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Introduction: The Euro: Manage It or Leave It!

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Notes

  1. This aspect could be analyzed formally in the elegant framework of the well-known Blanchard and Quah (1989) model, a feature that possibly contributed to the academic success of this approach.

  2. This is as old as the OCA theory itself. Mundell (1961) in his seminal paper quotes the controversy between Meade (1957) and Scitovsky (1958), where the latter advocated the ‘endogenous’ point of view.

  3. Sapir (2012), has estimated that, in order to compensate for the gaps in infrastructure, education and R&D expenditure, the transfers from Germany to Southern countries should reach 9% of its GDP.

  4. As predicted by economists as different as Kaldor (1971) and Feldstein (1997).

  5. The impact of the single money on trade was anticipated to be little ex ante (eg, Eichengreen, 1993) and proved negligible ex post (eg, Berger and Nitsch, 2008).

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Bagnai, A. Introduction: The Euro: Manage It or Leave It!. Comp Econ Stud 55, 381–386 (2013). https://doi.org/10.1057/ces.2013.23

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