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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

significant stabilizing or destabilizing effects through a common monetary policy and fixed exchange rates. We also find that …

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

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

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

Does trade openness increase firm-level volatility?

Strotmann, Harald; Döpke, Jörg; Buch, Claudia M. - Deutsche Bundesbank - 2006

From a theoretical point of view, greater trade openness affects firm-level volatility by changing the exposure and the reaction of firms to macroeconomic shocks. The net effect is ambiguous, though. This paper provides firm-level evidence on the link between openness and volatility. Using two...

Persistent link: https://www.econbiz.de/10005083213

The home bias in equities and distribution costs

Harms, Philipp; Hoffmann, Mathias; Ortseifer, Christina - Deutsche Bundesbank - 2010

We show that including distribution costs into a general equilibrium model of international portfolio choice contributes to explaining the 'home bias' in international equity investment. Our model is able to replicate observed investment positions for a wide range of parameter values, even if...

Persistent link: https://www.econbiz.de/10008804629

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

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 interest rate rules. In general the non-coordinated equilibrium differs …

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

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

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

the single monetary policy. …

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

The expectations-driven US current account

Hoffmann, Mathias; Krause, Michael U.; Laubach, Thomas - Deutsche Bundesbank - 2013

Since 1991, survey expectations of long-run output growth for the U.S. relative to the rest of the world exhibit a pattern strikingly similar to that of the U.S. current account, and thus also to global imbalances. We show that this finding can to a large extent be rationalized in a two-region...

Persistent link: https://www.econbiz.de/10010957136

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