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EMU : Ready, or Not?
Obstfeld, Maurice - 1999
In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...
Persistent link: https://www.econbiz.de/10012471509
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Financial Markets' Assessment of EMU
Bates, David S. - 1999
This article reviews the assumptions and methodologies underlying EMU probability calculators,' which infer from financial data the probability of specific countries joining the European Monetary Union. Some historical evidence is presented in support of the expectations hypothesis for...
Persistent link: https://www.econbiz.de/10012471937
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The Mother of All Sudden Stops : Capital Flows and Reversals in Europe, 1919-32
Accominotti, Olivier - 2013
We present new data documenting European capital issues in major financial centers from 1919 to 1932. Push factors (conditions in international capital markets) perform better than pull factors (conditions in the borrowing countries) in explaining the surge and reversal in capital flows. In...
Persistent link: https://www.econbiz.de/10012459081
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The Geography of Capital Allocation in the Euro Area
Beck, Roland; Coppola, Antonio; Lewis, Angus J.; … - National Bureau of Economic Research - 2024
We assess the pattern of Euro Area financial integration adjusting for the role of "onshore offshore financial centers" (OOFCs) within the Euro Area. The OOFCs of Luxembourg, Ireland, and the Netherlands serve dual roles as both hubs of investment fund intermediation and centers of securities...
Persistent link: https://www.econbiz.de/10014512129
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MPC Heterogeneity in Europe : Sources and Policy Implications
Ampudia, Miguel - 2018
policy-induced variations in stock returns. Finally, monetary contractions have a larger impact on consumption in Germany and …
Persistent link: https://www.econbiz.de/10012480733
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The Eurocrisis : Muddling Through, or On the Way to a More Perfect Euro Union?
Aizenman, Joshua - 2014
This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new … institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … to achieve a number of design objectives, and this may continue, as long as Germany does not shirk its growing …
Persistent link: https://www.econbiz.de/10012458424
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Political Credit Cycles : The Case of the Euro Zone
Fernandez-Villaverde, Jesus - 2013
process in Greece, Spain, Ireland, and Portugal and, by way of contrast, in Germany, a country that did experience a reform …
Persistent link: https://www.econbiz.de/10012459762
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CBDCs, Payment Firms, and Geopolitics
Berg, Tobias; Keil, Jan; Martini, Felix; Puri, Manju - National Bureau of Economic Research - 2024
We analyze the effect of a major central bank digital currency (CBDC) - the digital euro - on the payment industry to find remarkably heterogeneous effects. Stock prices of U.S. payment firms decrease, while stock prices of European payment firms increase in response to positive announcements on...
Persistent link: https://www.econbiz.de/10015056184
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The First Year of the Eurosystem : Inflation Targeting or Not?
Svensson, Lars E.O. - 2000
This paper is a brief evaluation of the Eurosystem's monetary-policy regime after its first year, in particular of the extent to which it is similar to inflation targeting as practiced by an increasing number of central banks. I examine the Eurosystem's goals, framework for monetary-policy...
Persistent link: https://www.econbiz.de/10012470926
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The European Central Bank and the Euro : The First Year
Feldstein, Martin - 2000
The creation of the euro and the European Central Bank is a remarkable and unprecedented event in economic and political history: creating a supranational central bank and leaving eleven countries without national currencies of their own. The experience of the first year confirms that one size...
Persistent link: https://www.econbiz.de/10012471257