whether the private capital markets will be able to replace the government in providing output smoothing in the euro-area, in … countries, the EU-15 or euro-area countries, for the period 1970-1999. However, there were shown to be considerable differences … between the euro-area and the successful monetary union of the USA: the euro-area showed a much lower insurance of asymmetric …

analysis suggests that, given EMU’s present political-economic set-up, i) the bail-out was unavoidable, ii) the lengthy process … with a future moral hazard problem. Based on our analysis, we suggest that the EMU’s institutional design could be improved … processes as well as the conditions and parameters on which the scope and limits of fiscal redistribution in EMU depends. In …

the euro-dollar exchange rate, within a three-country, three-currency portfolio model. Our static model shows that the … euro-dollar rate, whatever the exchange-rate regime of China. Moving to a dynamic, stock-flow framework, we show that the …

provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary …

the Maastricht treaty, the EMU convergence era, and the financial crisis. In detail, we find: (i) Since the 1980s the role … treaty, and again with the wake-up call due to the onset of the financial crisis. (ii) Before the financial crisis EMU member …

This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between … the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is … constructed. It is analyzed how monetary and fiscal rules affect the adjustment dynamics in the individual euro-area countries …

policy, where the main features characterising the policy-making are similar to those in EMU. National governments choose the …