Biblioteca Digital de VanguardiaMonetary and financial integration: lesson from the European Union
This article discusses the integration process of the European Union, stressing the financial aspects, and also discusses the need for a single currency as a further step in that process. The analysis of the financial integration evaluates the existence of interest rate parity and convergence. The m...
| Autores principales: | , |
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| Formato: | info:eu-repo/semantics/article |
| Lenguaje: | Español |
| Publicado: |
Universidad del Pacífico
1998
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| Acceso en línea: | https://revistas.up.edu.pe/index.php/apuntes/article/view/468 http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/52799 |
| _version_ | 1782339368208302080 |
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| author | Urrunaga, Roberto Silva, Jessica |
| author_facet | Urrunaga, Roberto Silva, Jessica |
| author_sort | Urrunaga, Roberto |
| collection | Repositorio |
| description | This article discusses the integration process of the European Union, stressing the financial aspects, and also discusses the need for a single currency as a further step in that process. The analysis of the financial integration evaluates the existence of interest rate parity and convergence. The main result is that both parity and convergence seem to have been achieved, but only for long run interest rates and just recently. The persistence of important differences between short run interest rates could cause some troubles and it would be showing the skepticism of the single currency successful. Also, the article carries out that the implementation of the single currency will reduce the autonomy of the fiscal policy, and mainly the tax policy, something that appears unwanted by the authorities of the country members of the European Union that have avoided to establish agreements about that. |
| format | info:eu-repo/semantics/article |
| id | clacso-CLACSO52799 |
| institution | CLACSO, Repositorio Digital |
| language | Español |
| publishDate | 1998 |
| publisher | Universidad del Pacífico |
| record_format | greenstone |
| spelling | clacso-CLACSO527992022-03-17T18:47:56Z Monetary and financial integration: lesson from the European Union La integración monetaria y financiera. Lecciones de la Unión Europea Urrunaga, Roberto Silva, Jessica This article discusses the integration process of the European Union, stressing the financial aspects, and also discusses the need for a single currency as a further step in that process. The analysis of the financial integration evaluates the existence of interest rate parity and convergence. The main result is that both parity and convergence seem to have been achieved, but only for long run interest rates and just recently. The persistence of important differences between short run interest rates could cause some troubles and it would be showing the skepticism of the single currency successful. Also, the article carries out that the implementation of the single currency will reduce the autonomy of the fiscal policy, and mainly the tax policy, something that appears unwanted by the authorities of the country members of the European Union that have avoided to establish agreements about that. El artículo discute el proceso de integración de la Unión Europea, con énfasis en los aspectos financieros, y cuestiona el establecimiento de la moneda única como un objetivo indispensable, al menos desde el punto de vista económico. El análisis de la integración financiera se concentra en la verificación del cumplimiento de la paridad de las tasas de interés y en el proceso de convergencia de las mismas. El principal resultado es que tanto la paridad como la convergencia se han cumplido en gran medida, y sólo recientemente para las tasas de interés de largo plazo, mientras que no ha ocurrido lo mismo para las tasas de corto plazo, lo que puede ser fuente de algunos inconvenientes y estaría reflejando cierto escepticismo sobre el éxito inmediato de la moneda única. Por otro lado, se plantea que el establecimiento de la moneda única restará autonomía a las políticas fiscales y, en particular, a las políticas tributarias, lo que parece no ser del agrado de las autoridades de los diversos países miembros de la Unión que han evitado fijar compromisos al respecto. 1998-11-06 2022-03-17T18:47:56Z 2022-03-17T18:47:56Z info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion https://revistas.up.edu.pe/index.php/apuntes/article/view/468 10.21678/apuntes.42.468 http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/52799 spa https://revistas.up.edu.pe/index.php/apuntes/article/view/468/470 Derechos de autor 2017 Apuntes http://creativecommons.org/licenses/by/4.0 application/pdf Universidad del Pacífico Apuntes. Social Sciences Journal; Apuntes 42; 31-52 Apuntes. Revista de ciencias sociales; Apuntes 42; 31-52 2223-1757 0252-1865 |
| spellingShingle | Urrunaga, Roberto Silva, Jessica Monetary and financial integration: lesson from the European Union |
| title | Monetary and financial integration: lesson from the European Union |
| title_full | Monetary and financial integration: lesson from the European Union |
| title_fullStr | Monetary and financial integration: lesson from the European Union |
| title_full_unstemmed | Monetary and financial integration: lesson from the European Union |
| title_short | Monetary and financial integration: lesson from the European Union |
| title_sort | monetary and financial integration: lesson from the european union |
| url | https://revistas.up.edu.pe/index.php/apuntes/article/view/468 http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/52799 |