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      <record key="001" att1="001" value="LIB911071602" att2="LIB911071602">001   LIB911071602</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/tec/te-10.pdf</field>
      <field key="079" subkey="z">Fidrmuc, Jan - et al., Stability of Monetary Unions: Lessons from the Break-up of Czechoslovakia (pdf)</field>
      <field key="079" subkey="y">http://ideas.repec.org/p/ihs/ihstep/10.html</field>
      <field key="079" subkey="z">Institute for Advanced Studies. Transition Economics Series; 10 (RePEc)</field>
      <field key="100" subkey="">Fidrmuc, Jan</field>
      <field key="103" subkey="">Center for European Integration Studies (ZEI), University of Bonn and Center for Economic Research, Tilburg University</field>
      <field key="104" subkey="a">Horvath, Julius</field>
      <field key="107" subkey="">Central European University</field>
      <field key="108" subkey="a">Fidrmuc, Jarko</field>
      <field key="111" subkey="">Department of Transition Economics, Institute for Advanced Studies, Vienna, Austria</field>
      <field key="331" subkey="">Stability of Monetary Unions: Lessons from the Break-up of Czechoslovakia</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Wien</field>
      <field key="412" subkey="">Institut für Höhere Studien</field>
      <field key="425" subkey="">1999, July</field>
      <field key="433" subkey="">34 pp.</field>
      <field key="451" subkey="">Institut für Höhere Studien; Reihe Transformationsökonomie; 10</field>
      <field key="461" subkey="">Transition Economics Series</field>
      <field key="517" subkey="c">from the Table of Contents: Introduction; The Two-Fold Break-up of Czechoslovakia; The Break-up of Czechoslovakia and the Optimum</field>
      <field key="Cur" subkey="r">ency Area Theory; Benefits and Costs of the Break-up; Conclusions;</field>
      <field key="544" subkey="">IHSTE 10</field>
      <field key="700" subkey="">F33</field>
      <field key="700" subkey="">F36</field>
      <field key="700" subkey="">F42</field>
      <field key="720" subkey="">Optimum currency areas</field>
      <field key="720" subkey="">Disintegration</field>
      <field key="720" subkey="">Czechoslovakia</field>
      <field key="753" subkey="">Abstract: In 1993, Czechoslovakia experienced a two-fold break-up: On January 1, the country disintegrated as a political union,</field>
      <field key="whi" subkey="l">e preserving an economic and monetary union. Then, the Czech-Slovak monetary union collapsed on February 8. We analyze the</field>
      <field key="eco" subkey="n">omic background of the two break-ups, and discuss lessons for the stability of monetary unions in general. We argue that</field>
      <field key="Cze" subkey="c">hoslovakia fulfilled some of the optimum currency area criteria, however, given the low correlation of permanent shocks, it</field>
      <field key="app" subkey="e">ars it was relatively less integrated than some other existing unions. That, along with low labor mobility and a higher</field>
      <field key="con" subkey="c">entration of heavy and military industries in Slovakia, made the Czechoslovak economy vulnerable to asymmetric economic</field>
      <field key="sho" subkey="c">ks-such as those induced by the economic transition. Furthermore, the Czech-Slovak monetary union was marred by low</field>
      <field key="cre" subkey="d">ibility, lack of political commitment, low exit costs, and the absence of fiscal transfers.;</field>
    </SEQUENTIAL>
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