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자료유형
학술저널
저자정보
저널정보
한국유럽학회 유럽연구 유럽연구 제7권
발행연도
1998.6
수록면
119 - 140 (22page)

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This paper discusses the gains in terms of economic efficiency from EMU. There are two main sources of direct efficiency gains from monetary union, which are the elimination of transaction costs, and the suppression of hedging costs. An EMU would also have the indirect and dynamic effects which unemployment could be reduced decisively. Second gain of the EMU would be the price stability. An anticipated inflation leads to direct welfare losses. Inflation reduces the demand for money, and forces economic agents to obtain additional balances from the central bank in order to keep the real value of their money holding construct. Inflation would also force producers to change price lists continually. An unanticipated inflation has much stronger adverse economic effects than anticipated inflation. As higher inflation countries have a higher unemployment rate and a lower per capita income, EMU would lead a lower unemployment rate and a higher per capita income. The costs of disinflation are minimized if there would be a credible commitment to stable prices and backward-looking wage indexation is reformed into a forward-looking scheme. A stable and credible monetary regime requires an independent central bank to guarantee price stability. The benefits of EMU are bound to be distributed unevenly. The principal gainers would be tourists and individual travellers, small and medium-sized firms in the large countries, and most firms in the small ones. There may also be some scope for expansion for mail-order business. As the spatial distribution of benefits would accrue mainly small countries, the inequality of income distribution between countries would be reduced. An efficiency gains from EMU would be the reduction of exchange rate related to transaction cost in our country. Our exports would be raised because of increasing European consumer income and expenditure. However, our market share in European countries would be reduced, because the infra-EU trade would occur between member states.

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