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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

European Monetary Unification: The Challenges Ahead

Eichengreen, Barry; Ghironi, Fabio - C.E.P.R. Discussion Papers - 1995

This paper reviews the problems that must be resolved at the Intergovernmental Conference in 1996 to clear the way for European Monetary Union: locking in Germany's commitment to the project, and reconciling EMU with variable geometry. It reviews what we know about the costs and benefits of EMU...

Persistent link: https://www.econbiz.de/10005792205

Currency Crisis and Unemployment: Sterling in 1931

Eichengreen, Barry; Jeanne, Olivier - C.E.P.R. Discussion Papers - 1998

This paper studies the role of unemployment in sterling’s inter-war experience. According to most narrative accounts, the proximate cause of the 1931 sterling crisis was a high and rising unemployment rate that placed pressure on British governments to pursue reflationary policies. We present...

Persistent link: https://www.econbiz.de/10005792142

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

Shocking Aspects of European Monetary Unification

Bayoumi, Tamim; Eichengreen, Barry - C.E.P.R. Discussion Papers - 1992

Data on output and prices for eleven EC member nations are analysed using a VAR decomposition to extract information on underlying aggregate supply and demand disturbances. The coherence of the underlying shocks across countries and the speed of adjustment to these shocks are compared with the...

Persistent link: https://www.econbiz.de/10005667032

Implications of the Great Depression for the Development of the International Monetary System

Bordo, Michael D; Eichengreen, Barry - C.E.P.R. Discussion Papers - 1997

In this paper we speculate about the evolution of the international monetary system in the last two-thirds of the twentieth century absent the Great Depression, but present the major post-Depression political and economic upheavals: World War II and the Cold War. We argue that without the...

Persistent link: https://www.econbiz.de/10005661482

How Will Transatlantic Policy Interactions Change with the Advent of EMU?

Eichengreen, Barry; Ghironi, Fabio - C.E.P.R. Discussion Papers - 1997

This paper analyses US–European policy interactions under different assumptions about the policy-making regime and the nature of the fiscal environment, contrasting the standard Keynesian case with an anti-Keynesian case in which government spending cuts are expansionary. When fiscal policy is...

Persistent link: https://www.econbiz.de/10005661746

Is There a Conflict Between EC Enlargement and European Monetary Unification?

Bayoumi, Tamim; Eichengreen, Barry - C.E.P.R. Discussion Papers - 1992

Recent proposals for enlarging the European Community to include the EFTA countries raise the question of whether the new members should participate in a European Monetary Union. In part, the issue hinges on the incidence of aggregate supply and demand disturbances. We use data on prices and...

Persistent link: https://www.econbiz.de/10005662004

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