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To understand the origin of the modern central bank — its institutional structure and monetary policy — one must understand the history of the Bundesbank. The narrative history offered here examines the evolution of that institution, from the start and the collapse of the Bretton Woods...
Persistent link: https://www.econbiz.de/10013097238
The current state budget crisis in the EU and the numerous futile efforts to solve the problem has brought back the fraction of people that argument in favour of an exit strategy of Germany from the European monetary union (EMU) or even the break-up of the EMU in total. This paper investigates...
Persistent link: https://www.econbiz.de/10010208727
Persistent link: https://www.econbiz.de/10009747211
Euro coins have a common European side and an individual national side. Thanks to coin migration, coins bearing a panoply of national sides are in circulation throughout the euro area. In this paper, we model the mixing of coins circulating in the euro area countries and in particular the extent...
Persistent link: https://www.econbiz.de/10012272025
Pundits around the world have criticized Germany for either trying to reshape Europe in its image or acting in its own self-interest. Germany has been accused of creating a new "empire," of pursuing a new Sonderweg, of "going global alone," of evasiveness, self-imposed isolation, and bullying....
Persistent link: https://www.econbiz.de/10012501528
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Persistent link: https://www.econbiz.de/10001594231
This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...
Persistent link: https://www.econbiz.de/10013230968
This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...
Persistent link: https://www.econbiz.de/10011398903
This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...
Persistent link: https://www.econbiz.de/10012470368