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Financial integration of new EU Member States

Cappiello, Lorenzo; Gérard, Bruno; Kadareja, Arjan; … - European Central Bank - 2006

This study assesses the degree of financial integration for a selected number of new EU member states between … themselves and with the euro zone. Within the framework of a factor model for market returns, we measure integration as the … amount of variance explained by the common factor relative to the local components. We show that this measure of integration …

Persistent link: https://www.econbiz.de/10005344949

Stocks, bonds, money markets and exchange rates: measuring international financial transmission

Ehrmann, Michael; Fratzscher, Marcel; Rigobon, Roberto - European Central Bank - 2005

The paper presents a framework for analyzing the degree of financial transmission between money, bond and equity markets and exchange rates within and between the United States and the euro area. We find that asset prices react strongest to other domestic asset price shocks, and that there are...

Persistent link: https://www.econbiz.de/10005162913

Global value chains during the great trade collapse: a bullwhip effect?

Altomonte, Carlo; di Mauro, Filippo; Ottaviano, Gianmarco; … - European Central Bank - 2012

This paper analyzes the performance of global value chains during the trade collapse. To do so, it exploits a unique transaction-level dataset on French firms containing information on cross-border monthly transactions matched with data on worldwide intrafirm linkages as defined by property...

Persistent link: https://www.econbiz.de/10010686732

Developing statistical indicators of the integration of the euro area banking system

Manna, Michele - European Central Bank - 2004

This paper discusses a wide range of indicators of the degree of integration of the euro area banking system. It is …

Persistent link: https://www.econbiz.de/10005222362

Do China and oil exporters influence major currency configurations?

Fratzscher, Marcel; Mehl, Arnaud - European Central Bank - 2008

This paper analyses the impact of the shift away from a US dollar focus of systemically important emerging market economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US dollar exchange rate regimes remain pervasive and...

Persistent link: https://www.econbiz.de/10005344843

The yield curve as a predictor and emerging economies

Mehl, Arnaud - European Central Bank - 2006

This paper investigates the extent to which the slope of the yield curve in emerging economies predicts domestic inflation and growth. It also examines international financial linkages and how the US and the euro area yield curves help to predict. It finds that the domestic yield curve in...

Persistent link: https://www.econbiz.de/10005530689

Is time ripe for a currency union in emerging East Asia? The role of monetary stabilisation

Sánchez, Marcelo - European Central Bank - 2005

This paper assesses the prospects for monetary integration between Emerging East Asian (EEA) economies. Our empirical …

Persistent link: https://www.econbiz.de/10005530692

Saving behaviour and global imbalances: the role of emerging market economies

Ferrucci, Gianluigi; Miralles, Cesar - European Central Bank - 2007

In recent years there has been considerable variation in savings patterns across countries and regions, with implications for the configuration of global current account balances, asset valuations and real interest rates. This paper looks at the empirical drivers behind these trends. It uses a...

Persistent link: https://www.econbiz.de/10005530803

Was unofficial dollarisation/euroisation an amplifier of the 'Great Recession' of 2007-09 in emerging economies

Chiţu, Livia - European Central Bank - 2012

This paper investigates whether, and if so why, the recent ‘Great Recession’ was more severe in unofficially dollarised/euroised economies than in other economies. To that end, the paper builds on a novel dataset on unofficial dollarisation/euroisation to test whether the latter was a...

Persistent link: https://www.econbiz.de/10010686813

The determinants of ‘domestic’ original sin in emerging market economies

Mehl, Arnaud; Reynaud, Julien - European Central Bank - 2005

This paper explains why domestic debt composition in emerging economies is risky. It carries out an analysis of the determinants of ‘domestic’ original sin, which refers to the inability of emerging economies to borrow domestically in local currency, at long maturities and fixed interest...

Persistent link: https://www.econbiz.de/10005222281