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Jahrbücher für Nationalökonomie und Statistik

Journal of Economics and Statistics

Editor-in-Chief: Winker, Peter

Ed. by Büttner, Thiess / Riphahn, Regina / Smolny, Werner / Wagner, Joachim

IMPACT FACTOR 2018: 0.200
5-year IMPACT FACTOR: 0.309

CiteScore 2018: 0.50

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Source Normalized Impact per Paper (SNIP) 2018: 0.382

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Volume 239, Issue 5-6


Putting European Monetary Integration into a Historical Perspective: Two Decades of the European Monetary System versus Two Decades of the European Monetary Union

Ralf Fendel / Michael Frenkel
Published Online: 2019-09-03 | DOI: https://doi.org/10.1515/jbnst-2018-0097


This comparative study looks at broad economic developments during the 20 years of the European Monetary Union (EMU) and 20 years of the European Monetary System (EMS). We analyze the economic performance by looking at a set of macroeconomic variables. The analysis of macroeconomic performance includes two perspectives: one is internal, i. e. how did the countries perform relative to each other; the other is external, i. e. how did the group of member countries perform vis-à-vis other countries. Overall, the analysis of the two periods suggest that the EMU does not display a macroeconomic development inferior to the EMS period. On the contrary, some crucial macroeconomic indicators point to a greater stability during the EMU period compared to the EMS period.

Keywords: European monetary integration; European Monetary System (EMS); European Monetary Union (EMU)

JEL Classification: F33; F36; F45


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About the article

Received: 2018-12-25

Accepted: 2019-07-29

Revised: 2019-05-25

Published Online: 2019-09-03

Published in Print: 2019-09-25

Citation Information: Jahrbücher für Nationalökonomie und Statistik, Volume 239, Issue 5-6, Pages 769–795, ISSN (Online) 2366-049X, ISSN (Print) 0021-4027, DOI: https://doi.org/10.1515/jbnst-2018-0097.

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