Jonas Ljungberg
Professor emeritus
Economic integration and exchange rate arrangements in the post-soviet period : The Baltic states in comparative perspective
Author
Summary, in English
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 becamea 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.
Department/s
- Department of Economic History
Publishing year
2020
Language
English
Publication/Series
The European Journal of Comparative Economics
Volume
17
Issue
2
Links
Document type
Journal article
Publisher
University Carlo Cattaneo
Topic
- Economic History
Keywords
- Economic growth
- integration
- exports
- EMU
- Baltic sea region
- exchange rates
- E39
- E42
- F14
- F15
- F43
- N14
Status
Published
ISBN/ISSN/Other
- ISSN: 1824-2979