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Fiscal Divergence and Current Account Imbalances in Europe
Schnabl, Gunther; Wollmershäuser, Timo - CESifo - 2013
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10010877801
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Central Bank Currency Swaps and the International Monetary System
Destais, Christophe - Centre d'études prospectives et d'informations … - 2014
Central bank currency swaps (CBCS) allow central banks to provide foreign currency liquidity to the commercial banks in their jurisdictions. Since the end of 2007, these swaps have emerged as a de facto key feature of the international monetary system (IMS), with the US Federal Reserve (FED)...
Persistent link: https://www.econbiz.de/10010938573
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Management of the External Value of the Renminbi
Oksanen, Heikki - CESifo - 2015
Pegging the renminbi (RMB) to the US dollar since 1994 has characterised China’s exchange rate policy, under either a fixed peg or appreciating crawling peg. The current policy, announced in June 2010, of ‘floating with reference to a basket’ has now in April 2015 made the RMB 19 per cent...
Persistent link: https://www.econbiz.de/10011272624
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Short-Term and Long-Term Growth Effects of Exchange Rate Adjustment
Kocenda, Evžen; Maurel, Mathilde; Schnabl, Gunther - CESifo - 2012
The European sovereign debt crisis revived the discussion concerning the pros and cons of exchange rate adjustment in the face of asymmetric shocks. Exit from the euro area is to regain rapidly international competitiveness. Exchange rate stability with structural reforms could be beneficial for...
Persistent link: https://www.econbiz.de/10010877847
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Monetary Policies of Large Industrialised Countries, Emerging Market Credit Cycles and Feedback Effects
Hoffmann, Andreas; Schnabl, Gunther - CESifo - 2014
This paper explores the link between monetary policies of large industrial countries and international credit cycles. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of large centre countries can fuel credit booms in...
Persistent link: https://www.econbiz.de/10010756160
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Fiscal Transfers in a Monetary Union with Exit Option
Hefeker, Carsten; Neugart, Michael - CESifo - 2015
It is widely debated whether a monetary union has to be accompanied by a fiscal transfer scheme to accommodate asymmetric shocks. We build a model of a monetary union with a central bank and two heterogeneous countries that are linked by a fiscal transfer scheme with repercussions on monetary...
Persistent link: https://www.econbiz.de/10011202966
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Current Account Imbalances and Structural Adjustment in the Euro Area: How to Rebalance Competitiveness
Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - CESifo - 2009
Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...
Persistent link: https://www.econbiz.de/10005051523
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The Eurozone Needs Exit Rules
Fahrholz, Christian; Wójcik, Cezary - CESifo - 2012
This paper argues that the key issue for defining and solving the Eurozone’s (EZ) difficulties lies in readjusting the …
Persistent link: https://www.econbiz.de/10010553271
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The Fragility of two Monetary Regimes: The European Monetary System and the Eurozone
Ji, Yuemei; Grauwe, Paul De - CESifo - 2013
We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened. This came at …
Persistent link: https://www.econbiz.de/10010877906
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Benefits and Challenges of Integrating South and Southeast Asia
Bhattacharyay, Biswa N. - CESifo - 2012
In recent decades, Southeast Asian economies have prospered through an outward-oriented strategy, through intra-regional integration under the Association of the Southeast Asian Nations (ASEAN) initiative and through participating in the East Asian production networks. In the 1970-80’s, South...
Persistent link: https://www.econbiz.de/10010877840