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False News, Informational Efficiency, and Price Reversals.

Dugast, J.; Foucault, T. - Banque de France - 2014

Speculators can discover whether a signal is true or false by processing it but this takes time. Hence they face a trade-off between trading fast on a signal (i.e., before processing it), at the risk of trading on a false news, or trading after processing the signal, at the risk that prices...

Persistent link: https://www.econbiz.de/10010938543

Oil prices, exchange rates and asset prices

Fratzscher, Marcel; Schneider, Daniel; Van Robays, Ine - European Central Bank - 2014

This paper takes a financial market perspective in examining the relationship between oil prices, the US dollar and asset prices, and it exploits the heteroskedasticity for the identification of causality in a multifactor model. It finds a bidirectional causality between the US dollar and oil...

Persistent link: https://www.econbiz.de/10011067221

Financial stability in the EU new Member States, acceding and candidate countries.

Diev, P.; Pouvelle, C. - Banque de France - 2008

Rapid credit growth in the EU new Member States, acceding and candidate countries has raised the issue of financial stability in the region. This rapid credit growth has been accompanied by the deterioration in the current account balance and the large-scale distribution of foreign currency...

Persistent link: https://www.econbiz.de/10009391779

Optimal Price Setting During a Currency Changeover: Theory and Evidence from French Restaurants

Berardi, N.; Eife, T. A.; Gautier, E. - Banque de France - 2012

This paper studies firms' price-setting decision during a currency changeover. Buyers' difficulties with the new nominal price level create incentives to raise prices temporarily but doing so comes at the risk of damaging a seller's reputation in the long run. We model firms' trade-off and study...

Persistent link: https://www.econbiz.de/10010534896

Financial Regulation in General Equilibrium

Goodhart, Ch. A. E.; Kashyap, A. K.; Tsomocos, D. P.; … - Banque de France - 2012

This paper explores how different types of financial regulation could combat many of the phenomena that were observed in the financial crisis of 2007 to 2009. The primary contribution is the introduction of a model that includes both a banking system and a “shadow banking system” that each...

Persistent link: https://www.econbiz.de/10010815967

The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?

Mongelli, Francesco Paolo - European Central Bank - 2013

The destructive potential of the sovereign debt crisis of the euro area has been slowly abating since last summer, but … euro area, and the other being an erosion of trust in the viability of the euro area itself. Such concerns have led to talk … the crisis or the future of the euro area. While the crisis is a traumatic wake-up call, it is also a catalyst for change …

Persistent link: https://www.econbiz.de/10010693504

Has the Euro affected the choice of invoicing currency?

Ligthart, Jenny E.; Werner, Sebastian E. V. - European Central Bank - 2012

We present a new approach to study empirically the effect of the introduction of the euro on the pattern of currency … invoicing after the introduction of the euro, whereas the home currency share of non-eurozone countries fell slightly. In … addition, the euro as a vehicle currency has overtaken the role of the US dollar in Norwegian imports. The substantial rise in …

Persistent link: https://www.econbiz.de/10010686764

The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?

Mongelli, Francesco Paolo - European Central Bank - 2013

Persistent link: https://www.econbiz.de/10010688313

One currency, one price? Euro changeover-related inflation in Estonia

Meriküll, Jaanika; Rõõm, Tairi - European Central Bank - 2014

This paper studies euro changeover-related inflation using disaggregated price level data. The difference …-in-differences approach is used and the control group for the treatment country, Estonia, is built from 12 euro area countries. The Nielsen … overall inflationary effect of euro adoption was modest, the effects were significantly different across various market …

Persistent link: https://www.econbiz.de/10011067230

Was unofficial dollarisation/euroisation an amplifier of the 'Great Recession' of 2007-09 in emerging economies

Chiţu, Livia - European Central Bank - 2012

This paper investigates whether, and if so why, the recent ‘Great Recession’ was more severe in unofficially dollarised/euroised economies than in other economies. To that end, the paper builds on a novel dataset on unofficial dollarisation/euroisation to test whether the latter was a...

Persistent link: https://www.econbiz.de/10010686813