Monetary Union
Lorenzo Bini Smaghi

15. Product Quality and International Competitiveness in the New Member States of the EU
Deniz Igan

16. Structural Aspects of Competitiveness
Julia Woerz

17. Assessing the Sustainability of External Positions in New EU Member States
Enrique Alberola and José María Serena

PART IV: POLICY CHALLENGES ON THE ROAD TO AND WITHIN MONETARY UNION
18. Preparing for the Euro – Perspectives from the Monetary Policy Strategy in Cyprus
Athanasios Orphanides

19. Economic Challenges on the Path to the Euro – The Maltese Experience
Michael C. Bonello

20. Slovakia’s Road to the Euro – Lessons Learned and Challenges Ahead
Ivan Šramko

21. Euro Area Enlargement: Lessons and Challenges
Servaas Deroose, Paul Kutos and Massimo Suardi

Index