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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
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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
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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
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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
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Global Banking and International Business Cycles
Enders, Zeno; Kollmann, Robert; Müller, Gernot - C.E.P.R. Discussion Papers - 2010
characterized by large credit losses in the US and a simultaneous sharp output reduction in the US and the Euro Area. Our results …
Persistent link: https://www.econbiz.de/10008611009
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Capital Controls and Macroprudential Measures: What Are They Good For?
Forbes, Kristin; Fratzscher, Marcel; Straub, Roland - C.E.P.R. Discussion Papers - 2014
Are capital controls and macroprudential measures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias and endogeneity; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding...
Persistent link: https://www.econbiz.de/10011084623
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Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls
Forbes, Kristin; Fratzscher, Marcel; Straub, Roland - C.E.P.R. Discussion Papers - 2012
We use changes in Brazil’s tax on capital inflows from 2006 to 2011 to test for direct portfolio effects and externalities from capital controls on investor portfolios. The analysis is structured based on information from investor interviews. We find that an increase in Brazil’s tax on...
Persistent link: https://www.econbiz.de/10011084681
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An Equilibrium Model of 'Global Imbalances' and Low Interest Rates
Caballero, Ricardo; Farhi, Emmanuel; Gourinchas, … - C.E.P.R. Discussion Papers - 2006
Three of the most important recent facts in global macroeconomics - the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio - appear as anomalies from the perspective of conventional wisdom and...
Persistent link: https://www.econbiz.de/10005666722
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Optimal external debt and default
Guimarães, Bernardo - C.E.P.R. Discussion Papers - 2007
This paper analyses whether sovereign default episodes can be seen as contingencies of optimal international lending contracts. The model considers a small open economy with capital accumulation and without commitment to repay debt. Taking first order approximations of Bellman equations, I...
Persistent link: https://www.econbiz.de/10005667062
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Micro, Macro, and Strategic Forces in International Trade Invoicing
Goldberg, Linda S.; Tille, Cédric - C.E.P.R. Discussion Papers - 2009
The use of different currencies in the invoicing of international trade transactions plays a major role in the international transmission of economic fluctuations. Existing studies argue that an exporter’s invoicing choice reflects structural aspects of her industry, such as market share and...
Persistent link: https://www.econbiz.de/10008496452