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By Peter Huber, Danuše Nerudová, Petr Rozmahel

This e-book brings jointly the paintings of researchers in jap and Western Europe, who examine competitiveness, social exclusion and sustainability from a number views. It examines the most important demanding situations confronted through the european in its efforts to set up a socially inclusive and greener route to development and develops coverage thoughts to concurrently in attaining the ecu 2020 agenda’s long term ambitions and tackle the present monetary quandary in Europe.

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Extra resources for Competitiveness, Social Inclusion and Sustainability in a Diverse European Union: Perspectives from Old and New Member States

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Many other empirical studies have reacted to these controversial results (Rose and van Wincoop 2001 or Glick and Rose 2002). In 2005, Rose and Stanley conducted a meta-analysis of the effect of common currencies on international trade (Rose and Stanley 2005). , a currency union) increases bilateral trade by between 30 and 90 %. Conversely, many recent studies discuss the fact that European productivity growth has decelerated since the 1990s, whereas American productivity growth has accelerated.

2011). However, the primary difference amongst the European countries lies in their residents’ consumption behaviour. Compared to the above asymmetric causes on the supply side of the economy, there are much more significant determinants of asymmetric behaviour on the demand side. The key point on the demand side relates to differences in the economic fundamentals that determine money demand (Bosker 2003 or Setzer and Wolff 2009). Following endogenous theories of money, asymmetric investment and economic activity implies credit money creation and heterogeneous distribution of money supply across the Eurozone despite its common monetary policy and common money market (Pomeˇnkova´ and Kapounek 2013).

Kapounek regions differently. However, an economy with a fixed exchange-rate regime does not have monetary policy independence because the disparity of interest rates among reasons will lead to unsustainable balance of payment imbalances. Within the fixed exchange-rate region, market-based adjustment mechanisms must be applied to cope with asymmetric shocks/factor mobility. Inspired by Keynes and his price and wage rigidities assumptions, Mundell argues that if there is a high degree of labour mobility within a region, then its member states should employ a fixed exchange rate amongst themselves and a flexible exchange rate against the rest of the world.

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