We empirically examined the issue of budget sustainability for 11 euro area countries. Empirical analyses using non-stationary panel data analysis rejected, with statistical significance, the possibility of fiscal collapse in euro area countries during the period 1999 to 2005. This supports the...

We conducted an analysis on the sources of real and nominal exchange rate movements for the Euro, applying the SVAR methods of Enders and Lee (1997). In particular, our analysis focused on the robustness of the results by considering different combinations of data on nominal exchange rates and...

We conducted an analysis on the sources of real and nominal exchange rate movements for the Euro, applying the SVAR methods of Enders and Lee (1997). In particular, our analysis focused on the robustness of the results by considering different combinations of data on nominal exchange rates and...

This study uses a long-run Structural Vector Autoregressive (SVAR) approach to identify the sources of real exchange rate fluctuations in the euro. The empirical results indicate that real shocks play a dominant role in explaining the real exchange rate fluctuations in the euro. This implies...

The Euro area is an extremely unique and important currency area for two reasons. First, it is the single largest currency area to be created in an industrialized region and is important as a test case for regions contemplating the establishment of new currency areas, such as East Asia and North...

The Dojima Rice Market in Osaka was the first futures market in the world, and an influential role model for modern futures markets. This study examines the efficiency of the original futures market by applying time‐series analysis to data on futures prices from Japan's Tokugawa era...