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The Emergence of the Euro as an International Currency

Alogoskoufis, George; Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1997

*The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro … financial markets and thickness externalities in the use of the euro as means of payment will be the major factors determining … the importance of the euro as an international currency. As euro securities markets become deeper and more liquid and …

Persistent link: https://www.econbiz.de/10005662175

Negative Nominal Interest Rates: Three ways to overcome the zero lower bound

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2009

The paper considers three methods for eliminating the zero lower bound on nominal interest rates and thus for restoring symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be a useful crime-fighting measure); (2) paying...

Persistent link: https://www.econbiz.de/10005034754

The Determinants of Cross-Border Equity Flows

Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1999

We apply a new approach to a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. The remarkably good results have strong implications for theories of asset trade. We find that the geography of information heavily determines the pattern of international...

Persistent link: https://www.econbiz.de/10005067617

The Limits to Fiscal Stimulus

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2009

The paper considers the case for an internationally coordinated further fiscal stimulus during the second half of 2009. Although this makes some of the analysis period-specific, most of the issues and principles considered are timeless. For a fiscal stimulus to be both effective there must be...

Persistent link: https://www.econbiz.de/10008557012

Housing Wealth isn't Wealth

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2008

A fall in house prices due to a change in fundamental value redistributes wealth from those long housing (for whom the fundamental value of the house they own exceeds the present discounted value of their planned future consumption of housing services) to those short housing. In a representative...

Persistent link: https://www.econbiz.de/10005792518

India's Public Finances: Excessive Budget Deficits, a Government-Abused Financial System and Fiscal Rules

Buiter, Willem H.; Patel, Urjit R. - C.E.P.R. Discussion Papers - 2006

Capital formation is a key driver of the growth of potential output. With continuing widespread capital controls and persistently small inward FDI the volume of capital formation in India is constrained by domestic saving. The national saving rate in India (the sum of the saving rates of...

Persistent link: https://www.econbiz.de/10005123636

Reversing unconventional monetary policy: technical and political considerations

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2009

There are few if any technical problems involved in reversing the unconventional monetary policies - quantitative easing, credit easing and enhanced credit support - implemented by central banks around the world as short-term nominal interest rates became constrained by the zero lower bound. The...

Persistent link: https://www.econbiz.de/10008557018

Sovereign CDS and Bond Pricing Dynamics in the Euro-area

Palladini, Giorgia; Portes, Richard - C.E.P.R. Discussion Papers - 2011

six Euro-area countries over the period 2004-2011. As a first step, the supposed non stationarity of the two series is …

Persistent link: https://www.econbiz.de/10009365646

Finance, Trade and Development: Issues in Transatlantic Cooperation

Portes, Richard - C.E.P.R. Discussion Papers - 1986

Despite current economic problems and conflicts - or perhaps as their cause - the concordance of policies among the major industrial countries in the first half of the 1980s in dealing with finance, trade and development is at a peak. This has been the result not so much of cooperation or...

Persistent link: https://www.econbiz.de/10005666448

Macroeconomic Responses by Developing Countries to Changes in External Economic Conditions

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1986

The paper presents a non-technical survey of some of the issues involved in the design of stabilization policy in developing countries with special emphasis on policy responses to external shocks. First, the six most important external economic parameters of developing countries are reviewed: 1)...

Persistent link: https://www.econbiz.de/10005661802