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Abstract (German)
Old OCA theory recommends to unite homogenous countries so that their macroeconomic interrelations do not pose severe stabilisation problems. New OCA theory rightly criticizes the 1960s flavour of the old approach and believes in the endogenous emergence of an OCA if countries use the facilities of an integrated financial market for their catching-up. Whereas in theories of intertemporal optimisation single agents and national economies succeed to go from indebtedness to development, in EMU they were tempted live beyond their intertemporal budget constraint. Professional observers tended to tolerate high current account deficits and loss of competitiveness as temporary phenomena by relying on the Lawson Doctrine. Actually, some EMU countries could avoid insolvency only by monetising their balance of payment deficit.
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Publication license
Publication series
FZID discussion papers; 57
Published in
Faculty
Faculty of Business, Economics and Social Sciences
State Institutes
State Institutes
Institute
Institute of Economics
Forschungszentrum Innovation und Dienstleistung
Forschungszentrum Innovation und Dienstleistung
Examination date
Supervisor
Edition / version
Citation
Identification
DOI
ISSN
ISBN
Language
German
Publisher
Publisher place
Classification (DDC)
330 Economics
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BibTeX
@techreport{Spahn2012,
url = {https://hohpublica.uni-hohenheim.de/handle/123456789/5632},
author = {Spahn, Peter},
title = {Integration durch Währungsunion? : der Fall der Euro-Zone},
year = {2012},
school = {Universität Hohenheim},
series = {FZID discussion papers},
}