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Title: | New trends in finance and accounting: proceedings of the 17th annual conference on finance and accounting. | Authors: | David Procházka (Editor). | Keywords: | Accounting | Issue Date: | 2017 | Publisher: | Springer | Abstract: | Abstract Is a monetary union advantageous? This analysis proposes an approach to the issue from the vantage point of a small open economy, namely the Czech Republic. Is it sensible for the Czech economy to participate in a monetary union like the EMU? What criteria can we apply to find out? To assess the advantages of joining a monetary union, it is recommended to analyse, instead of the Maastricht criteria, five new criteria that reflect the change in the competitiveness of a country. (1) How do import prices respond to a weaker exchange rate? (2) How do export prices respond to a weaker exchange rate? (3) How does domestic inflation respond to a weaker exchange rate? (4) How do wage costs in firms respond to a weaker exchange rate? (5) How do GDP and employment respond to a weaker exchange rate? Only when a weakening or devaluation of the currency is not beneficial to competitiveness, only then should a country with small open economy consider an entry into a monetary union (like the EMU). | URI: | http://dspace.uniten.edu.my/jspui/handle/123456789/15106 |
Appears in Collections: | UNITEN Energy Collection |
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New Trends in Finance and Accounting _ Proceedings of the 17th Annual Conference on Finance and Accounting ( PDFDrive.com ).pdf | 13.16 MB | Adobe PDF | View/Open |
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