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Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe
Belke, Ansgar; Schnabl, Gunther; Zemanek, Holger - CESifo - 2009
The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the …
Persistent link: https://www.econbiz.de/10008533979
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Zooming Out: The Trade Effect of the Euro in Historical Perspective
Berger, Helge; Nitsch, Volker - CESifo - 2005
itself) to a sizable and statistically significant increase in trade between the member countries of EMU. In this paper, we … put the trade effect of the euro in historical perspective. We argue that the creation of the EMU was a continuation (or … strong evidence of a gradual increase in trade intensity between European countries. Once we control for this trend in trade …
Persistent link: https://www.econbiz.de/10005405814
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Taxation, Corruption and the Exchange Rate Regime
Hefeker, Carsten - CESifo - 2009
The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...
Persistent link: https://www.econbiz.de/10005013051
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Limits of Monetary Policy Autonomy by East Asian Debtor Central Banks
Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - CESifo - 2012
Due to buoyant capital inflows East Asian central banks with exchange rate targets accumulate foreign reserves and thereby increase surplus liquidity. East Asian central banks with more flexible exchange rate regimes also face surplus liquidity that mainly emanates from past accumulation of...
Persistent link: https://www.econbiz.de/10009649702
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An Output Perspective on a Northeast Asia Currency Union
Cheung, Yin-Wong; Yuen, Jude - CESifo - 2004
The prospect of creating a currency union consisting of China, Japan, and Korea is evaluated using output data. After a brief discussion on the interactions between the three countries, the study investigates whether these three countries have common synchronous business cycles, which are...
Persistent link: https://www.econbiz.de/10005765748
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Does the Chinese Interest Rate Follow the US Interest Rate?
Cheung, Yin-Wong; Tam, Dickson; Yiu, Matthew S. - CESifo - 2007
One argument for floating the Chinese renminbi (RMB) is to insulate China’s monetary policy from the US effect. However, we note that both theoretical considerations and empirical results do not offer a definite answer on the link between exchange rate arrangement and policy dependence. We...
Persistent link: https://www.econbiz.de/10005766107
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Exchange Rate Regime and Wage Determination in Central and Eastern Europe
Schnabl, Gunther; Ziegler, Christina - CESifo - 2008
After the eastern enlargement of the European Union due to increasing labor market integration, wage determination and monetary integration in Central and Eastern Europe have become key issues in European economic policy making. Based on the Scandinavian model of wage adjustment by Lindbeck...
Persistent link: https://www.econbiz.de/10005766137
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Time-Varying Exchange Rate Basket in China from 2005 to 2009
Fidrmuc, Jarko - CESifo - 2010
We use the Kalman filter to estimate the structure of the secret currency basket of the renminbi based on daily data between 2005 and 2009. The currency weights of selected currencies are modeled as stochastic processes (random walks). The official announcement of the new exchange rate regime in...
Persistent link: https://www.econbiz.de/10008511600
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Effects of U.S. Inflation on Hong Kong and Singapore
Cheung, Yin-Wong; Yuen, Jude - CESifo - 2002
Standard economic models predict that the choice of an exchange rate regime has important implications for the interdependency of national monetary policies, which is sometimes measured by the degree of inflation transmission across borders. In this paper, we examine how inflation rates in two...
Persistent link: https://www.econbiz.de/10005051562
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The Suitability of a Greater China Currency Union
Cheung, Yin-Wong; Yuen, Jude - CESifo - 2004
Taiwan) and examines the suitability of a Greater China currency union. Currently, the three economies have extensive trade …
Persistent link: https://www.econbiz.de/10005405894