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The Effect of Monetary Unification on Public Debt and its Real Return
Beetsma, Roel; Vermeylen, Koen - CESifo - 2005
We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...
Persistent link: https://www.econbiz.de/10005416489
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International Credit Flows and Pecuniary Externalities
Brunnermeier, Markus; Sannikov, Yuliy - CESifo - 2015
This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...
Persistent link: https://www.econbiz.de/10011124895
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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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Inter-temporal Savings, Current Account Dynamics and Asymmetric Shocks in a Heterogeneous European Monetary Union
Schnabl, Gunther; Zemanek, Holger - CESifo - 2010
round of monetary expansion in the EMU. …
Persistent link: https://www.econbiz.de/10008833919
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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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The Trade and FDI Effects of EMU Enlargement
Brouwer, Jelle; Paap, Richard; Viaene, Jean-Marie - CESifo - 2007
European Monetary Union (EMU) to the ten countries that obtained EU membership in 2004. One-way and two-way error component …. Using a simulation-based technique, we find that estimates of FDI effects of EMU range between 18.5 percent for Poland and …
Persistent link: https://www.econbiz.de/10005406034
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International Reserves Before and After the Global Crisis: Is There No End to Hoarding?
Aizenman, Joshua; Cheung, Yin-Wong; Ito, Hiro - CESifo - 2015
We evaluate the impact of the global financial crisis (GFC) and recent structural changes in the patterns of hoarding international reserves (IR). We confirm that the determinants of IR hoarding evolve with developments in the global economy. During the pre-GFC period of 1999-2006, gross saving...
Persistent link: https://www.econbiz.de/10011198483
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The Bail-Out! Positive Political Economics of Greek-type Crises in the EMU
Fahrholz, Christian; Wójcik, Cezary - CESifo - 2010
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 …
Persistent link: https://www.econbiz.de/10008671732
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Target Balances and the German Financial Account in Light of the European Balance-of-Payments Crisis
Sinn, Hans-Werner; Wollmershäuser, Timo - CESifo - 2012
As shown in Sinn and Wollmershäuser (2012a), during the European balance-of-payments crisis, inter-governmental credit and Target credit granted by core-country central banks have replaced private international capital flows in financing the crisis countries' current account deficits, and even...
Persistent link: https://www.econbiz.de/10010814462
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Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility
Sinn, Hans-Werner; Wollmershäuser, Timo - CESifo - 2011
The European Monetary Union is stuck in a severe balance of payments crisis. Greece, Ireland, Portugal and Spain in particular have suffered from balance of payment deficits whose accumulated value, as measured by the Target balances in the national central banks’ balance sheets, was 314...
Persistent link: https://www.econbiz.de/10009150656