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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

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

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

Preferential Trading Arrangements and Industrial Location

Puga, Diego; Venables, Anthony J - C.E.P.R. Discussion Papers - 1995

. Closer integration can bring converging industrial development to the union. A hub-and-spoke arrangement favours location in …

Persistent link: https://www.econbiz.de/10005123966

Integration, Specialization and Adjustment

Krugman, Paul; Venables, Anthony J - C.E.P.R. Discussion Papers - 1993

concentrated in a single location. Economic integration may induce specialization. The paper studies the simple dynamics of the … wages as relocation of industry occurs, although there are long-run gains from integration. …

Persistent link: https://www.econbiz.de/10005497849

`1992': Trade and Welfare; A General Equilibrium Model

Gasiorek, Michael; Smith, Alasdair; Venables, Anthony J - C.E.P.R. Discussion Papers - 1992

This paper investigates the consequences of the completion of the internal market in the EC using a computable general equilibrium model of trade under imperfect competition. The focus of the paper is the welfare consequences of reducing trade barriers and the changes in production and trade...

Persistent link: https://www.econbiz.de/10005504484

Globalization and the Inequality of Nations

Krugman, Paul; Venables, Anthony J - C.E.P.R. Discussion Papers - 1994

The paper considers a model in which an imperfectly competitive manufacturing sector produces goods which are used both for final consumption and as intermediates. Intermediate usage creates cost and demand linkages between firms and a tendency for manufacturing agglomeration. How does...

Persistent link: https://www.econbiz.de/10005114236

Global Financial Markets and Financial Stability: Europe's Role

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

interaction between globalisation and regional integration. This paper discusses the internationalisation of the euro and draws …Europe's contribution to the international financial system is a new currency, the euro. Economic and Monetary Union in …

Persistent link: https://www.econbiz.de/10005666555

Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar

Papaioannou, Elias; Portes, Richard; Siourounis, Gregorios - C.E.P.R. Discussion Papers - 2006

Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater … currencies. Making various assumptions on expected currency returns and the variance-covariance structure, we assess how the euro …-free) currency. (ii) The optimum portfolios show a much lower weight for the euro than is observed. This suggests that the euro may …

Persistent link: https://www.econbiz.de/10005791662