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Economic integration and exchange rate arrangements in the post-soviet period : The Baltic states in comparative perspective

Ljungberg, Jonas LU orcid (2020) In The European Journal of Comparative Economics 17(2).
Abstract
Which have been the consequences of the euro for integration and economic performance in the Baltic Sea region? After the collapse of the Soviet Union, the three Baltic states and Poland have been rapidly catching-up with Western Europe. The Great Recession becamea great setback for the former, while less so for Poland. A difference is the monetary policy: the Polish zloty depreciated in the critical moment of the crisis, while currency boards with the aim of joining the euro bestowed appreciation for the Baltics and Finland. Contrary to the purpose, monetary integration has not fostered integration in trade, and the share of the Eurozone in Baltic trade has stagnated. A comparison with other countries in the Baltic... (More)
Which have been the consequences of the euro for integration and economic performance in the Baltic Sea region? After the collapse of the Soviet Union, the three Baltic states and Poland have been rapidly catching-up with Western Europe. The Great Recession becamea great setback for the former, while less so for Poland. A difference is the monetary policy: the Polish zloty depreciated in the critical moment of the crisis, while currency boards with the aim of joining the euro bestowed appreciation for the Baltics and Finland. Contrary to the purpose, monetary integration has not fostered integration in trade, and the share of the Eurozone in Baltic trade has stagnated. A comparison with other countries in the Baltic Sea region suggests that the euro provides “the golden fetters” of our time. Emigration, also a kind of integration, has become a safety valve with severe social and economic consequences for the Baltic states. (Less)
Abstract (Swedish)
Artikeln undersöker eurons konsekvenser för integration och tillväxt i Östersjöregionen (Polen, Litauen, Lettland, Estland, Finland och Sverige). Efter Sovjetunionens sammanbrott har de baltiska staterna och Polen snabbt hämtat in på Västeuropa. Den globala finanskrisen blev ett kraftigt bakslag för de förra, men i mindre utsträckning för Polen. Penningpolitiken har gjort skillnad: den polska zlotyn deprecierade i krisen liksom den svenska kronan, medan euron för Finlands del liksom euroknytningen för de baltiska staterna medförde en appreciering. Speciellt för Polen mildrades krisen väsentligt, medan apprecieringen spädde på krisen. I motsats till sitt uttalade syfte har den monetära integrationen inte bidragit till integration i handeln,... (More)
Artikeln undersöker eurons konsekvenser för integration och tillväxt i Östersjöregionen (Polen, Litauen, Lettland, Estland, Finland och Sverige). Efter Sovjetunionens sammanbrott har de baltiska staterna och Polen snabbt hämtat in på Västeuropa. Den globala finanskrisen blev ett kraftigt bakslag för de förra, men i mindre utsträckning för Polen. Penningpolitiken har gjort skillnad: den polska zlotyn deprecierade i krisen liksom den svenska kronan, medan euron för Finlands del liksom euroknytningen för de baltiska staterna medförde en appreciering. Speciellt för Polen mildrades krisen väsentligt, medan apprecieringen spädde på krisen. I motsats till sitt uttalade syfte har den monetära integrationen inte bidragit till integration i handeln, och eurozonens andel i den baltiska handeln har stagnerat. En jämförelse mellan länderna i Östersjöregionen stödjer påståendet att euron utgör ”the golden fetters” i vår tid. För de baltiska staterna har emigration blivit en säkerhetsventil, men med svåra sociala och ekonomiska konsekvenser. (Less)
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author
organization
publishing date
type
Contribution to journal
publication status
published
subject
keywords
Economic growth, integration, exports, EMU, Baltic sea region, exchange rates, E39, E42, F14, F15, F43, N14
in
The European Journal of Comparative Economics
volume
17
issue
2
pages
24 pages
publisher
University Carlo Cattaneo
ISSN
1824-2979
DOI
10.25428/1824-2979/202002-229-252
language
English
LU publication?
yes
id
915df409-2d15-42c0-afba-0f5b357264ee
date added to LUP
2020-12-28 20:17:03
date last changed
2021-01-08 16:36:17
@article{915df409-2d15-42c0-afba-0f5b357264ee,
  abstract     = {{Which have  been  the consequences of  the euro for integration and economic  performance in  the Baltic Sea region? After the collapse  of  the Soviet Union, the three Baltic states and Poland have  been rapidly catching-up with Western Europe. The Great Recession becamea great setback for the former, while less so for Poland. A difference is the monetary policy: the Polish zloty depreciated in the critical moment of the  crisis,  while  currency  boards  with  the  aim  of  joining  the  euro  bestowed  appreciation  for  the Baltics and Finland. Contrary to the purpose, monetary integration has not fostered integration in trade, and the share of the Eurozone in Baltic trade has stagnated. A comparison with other countries in the Baltic Sea region  suggests  that  the  euro  provides  “the  golden  fetters”  of  our  time.  Emigration,  also  a  kind  of integration, has become a safety valve with severe social and economic consequences for the Baltic states.}},
  author       = {{Ljungberg, Jonas}},
  issn         = {{1824-2979}},
  keywords     = {{Economic growth; integration; exports; EMU; Baltic sea region; exchange rates; E39; E42; F14; F15; F43; N14}},
  language     = {{eng}},
  number       = {{2}},
  publisher    = {{University Carlo Cattaneo}},
  series       = {{The European Journal of Comparative Economics}},
  title        = {{Economic integration and exchange rate arrangements in the post-soviet period : The Baltic states in comparative perspective}},
  url          = {{http://dx.doi.org/10.25428/1824-2979/202002-229-252}},
  doi          = {{10.25428/1824-2979/202002-229-252}},
  volume       = {{17}},
  year         = {{2020}},
}