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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
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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
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Alternative Paths Towards EMU: Lessons from an Expanded Mundell-Fleming Model for the Accession Countries
Souza, Lúcio Vinhas de; Ledrut, Elisabeth - Institut für Weltwirtschaft (IfW) - 2002
A small expectations-expanded "Mundell-Fleming" model is built for the European Union Accession Countries and estimated to assess the optimality of different exchange rate regimes (a peg and a float) through a simple welfare function. Floating appears as the best option for most of the countries...
Persistent link: https://www.econbiz.de/10005076124
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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
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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/10010688313
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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
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Outsourcing, Offshoring and Innovation: Evidence from Firm-level Data for Emerging Economies
Fritsch, Ursula; Görg, Holger - Institut für Weltwirtschaft (IfW) - 2013
It is striking that by far the lion’s share of empirical studies on the impact of outsourcing on firms considers industrialized countries. However, outsourcing by firms from emerging economies is far from negligible and growing. This paper investigates the link between outsourcing and...
Persistent link: https://www.econbiz.de/10010886993
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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
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Exporters in the Financial Crisis
Görg, Holger; Spaliara, Marina-Eliza - Institut für Weltwirtschaft (IfW) - 2014
Using a large panel of UK manufacturing firms over the period 2000—2009, we consider how firms responded during the most recent financial crisis, estimating models for export market participation decisions and firm growth and survival. The results indicate that financial variables are highly...
Persistent link: https://www.econbiz.de/10010886868
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Network Analysis of the e-MID Overnight Money Market: The Informational Value of Different Aggregation Levels for Intrinsic Dynamic Processes
Finger, Karl; Fricke, Daniel; Lux, Thomas - Institut für Weltwirtschaft (IfW) - 2012
In this paper, we analyze the network properties of the Italian e-MID data based on overnight loans during the period 1999-2010. We show that the networks appear to be random at the daily level, but contain significant non-random structure for longer aggregation periods. In this sense, the daily...
Persistent link: https://www.econbiz.de/10010886878