摘要：This paper analyses the impact of the timing of EU expansion on the real
exchange rate between the accession countries' currencies and the euro. I
ˉnd that the real exchange rate response to EU accession is smaller in the
case of a postponed accession, as postponement gives the regions more time
to converge. However, early EU accession would contribute to reducing the
real exchange rate response to asymmetric productivity shocks, as increased
bilateral trade reduces the size of the non-tradable goods sector, making the
real exchange rate less sensitive to productivity shocks.
关键词：economic integration, real exchange rate, international trade,
productivity shocks.
