Việc thực hiện kinh tế vĩ mô của nền kinh tế nhỏ và mở là phụ thuộc vào phản ứng thị trường lao động và cán cân thanh toán. Các tài khoản hiện các biện pháp tác động đến thu nhập thực tế và, quan trọng không kém, sự thay đổi trong nợ nước ngoài. | CONSEQUENCES OF THE EURO 4. Small open European economies - employment and foreign debt Introductory remarks The macroeconomic performance of small open economies is dependent on labour market reactions and the balance of payments. The current account measures the impact on real income and equally important the change in foreign debt. It is much too often said that the balance of payments loses its macroeconomic importance when a small country joins a monetary union. The argument is that foreign debt becomes similar to domestic debt because the currency is the same. Further exchange rate uncertainty disappears. The latter is of course correct. But the main difference between domestic and foreign debt still stands that interest payments on foreign debt reduce national disposable income and thereby the tax base of the economy. Therefore it is important to separate the analysis between external and internal real demand and supply shocks. A negative external shock for instance like the one the Finnish economy experienced in the wake of the Soviet collapse sparks off a negative cycle where unemployment and foreign debt rise steeply. Or one could point to the actual situation in Portugal which is running a deficit on her current foreign account of close to 10 per cent of GDP. The theme of this chapter is to give an explanation of why macroeconomic schools give different answers to whether such vast macroeconomic imbalances can be corrected more effectively inside or outside a monetary union. A Euro-positive view Buiter 2000 played a prominent role in the Danish debate about the pros and cons of joining the un stable Euro-zone. He was one of the major sources which the Danish Central Bank Danmarks Nationalbank 2000 and the committee of economic experts Hoffmeyer et al. 2000 drew upon when arguing against the Chairman of the Economic Council 0konomiske Rảd 2000 and in favour of Denmark joining the Euro-zone for economic reasons. Buiter is an archtypical Euro-positive .
