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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
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The Euro and the International Financial System
Portes, Richard - C.E.P.R. Discussion Papers - 2001
This Paper analyses the issues raised by EMU for the relationships between the Euro area and the international … financial system. The depreciation of the Euro exchange rate since the beginning of EMU has attracted most attention. The Paper … authorities should take a more active policy stance. The Paper assesses the role of the Euro as an international currency and the …
Persistent link: https://www.econbiz.de/10005792090
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Does Trade Cause Capital to Flow? Evidence from Historical Rainfalls
Kalemli-Ozcan, Sebnem; Nikolsko-Rzhevskyy, Alex - C.E.P.R. Discussion Papers - 2011
Estimating the effect of trade on capital flows is difficult given the inherent identification problem. We use fluctuations in rainfall to capture the exogenous variation in trade between Germany, France, the U.K., and the Ottoman Empire during 1859-1913. The provisionistic policy of the Ottoman...
Persistent link: https://www.econbiz.de/10009283394
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A Dynamic Model with Import Quota Constraints
Basak, Suleyman; Pavlova, Anna - C.E.P.R. Discussion Papers - 2002
This Paper develops a continuous-time two-sector model to study the economic effects of an import quota during the period of time over which it is imposed. One of the sectors is protected by a quota, which in our set-up manifests itself as an integral constraint on the flow of imports of the...
Persistent link: https://www.econbiz.de/10005662103
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Losing our Marbles in the New Century? The Great Rebalancing in Historical Perspective
Meissner, Christopher M; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2006
Great attention is now being paid to global imbalances, the growing U.S. current account deficit financed by growing surpluses in the rest of the world. How can the issue be understood in a more historical perspective? We seek a meaningful comparison between the two eras of globalization:...
Persistent link: https://www.econbiz.de/10005666403
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How Risky is Financial Liberalization in the Developing Countries?
Wyplosz, Charles - C.E.P.R. Discussion Papers - 2001
This Paper looks at the effect of domestic and external financial liberalization. Using a sample of 27 developing and developed countries, it studies the exchange market pressure and output gap effects of liberalization. The results show that developing and developed countries differ in many...
Persistent link: https://www.econbiz.de/10005666570
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The Monetary Consequences of A Free Trade Area of the Americas
Eichengreen, Barry; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2003
How will free trade affect monetary policy and exchange rate regime choices in the Americas? While the European Union illustrates how the creation of an integrated market in goods and services can enhance monetary cooperation and integration, it is not clear that Europe’s experience translates...
Persistent link: https://www.econbiz.de/10005666842
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Wages and International Trade
Kramarz, Francis - C.E.P.R. Discussion Papers - 2003
In this Paper, I present direct micro-econometric evidence of the relation between individual wages of French workers and the import behaviour of their employing firms. First, a model shows that the impact of firms’ imports on workers’ wages not only comes from movements in the quasi-rent...
Persistent link: https://www.econbiz.de/10005123663
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Looking for Contagion: the Evidence from the ERM
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2000
This paper applies a full-information technique to test for the presence of contagion across the money markets of ERM members. We show that whenever it is possible to estimate a model for interdependence, a test for contagion based o a full information technique is more powerful. We test for the...
Persistent link: https://www.econbiz.de/10005123753
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Macroeconomics of International Price Discrimination
Corsetti, Giancarlo; Dedola, Luca - C.E.P.R. Discussion Papers - 2003
This Paper builds a baseline two-country model of real and monetary transmission in the presence of optimal international price discrimination by firms. Distributing traded goods to consumers requires non-tradables, intensive in local labour. Because of distributive trade the price elasticity of...
Persistent link: https://www.econbiz.de/10005124101