Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 2005 erstellt
Beschreibung:
This paper empirically investigates the Transfer problem for the "Euro area" vis a vis the Rest of the world. The empirical analysis is developed in a theoretically and statistically consistent way and is intended as a contribution to the literature on the macroeconomics of EMU. The paper reaches three conclusions. First, Net foreign asset accumulation in the Euro area is consistent with real exchange appreciation (Transfer effect). Second, the Transfer effect works essentially through the relative price of nontradables rather than through the terms of trade. Third, the transition from EMS to EMU has certainly had a statistically significant impact in terms of the Transfer effect. On the basis of currently available information, however, this appears to be of a transitory rather than permanent nature