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Sovereign Default Risk and Banks in a Monetary Union
Uhlig, Harald - CESifo - 2013
This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank … guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank … cheaply, effectively shifting the risk of some of the potential sovereign default losses on the common central bank. …
Persistent link: https://www.econbiz.de/10010877795
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Spillovers from Systemic Bank Defaults
Mink, Mark; Haan, Jakob de - CESifo - 2014
bank market values hardly respond to changes in the default risk of individual systemic banks. Together, however, changes …
Persistent link: https://www.econbiz.de/10010877758
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The Offshore Renminbi Exchange Rate: Microstructure and Links to the Onshore Market
Cheung, Yin-Wong; Rime, Dagfinn - CESifo - 2014
The offshore renminbi (CNH) exchange rate is the exchange rate of the Chinese currency transacted outside China. We study the CNH exchange rate dynamics and its links with onshore exchange rates. Using a specialized microstructure dataset, we find that CNH is significantly affected by its order...
Persistent link: https://www.econbiz.de/10010786745
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Securitization of Mortgage Debt, Asset Prices and International Risk Sharing
Hoffmann, Mathias; Nitschka, Thomas - CESifo - 2009
We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making mortgage-related risks internationally tradeable, securitization contributes considerably to better international consumption risk sharing: we find that countries with the most...
Persistent link: https://www.econbiz.de/10005406369
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Fiscal Spillovers in the Euro Area
Caporale, Guglielmo Maria; Girardi, Alessandro - CESifo - 2011
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...
Persistent link: https://www.econbiz.de/10009391724
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The Impact of Fiscal Rules on Public Finances: Theory and Empirical Evidence for the Euro Area
Marneffe, Wim; Aarle, Bas Van; Wielen, Wouter Van Der; … - CESifo - 2010
This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the...
Persistent link: https://www.econbiz.de/10008833927
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Self-Enforcing International Environmental Agreements and Trade: Taxes Versus Caps
Eichner, Thomas; Pethig, Rüdiger - CESifo - 2014
This paper studies within a multi-country model with international trade the stability of international environmental agreements (IEAs) when countries regulate carbon emissions either by taxes or caps. Regardless of whether coalitions play Nash or are Stackelberg leaders the principal message is...
Persistent link: https://www.econbiz.de/10010948902
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Does China Still Have a Labor Cost Advantage?
Ceglowski, Janet; Golub, Stephen - CESifo - 2011
In recent years wages in China have been rising and the yuan has appreciated, potentially eroding China’s cost advantage in manufactures. This paper explores the evolution of China’s relative unit labor costs in manufacturing over 1998-2009. Between 1998 and 2003 China’s unit labor costs...
Persistent link: https://www.econbiz.de/10009323303
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Reciprocity, World Prices and Welfare
Raimondos-Møller, Pascalis; Woodland, Alan D. - CESifo - 2011
We examine in detail the circumstances under which reciprocity, as defined in Bagwell and Staiger (1999), leads to fixed world prices. We show that a change of tariffs satisfying reciprocity does not necessarily imply constant world prices in a world of many goods and countries. While it is...
Persistent link: https://www.econbiz.de/10009324094
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Membership has its Privileges - The Effect of Membership in International Organizations on FDI
Dreher, Axel; Mikosch, Heiner; Voigt, Stefan - CESifo - 2010
We argue that membership in International Organizations (IOs) is an important determinant of FDI inflows. To the extent that membership restricts a country from pursuing policies that are harmful to investors, it can signal low political risk. Using data over the 1971-2005 period, we find that...
Persistent link: https://www.econbiz.de/10008727297