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Current account adjustment in EU countries: Does euro-area membership make a difference?

Herrmann, Sabine; Jochem, Axel - Deutsche Bundesbank - 2013

The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...

Persistent link: https://www.econbiz.de/10010957101

German bank lending during emerging market crises: A bank level analysis

Heid, Frank; Nestmann, Thorsten; Mauro, di; Weder, Beatrice - Deutsche Bundesbank - 2004

This paper studies German bank lending during the Asian and Russian crises, using a bank level data set, which has been compiled from credit data at the Deutsche Bundesbank. Our aim is to gain more insight into the pattern of German bank lending during financial crises in emerging markets. We...

Persistent link: https://www.econbiz.de/10005082775

Financial Liberalization and Business Cycles: The Experience of Countries in the Baltics and Central Eastern Europe

Vinhas de Souza, Lúcio - Deutsche Bundesbank - 2004

This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of ?emerging...

Persistent link: https://www.econbiz.de/10005083257

Price rigidity, the mark-up and the dynamics of the current account

Lombardo, Giovanni - Deutsche Bundesbank - 2002

This paper shows that the degree of competition affects the current account response to nominal shocks. The mechanism hinges on the relationship between the mark-up and the degree of real rigidity of prices. In a model with intermediate goods, the degree of real rigidity increases in the markup....

Persistent link: https://www.econbiz.de/10005083160

Long-run growth expectations and 'global imbalances'

Hoffmann, Mathias; Krause, Michael; Laubach, Thomas - Deutsche Bundesbank - 2011

This paper examines to what extent the build-up of 'global imbalances' since the mid-1990s can be explained in a purely …

Persistent link: https://www.econbiz.de/10009643167

Determinants of current account developments in the central and east European EU member states - consequences for the enlargement of the euro area

Herrmann, Sabine; Jochem, Axel - Deutsche Bundesbank - 2005

The current accounts of most EU member states in central and eastern Europe have been showing growing deficits in recent years. According to panel estimates the deficits can be attributed primarily to factors characteristic for the stage of development, ie the relative income level and high...

Persistent link: https://www.econbiz.de/10005059036

Liquidity and the dynamic pattern of price adjustment: a global view

Belke, Ansgar; Orth, Walter; Setzer, Ralph - Deutsche Bundesbank - 2008

Global liquidity expansion has been very dynamic since 2001. Contrary to conventional wisdom, high money growth rates have not coincided with a concurrent rise in goods prices. At the same time, however, asset prices have increased sharply, significantly outpacing the subdued development in...

Persistent link: https://www.econbiz.de/10005083225

How synchronized are central and east European economies with the euro area? Evidence from a structural factor model

Eickmeier, Sandra; Breitung, Jörg - Deutsche Bundesbank - 2005

generally seen as a prerequisite for successful EMU enlargement. This paper investigates comovements between CEECs and the euro … transmission to the CEECs in comparison to the current EMU members. We finally carry out a counterfactual experiment which allows … us to assess the costs and benefits of accession to EMU for individual CEECs in terms of economic volatilities and the …

Persistent link: https://www.econbiz.de/10005083270

Policy instrument choice and non-coordinated monetary in interdependent economies

Lombardo, Giovanni; Sutherland, Alan - Deutsche Bundesbank - 2004

Non-coordinated monetary policy is analysed in a stochastic two-country general equilibrium model. Non-coordinated equilibria are compared in two cases: one where policy is set in terms of state-contingent money supply rules and one where policy is set in terms of state-contingent nominal...

Persistent link: https://www.econbiz.de/10005083288

Global business cycles: convergence or decoupling?

Kose, M. Ayhan; Otrok, Christopher M.; Prasad, Eswar S. - Deutsche Bundesbank - 2008

This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups: industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose...

Persistent link: https://www.econbiz.de/10005083323