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Estimating Exchange Rate Dynamics with Diffusion Processes : An Application to Greek EMU Data

Wilfling, Bernd; Trede, Mark - HWWA Institut für Wirtschaftsforschung - 2004

processes which have to be estimated by discretely sampled observations. Using daily exchange rate data prior to the Greek EMU … increased central bank intervention activities in the run-up to the Greek EMU entrance. Thus the modelling and estimation …

Persistent link: https://www.econbiz.de/10010957409

Since when have FOREX markets incorporated EMU into currency pricing? Evidence from four exchange rate series

Wilfling, Bernd - HWWA Institut für Wirtschaftsforschung - 2001

-switching GARCH model this paper estimates the volatility processes of four EMU exchange rate returns vis-?-vis the German mark using … daily data for the time prior to Stage III of EMU. Statistical inference yields the dates at which financial markets began … to incorporate the expected EMU participation of each country into currency pricing. The data exhibits strong econometric …

Persistent link: https://www.econbiz.de/10010984994

What gravity models can tell us about the position of German FDI in Central and Eastern Europe

Jungnickel, Rolf; Borrmann, Christine; Keller, Dietmar - HWWA Institut für Wirtschaftsforschung - 2005

The tradition of gravity models is in the analysis of trade flows with market size and geographic or economic distance as core variables. Both these variables can be important determinants of FDI, too. However, when such models are used to explain FDI, there can be differences in the mode of...

Persistent link: https://www.econbiz.de/10010957327

Does Financial Integration Make Banks Act More Prudential? Regulation, Foreign Owned Banks, and the Lender-of-Last Resort

Berger, Helge; Hefeker, Carsten - HWWA Institut für Wirtschaftsforschung - 2006

We analyze whether financial integration will lead to lower national regulation of domestic banking activities. In our model, banks? efforts and public regulation can lower the probability of bankruptcy. We contrast the national case with an integrated banking market and find that banks will...

Persistent link: https://www.econbiz.de/10010957329

Pegs, Baskets, and the Importance of Policy Credibility: Lessons of the 1992-93 ERM Crisis

Volz, Ulrich - HWWA Institut für Wirtschaftsforschung - 2005

This paper argues that, in contrast to the popular bipolar view on exchange rate choices, intermediate regimes in general and regional exchange rate systems such as the European Monetary System (EMS) in particular should not be ruled out per se even in today?s world of highly mobile capital. The...

Persistent link: https://www.econbiz.de/10010957337

The World Bank as an International Financial Institution

Shams, Rasul - HWWA Institut für Wirtschaftsforschung - 2004

The World Bank is a prestigious and large international financial institution. Since its foundation it has widened the scope and the size of its activities. One interpretation of what the World Bank is doing is the provision of public goods. If we take this interpretation seriously the...

Persistent link: https://www.econbiz.de/10010957355

Fiscal Reform and Monetary Union in West Africa

Hefeker, Carsten - HWWA Institut für Wirtschaftsforschung - 2003

The paper explores the interaction between the proposed monetary union for ECOWAS and structural reforms of fiscal policy. The effects depend to a large extent on the degree of similarity of member countries. In a monetary union of similar countries, member states run a more distortive fiscal...

Persistent link: https://www.econbiz.de/10010957366

A Currency Crisis in Europe? The Europe's common currency and the new accession countries

Krawczyk, Mariusz K. - HWWA Institut für Wirtschaftsforschung - 2004

The politically and legally complicated character of the EU Eastern Enlargement heavily influenced the conflict between the legal and economic rationality underlying the construction of the EMR-II. This makes the ERM-II vulnerable to currency crises and creates conditions for a widespread...

Persistent link: https://www.econbiz.de/10010957373

Competing coalitions in international monetary policy games

Kohler, Marion - HWWA Institut für Wirtschaftsforschung - 2004

In Kohler (2002) we analyse coalition formation in monetary policy coordination games between n countries. We find that positive spillovers of the coalition formation process and the resulting free-rider problem limit the stable coalition size: since the coalition members are bound by the...

Persistent link: https://www.econbiz.de/10010957386

Exchange and Interest Rates prior to EMU: The Case of Greece

Antzoulatos, Angelos A.; Wilfling, Bernd - HWWA Institut für Wirtschaftsforschung - 2003

interest rate data collected prior to the Greek EMU-entrance on 1 January 2001 this paper tries to fill the gap between theory … interest rate dynamics on the road to EMU. …

Persistent link: https://www.econbiz.de/10010957390