Narrow search
Showing 1 - 10 of 274
Cover Image
Sovereign Debt, Bail-Outs and Contagion in a Monetary Union
Eijffinger, Sylvester; Uras, Burak R.; Kobielarz, M.L. - Tilburg University, Center for Economic Research - 2015
Abstract: The European sovereign debt crisis is characterized by the simultaneous surge in borrowing costs in the GIPS countries after 2008. We present a theory, which can account for the behavior of sovereign bond spreads in Southern Europe between 1998 and 2012. Our key theoretical argument is...
Persistent link: https://www.econbiz.de/10011199228
Cover Image
Stability of Monetary Unions : Lessons from the Break-Up of Czechoslovakia
Fidrmuc, J.; Horváth, J. - Tilburg University, Center for Economic Research - 1998
In 1993, Czechoslovakia experienced a two-fold break-up: On January 1st, the country disintegrated as a political union, while preserving an economic and monetary union. Then, the Czech-Slovak monetary union collapsed on February 8th. We analyze the economic background of the two break-ups, and...
Persistent link: https://www.econbiz.de/10011092912
Cover Image
Measuring Long-Run Exchange Rate Pass-Through
de Bandt, Olivier; Banerjee, Anindya; Kozluk, Tomasz - Institut für Weltwirtschaft (IfW) - 2007
The paper discusses the issue of estimating short- and long-run exchange rate pass-through to import prices in euro area countries and reviews some problems with the measures recently proposed in the literature. Theoretical considerations suggest a long-run Engle and Granger cointegrating...
Persistent link: https://www.econbiz.de/10005083403
Cover Image
Finding communities in credit networks
Bargigli, Leonardo; Gallegati, Mauro - Institut für Weltwirtschaft (IfW) - 2012
likelihood of intracommunity default contagion is expected to be high. …
Persistent link: https://www.econbiz.de/10010956113
Cover Image
Systemic sovereign risk: macroeconomic implications in the euro area
Bahaj, Saleem A. - London School of Economics (LSE) - 2014
What are the macroeconomic implications of changes in sovereign risk premia? In this paper, I use a novel identification strategy coupled with a new dataset for the Euro Area to answer this question. I show that exogenous innovations in sovereign risk premia were an important driver of the...
Persistent link: https://www.econbiz.de/10011126365
Cover Image
Bubbles and capital flows
Ventura, Jaume - Society for Economic Dynamics - SED - 2004
This paper presents a stylized model of international trade and asset price bubbles. Its central insight is that bubbles tend to appear and expand in countries where productivity is low relative to the rest of the world. These bubbles absorb local savings, eliminating inefficient investments and...
Persistent link: https://www.econbiz.de/10005090899
Cover Image
Contagion effect of financial crisis on OECD stock markets
Kazi, Irfan Akbar; Guesmi, Khaled; Kaabia, Olfa - Institut für Weltwirtschaft (IfW) - 2011
In this paper we investigate the contagion effect between stock markets of U.S and sixteen OECD countries due to Global …-2009). In order to recognize the contagion effect, we test whether the mean of the DCC coefficients in crisis period differs … OECD stock markets under study during the crisis period for most of the countries. This proves the existence of contagion …
Persistent link: https://www.econbiz.de/10009149314
Cover Image
Contagion Between European and US Banks: Evidence from Equity Prices
Fricke, Daniel - Institut für Weltwirtschaft (IfW) - 2010
This paper employs an Extreme Value Theory framework to investigate the existence of contagion between European and US … finding market-based indicators in order to analyze the effects of crises and to quantify the risk of contagion. The Distance … coexceedances allows to interpret significant coefficients of foreign lagged coexceedances as contagion. The main finding is that …
Persistent link: https://www.econbiz.de/10008764567
Cover Image
The Euro’s Trade Effect under Cross-Sectional Heterogeneity and Stochastic Resistance
Herwartz, Helmut; Weber, Henning - Institut für Weltwirtschaft (IfW) - 2010
This paper investigates if the euro's effect on euro-area trade differs across trade sectors and across country pairs, and to what degree heterogeneity matters for estimating the aggregate euro effect. Time-varying latent variables, which are specific to each sector in each country pair, control...
Persistent link: https://www.econbiz.de/10008550503
Cover Image
Money, Fiscal Defecits and Government Debt in a Monetary Union
Bovenberg, A.L.Bovenberg; van Aarle, B.; Raith, M. - Tilburg University, Center for Economic Research - 1996
The replacement of national currencies by a common currency in the EMU causes a monetary externality if the European Central Bank is inclined to monetize part of outstanding government debt in the community.High government debt in one part of the EU then increases the common inflation rate.We...
Persistent link: https://www.econbiz.de/10011092899