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Baltic Integration and the Euro

Ljungberg, Jonas LU (2019) In Lund Papers in Economic History. General Issues
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 became a 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... (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 became a 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)
Please use this url to cite or link to this publication:
author
organization
publishing date
type
Working Paper
publication status
published
subject
keywords
economic growth, integration, exports, EMU, Baltic Sea region, exchange rates, E39, E42, F14, F15, F43, N14
in
Lund Papers in Economic History. General Issues
issue
2019:198
pages
27 pages
language
English
LU publication?
yes
id
c8fc1f6b-5ded-41d5-9af1-acbac6393b90
date added to LUP
2019-03-11 11:20:18
date last changed
2019-03-11 11:20:18
@misc{c8fc1f6b-5ded-41d5-9af1-acbac6393b90,
  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 became a 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},
  keyword      = {economic growth,integration,exports,EMU,Baltic Sea region,exchange rates,E39,E42,F14,F15,F43,N14},
  language     = {eng},
  note         = {Working Paper},
  number       = {2019:198},
  pages        = {27},
  series       = {Lund Papers in Economic History. General Issues},
  title        = {Baltic Integration and the Euro},
  year         = {2019},
}