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On the fortunes of stock exchanges and their reversals: evidence from foreign listings

Fernandes, Nuno; Giannetti, Mariassunta - European Central Bank - 2013

Using a sample that provides unprecedented detail on foreign listings, new listings, and delistings for 29 exchanges in 24 countries starting from the early 1980s, we document a growing tendency of listings to concentrate in the U.S. and the U.K., and large changes in all exchanges’ ability to...

Persistent link: https://www.econbiz.de/10010693495

Current account benchmarks for central and eastern Europe: a desperate search?

Ca' Zorzi, Michele; Chudik, Alexander; Dieppe, Alistair - European Central Bank - 2009

This paper examines two competing approaches for calculating current account benchmarks, i.e. the external sustainability approach á la Lane and Milesi-Ferretti (LM) versus the structural current accounts literature (SCA) based on panel econometric techniques. The aim is to gauge the medium...

Persistent link: https://www.econbiz.de/10005344844

How flexible are real wages in EU countries? A panel investigation

Heinz, Frigyes Ferdinand; Rusinova, Desislava - European Central Bank - 2011

tends to be larger in the central and eastern European (CEE) countries than in the euro area; weaker in downturns than …

Persistent link: https://www.econbiz.de/10009210931

Exchange Rate Pass-through in Central and Eastern European Member States

Beirne, John; Bijsterbosch, Martin - European Central Bank - 2009

This paper provides estimates of the exchange rate pass-through (ERPT) to consumer prices for nine central and eastern European EU Member States. Using a five-variate cointegrated VAR (vector autoregression) for each country and impulse responses derived from the VECM (vector error correction...

Persistent link: https://www.econbiz.de/10008458418

Fiscal consolidations in the Central and Eastern European countries

Afonso, António; Nickel, Christiane; Rother, Philipp - European Central Bank - 2005

We study fiscal consolidations in the Central and Eastern European countries and what determines the probability of their success. We define consolidation events as substantive improvements in fiscal balances adjusting for the impact of cyclical effects. We use Logit models for the period...

Persistent link: https://www.econbiz.de/10005162904

Comparing economic dynamics in the EU and CEE accession countries

Süppel, Ralph - European Central Bank - 2003

JEL Classification: E32, E52, F31

Persistent link: https://www.econbiz.de/10005530733

Intra-industry trade between CESEE countries and the EU15

Dautovic, Ernest; Orszaghova, Lucia; Schudel, Willem - European Central Bank - 2014

The rapid increase in intra-industry trade (IIT) between the EU15 and Central, Eastern and South-Eastern European (CESEE) countries after the collapse of the Soviet Union indicates a structural change in the nature of trade in CESEE and a new process of transition and real convergence to the EU....

Persistent link: https://www.econbiz.de/10011067226

Cross-border production chains and business cycle co-movement between Central and Eastern European countries and euro area member states

Iossifov, Plamen - European Central Bank - 2014

countries in Central and Eastern Europe (CEE) and the euro area. We start off by demonstrating that the degree of … synchronization of the business cycles of CEE countries and their main trade partners from the euro area has increased in recent years …. We next show that the cyclical fluctuations of GDP in CEE countries are strongly influenced by pro-cyclical movements of …

Persistent link: https://www.econbiz.de/10010753732

Central bank communication on financial stability

Born, Benjamin; Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2011

Central banks regularly communicate about financial stability issues, by publishing Financial Stability Reports (FSRs) and through speeches and interviews. The paper asks how such communications affect financial markets. Building a unique dataset, it provides an empirical assessment of the...

Persistent link: https://www.econbiz.de/10009003440

The financial and macroeconomic effects of OMT announcements

Altavilla, Carlo; Giannone, Domenico; Lenza, Michele - European Central Bank - 2014

This study evaluates the macroeconomic effects of Outright Monetary Transaction (OMT) announcements by the European Central Bank (ECB). Using high-frequency data, we find that OMT announcements decreased the Italian and Spanish 2-year government bond yields by about 2 percentage points, while...

Persistent link: https://www.econbiz.de/10011067271