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The European crisis in the context of the history of previous financial crises

Bordo, Michael; James, Harold - Bank of Greece - 2013

There are some striking similarities between the pre 1914 gold standard and EMU today. Both arrangements are based on fixed exchange rates, monetary and fiscal orthodoxy. Each regime gave easy access by financially underdeveloped peripheral countries to capital from the core countries. But the...

Persistent link: https://www.econbiz.de/10011122410

Optimum Currency Areas Structural Changes and the Endogeneity of the OCA Criteria: Evidence from Six New EU Member States

Sideris, Dimitrios - Bank of Greece - 2009

readiness for euro adoption. The second aim is to examine whether the introduction of the euro in 1999 and the decision of the … countries to seek to join the euro area created any forces fostering their convergence, evidence which would be in line with the … theory on the endogeneity of the OCA criteria. Our findings indicate that the introduction of the euro did promote …

Persistent link: https://www.econbiz.de/10005002687

How much fiscal discipline in a monetary union

Grauwe, Paul de; Ji, Yuemei - Bank of Greece - 2013

The nature of fiscal policies was changed dramatically by the creation of the Eurozone. While prior to the start of the Eurozone, national governments were sovereign in that they could back up the issue of debt by the issue of money, they lost this sovereignty in the Eurozone. This had dramatic...

Persistent link: https://www.econbiz.de/10011119784

The euro area crisis: a view form the north

Honkapohja, Seppo - Bank of Greece - 2013

The paper provides an overview of the sovereign debt crisis. I first consider the build-up of the crisis. I then discuss policy choices when a financial crisis erupts and assess the adjustment processes in the crisis countries, including alternatives to policies of austerity. Finally I take up...

Persistent link: https://www.econbiz.de/10011119779

Heterogeneity of the determinants of euro-area sovereign bond spreads; what does it tell us about financial stability?

Georgoutsos, Dimitris A.; Migiakis, Petros - Bank of Greece - 2012

In this paper we assess the movements of euro area sovereign bond yield spreads vis-à-vis the German Bund as processes … determinants we use are grouped into domestic and euro-area aggregates, thus allowing us to derive results on their relative … influences the deterministic processes of the euro area sovereign spreads and that identical determinants have effects on spreads …

Persistent link: https://www.econbiz.de/10010855046

European sovereign bond spreads: monetary unification, market conditions and financial integration.

Georgoutsos, Dimitris A.; Migiakis, Petros - Bank of Greece - 2010

In this paper we examine the dynamics of European sovereign bond yield spreads focusing on issues related to financial integration and market conditions. The finding of near-unit-root effects highlights the need for careful econometric specification. Thus we formulate sovereign bond yield...

Persistent link: https://www.econbiz.de/10008642237

The road to Ithaca: the Gold Standard, the Euro and the origins of the Greek sovereign debt crisis

Dellas, Harris; Tavlas, Goerge - Bank of Greece - 2012

sovereign bailouts -- in the euro-area that would have reduced members’ external imbalances. This situation contrasts sharply …

Persistent link: https://www.econbiz.de/10010855045

What About a World Currency? Proposal for a Common Currency among Rich Democracies. One World Money, Then and Now

Cooper, Richard N.; Bordo, Michael; James, Harold - Bank of Greece - 2006

Persistent link: https://www.econbiz.de/10005321933

Greek Monetary Economics in Retrospect: The Adventures of the Drachma

Sophia - Bank of Greece - 2003

Greece during the period from the early 1830s until the introduction of the euro. For Greece and for the drachma, the lessons …

Persistent link: https://www.econbiz.de/10005321936

The Drachma, Foreign Creditors and the International Monetary System: Tales of a Currency during the 19th and the Early 20th Century

Lazaretou, Sophia - Bank of Greece - 2004

Fixed exchange rate regimes can be regarded as a “rule with escape clauses”, allowing the monetary authorities to temporarily suspend convertibility and enact a discretionary policy only under well-understood contingencies, such as wartime emergencies and financial panics. Seen from this...

Persistent link: https://www.econbiz.de/10005321937