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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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