Even though they can last for decades, fixed exchange rate regimes are increasingly seen as temporary arrangements, (Eichengreen, 1994). The hollowing out hypothesis, see, e.g. Fischer (2001), holds that fixed but adjustable exchange rate regimes of various kinds are scheduled to disappear in...

In this paper we question the consensus of using a binary crisisdefinition for empirical crisis models. We believe that the most severeshortcomings of the crisis models today are in the crisis definition rather than the explanatory variables ...

The objective of this paper is to analyze the effects of alternative monetary rules on realexchange rate persistence. Using a two-country stochastic dynamic general equilibrium withnominal price stickiness and local currency pricing, we will show how the persistence ofpurchasing power parity...

[...]This article demonstrates that the Bank Holiday that beganon March 6, 1933, marked the end of an old regime, and theFireside Chat a week later inaugurated a new one. TheEmergency Banking Act of 1933, passed by Congress onMarch 9—combined with the Federal Reserve’s commitmentto supply...

Stellt sich das Investitionsklima für deutsche Unternehmen seit der Krise von 1997/98 in Korea tatsächlich so positiv dar, wie Medienberichte und Wirtschaftszahlen suggerieren oder ist die Entwicklung möglicherweise nur auf einige wenige "Großeinkäufe" deutscher Großunternehmen...

In this paper we investigate whether cross-sectional information from local equity marketscontained information on devaluation expectations during the Asian crisis. We concentrate onthe information content of equity prices as these markets were in general the largest and mostliquid at the time...

This paper explains a currency crisis as an outcome of a switch in how monetarypolicy and fiscal policy are coordinated. The paper develops a model of an open economy in which monetary policy starts active, fiscal policy starts passive and, in a particular state of nature, monetary policy...

In regelmäßigen Abständen untersucht die VEND consulting GmbH aktuelle Trends undEntwicklungen innerhalb der Photovoltaikindustrie. In der aktuellen Studie, die Anfang diesesJahres erschienen ist, wurden insgesamt 113 Unternehmen aus den Bereichen Herstellung,Handel und Dienstleistung der...

The unfolding financial turmoil in mature economies has prompted the official and private sectors to reconsider policies, business models and risk management practices. Regardless of its future evolution, it already threatens to become one of the defining economic moments of the 21st century....