Citation

Discussion Paper Details

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Title: International Implications of German Unification

Author(s): Hans-Werner Sinn

Publication Date: November 1996

Keyword(s): Direct Investment, Joint Ventures, Privatization and Transformation Economies

Programme Area(s): Financial Economics

Abstract: This paper advances the hypothesis that the EMS crisis was caused by German unification. Unification stimulated massive resource demand, which paralleled resource demand in the United States following Reagan?s tax reforms in the 1980s. The resource demand revised German interest rates relative to the rest of the world, which brought about devaluations of other European currencies. The paper identifies those European currencies needing revaluation before they can join the European currency union.

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Bibliographic Reference

Sinn, H. 1996. 'International Implications of German Unification'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=1508