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The development and implementation of IMF and World Bank conditionality

Dreher, Axel - HWWA Institut für Wirtschaftsforschung - 2002

The paper presents a detailed description of IMF and World Bank conditionality and tries to explain changes in this … World Bank conditionality as well as interruptions of IMF programs in the recipient countries. Compliance with World Bank … conditionality is lower in election years and pre-election years. Breakdowns of IMF programs are less likely in election years …

Persistent link: https://www.econbiz.de/10010984984

Die Europäische Währungsintegration nach dem Zweiten Weltkrieg: Politik, Ideologie oder Interessen?

Hefeker, Carsten - HWWA Institut für Wirtschaftsforschung - 2006

Der Beitrag analysiert die Geschichte der europäischen Währungsintegration aus politisch-ökonomischer Sicht. Es wird gezeigt, dass die Währungsunion weniger auf politische Faktoren als auf den Einfluss wichtiger wirtschaftlicher Interessengruppen zurückgeführt werden muss. Die Logik der...

Persistent link: https://www.econbiz.de/10010985113

Cross-Border Securities Clearing and Settlement Infrastructure in the European Union as a Prerequisite to Financial Markets Integration : Challenges and Perspectives

Carvalho, Cynthia Hirata de - HWWA Institut für Wirtschaftsforschung - 2004

The importance of an efficient securities clearing and settlement system lies on the safer transfer of ownership of assets against payment. Such a system must be developed in a way to minimize the risks involved on securities transactions, and it must still offer lower costs, which do not hinder...

Persistent link: https://www.econbiz.de/10010957428

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

Recently a variety of exchange and interest rate models capturing the dynamics during the transition from an exchange rate arrangement of floating rates into a currency union have been derived. While these stochastic equilibrium models in continous time are theoretically rigorous, a systematic...

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