Similar Search Results

Exchange Rate Risk and Imperfect Capital Mobility in an Optimizing Macromodel

Rankin, Neil - C.E.P.R. Discussion Papers - 1991

A stochastic two-period model of a small open economy with optimizing consumption and portfolio choice is constructed. Exchange rate risk means domestic-currency bonds are imperfect substitutes for foreign-currency bonds. Expectations are rational, i.e. subjective probability distributions equal...

Persistent link: https://www.econbiz.de/10005792520

The Foreign Service and Foreign Trade: Embassies as Export Promotion

Rose, Andrew K - C.E.P.R. Discussion Papers - 2005

-section of data covering 22 large exporters and 200 import destinations. Bilateral exports rise by approximately 6-10% for each …

Persistent link: https://www.econbiz.de/10005791718

How Trade Credits Foster International Trade

Eck, Katharina; Engemann, Martina; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2012

Internationally active firms rely intensively on trade credits even though they are considered particularly expensive. This phenomenon has been little explored so far. Our theoretical analysis shows that trade credits can alleviate financial constraints arising from asymmetric information...

Persistent link: https://www.econbiz.de/10011083260

Monnet's Error?

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2015

Entering a currency union without any political union European countries have taken a gamble: will the needs of the currency union force a political integration (as anticipated by Monnet) or will the tensions create a backlash, as suggested by Kaldor, Friedman and many others? We try to answer...

Persistent link: https://www.econbiz.de/10011266537

EMU and the External Value of the Euro

Demertzis, Maria; Hughes Hallett, Andrew - C.E.P.R. Discussion Papers - 1999

The size and economic relevance of Europe may imply a new role for the EURO in the international financial markets. But … will the EURO compete with the $US and the Yen for a place in the basket of international currencies? Will that induce a … run trend of the EURO depends on the economic performance of the partner countries as well as on the properties of the new …

Persistent link: https://www.econbiz.de/10005662141

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

Global Financial Markets and Financial Stability: Europe's Role

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

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

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

How Will the Euro behave?

Cohen, Daniel - C.E.P.R. Discussion Papers - 1997

volatile euro than we have currently (as a basket of currencies). …

Persistent link: https://www.econbiz.de/10005666974

A Strategy for Launching the Euro

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 1997

conversion rates between the euro and the currencies of EMU members states. Current EU legislation, notably the Maastricht Treaty … prices of EMU member currencies against the euro. Unfortunately, most of these have potentially damaging side effects. One … approach, based on official Stage 2 offers of contingent euro forward contracts with value dates at the start of Stage 3 …

Persistent link: https://www.econbiz.de/10005789076

Is the Euro Sustainable?

Wickens, Michael R. - C.E.P.R. Discussion Papers - 2007

It is widely recognised that the "one-size-fits-all" monetary policy of the euro-zone is a potential problem. How much … of a problem has not been much investigated. It is argued in this paper that it may result in the euro not being … competitiveness. A formal theory of inflation in the euro-zone based on an open-economy version of the New Keynesian model is used to …

Persistent link: https://www.econbiz.de/10005789110