Economic integration and exchange rate arrangements in the post-soviet period : The Baltic states in comparative perspective
(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)
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/915df409-2d15-42c0-afba-0f5b357264ee
- author
- Ljungberg, Jonas LU
- organization
- publishing date
- 2020
- 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}}, }