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Putting the EMU integration into a new perspective: the case of capital market holdings

Palaiodimos, George T. - Bank of Greece - 2013

2001 (18% increase of EMU holdings) reflecting the beneficial impact of EMU and the introduction of the euro, while in the …

Persistent link: https://www.econbiz.de/10010855038

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

The Benefits and Costs of Monetary Union in Southern Africa: A Critical Survey of the Literature

Tavlas, George S. - Bank of Greece - 2008

With the 14 members of the Southern African Development Community (SADC) having set the objective of adopting a common currency for the year 2018, an expanding empirical literature has emerged evaluating the benefits and costs of a common-currency area in Southern Africa. This paper reviews that...

Persistent link: https://www.econbiz.de/10005321921

Capital Flows, Capital Account Liberalisation and the Mediterranean Countries

Gibson, Heather D.; Tsaveas, Nicholas T.; Vlassopoulos, … - Bank of Greece - 2006

This paper examines questions related to possible capital account liberalisation in the Mediterranean countries. First, we provide an overview of the extent to which these countries have capital controls along with their exchange rate regimes and some basic macroeconomic aggregates. Second, we...

Persistent link: https://www.econbiz.de/10005321931

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

Capital Flows and Speculative Attacks in Prospective EU Member States

Gibson, Heather D; Tsakalotos, Euclid - Bank of Greece - 2003

to shedding light on the likely problems they might encounter with exchange rate policy in the run up to euro area … macroeconomic policy in the prospective EU members will be complicated by capital flows in the run up to euro area membership. …

Persistent link: https://www.econbiz.de/10005162304

The Contribution of Sectoral Productivity Differentials to Inflation in Greee

Gibson, Heather D.; Malley, Jim - Bank of Greece - 2007

This paper estimates the magnitude of the Balassa-Samuelson effect for Greece. We calculate the effect directly, using sectoral national accounts data, which permits estimation of total factor productivity (TFP) growth in the tradeables and nontradeables sectors. Our results suggest that it is...

Persistent link: https://www.econbiz.de/10005162305

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

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

Lessons for monetary policy from the euro-area crisis

Goodhart, C.A.E - Bank of Greece - 2013

The earlier 2007/8 financial crisis generated the main lessons for monetary policy, notably that price stability does not necessarily guarantee financial stability. Nevertheless, the on-going Eurozone crisis has pointed to further lessons, notably that a single currency covering diverse states...

Persistent link: https://www.econbiz.de/10011122411