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Nominal versus Real Convergence with Respect to EMU Accession.How to Cope with the Balassa-Samuelson Dilemma

Paul de Grauwe; Gunther Schnabl - 2004

within the projected time frame. Despite the merits of nominal appreciation, countries committed to hard euro pegs might …

Persistent link: https://www.econbiz.de/10009483190

The World Monetary System and External Relations of the EMU ?? Fasten your safety belts!

ECSA-Austria: European Integration online Papers

Traditionally clustered around one leading "hegemonic" world currency, with the introduction of the euro the … in the international consequences of the introduction of the Euro and analyzes the costs and gains from cooperation in …

Persistent link: https://www.econbiz.de/10009483196

The monetary framework after accession ?? a political economy analysis of ERM2

ECSA-Austria: European Integration online Papers

of EMU). Second it reviews how ERM2 is conducive to future euro-zone membership of the accession countries. From the … "outs" to fulfill the convergence criteria, and whether in this case "ins" open the door for the "outs" to enter the euro … of the Central and Eastern European accession countries to the euro area. In order to overcome these pitfalls the author …

Persistent link: https://www.econbiz.de/10009483197

A Co-integration Analysis Approach to European Union Integration: The Case of Acceding and Candidate Countries

ECSA-Austria: European Integration online Papers

This paper examines the long-term financial integration of second-round acceding and candidate countries?? with the European Union and the US stock markets during the Accession Process. The lowpair wise correlations between these markets imply portfolio diversification opportunities, yet...

Persistent link: https://www.econbiz.de/10009483198

The Economic Consequences of a Large EMU ?? Results of Macroeconomic Model Simulations

ECSA-Austria: European Integration online Papers

unevenly distributed over the participants ?? on the other hand, the internal (inflation) and external (value of the Euro vis …), whereas the "soft-currency" group has to carry the adjustment costs to a regime of fixed exchange rates (Euro) which results … ("soft-currency" countries). If the EMU will start with a large group there will be a tendency to devalue the Euro against …

Persistent link: https://www.econbiz.de/10009483202

Could the Stability and Growth Pact be Substituted by the Financial Markets?

ECSA-Austria: European Integration online Papers

In the discussions on the need for fiscal rules and their usefulness in a monetary union, researchers have not agreed if financial markets have a sufficiently disciplining effect on governments, which would mean that the fiscal rules are not necessary. This paper investigates whether the...

Persistent link: https://www.econbiz.de/10009483205

Receivables Securitization and the Non-Financial Firm

Korgaonkar, Sanket - 2009

Since the start of the financial crisis, various forms of securitization have been criticized for causing the problems experienced. The amount of Asset Backed Commercial Paper outstanding fell drastically in the middle of 2007 drawing our attention to this market. Our study focuses on the use of...

Persistent link: https://www.econbiz.de/10009438964

How capital structure adjusts dynamically during financial crises

Ariff, Mohamed; Taufiq, Hassan; Shamsher, Mohamad - 2008

The availability of a unique data set of financially distressed firms enabled this study to apply the dynamic capital structure adjustment model to a study of capital structure. In addition, the factors driving capital structure adjustment of financially distressed and of healthy firms were...

Persistent link: https://www.econbiz.de/10009441702

Setting an Agenda for Monetary Reform

D’Arista, Jane - 2009

The role played by monetary policy in creating the conditions that culminated in the current crisis and the failure of the Fed’s efforts to end the credit freeze in 2008 are critical components of the analysis needed as a backdrop for reform. This paper argues that the link between excess...

Persistent link: https://www.econbiz.de/10009467796

The Bonus-Driven “Rainmaker” Financial Firm: How These Firms Enrich Top Employees, Destroy Shareholder Value and Create Systemic Financial Instability

Crotty, James - 2009

We recently experienced a global financial crisis so severe that only massive rescue operations by governments around the world prevented a total financial market meltdown and perhaps another global Great Depression. One necessary precondition for the crisis was the perverse, bonus-driven...

Persistent link: https://www.econbiz.de/10009468162

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