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Towards a Stable Monetary Union: What Role for Eurobonds?

Gilbert, Niels; Hessel, Jeroen; Verkaart, Silvie - de Nederlandsche Bank - 2013

This paper investigates the role that Eurobonds could play in making EMU stable in the long run. We establish that EMU's budgetary problems are not only caused by lack of budgetary discipline, but also by the large and sudden fiscal deterioration during the financial crisis. This type of shock...

Persistent link: https://www.econbiz.de/10010757280

Internal Capital Markets in Multinational Banks: Implications for European Transition Countries

Haas, Ralph de; Naaborg, Ilko - de Nederlandsche Bank - 2005

We use focused interviews with bank managers to analyse how multinational banks use internal capital markets to control their subsidiaries. It is found that foreign bank affiliates are strongly influenced by the capital allocation and credit steering mechanisms of the parent bank. Parent banks...

Persistent link: https://www.econbiz.de/10005101850

Interdependence of Fiscal Debts in EMU

Demertzis, Maria; Viegi, Nicola - de Nederlandsche Bank - 2011

We use an overlapping generations model to show that a bail-out is the optimal response to a fiscal crisis when the level of integration in a Monetary Union is high and the departure from Ricardian equivalence is significant. As it may not be optimal expost, the no bail-out rule is not credible...

Persistent link: https://www.econbiz.de/10009275472

Early warning for currency crises: what is the role of financial openness?

Frost, Jon; Saiki, Ayako - de Nederlandsche Bank - 2013

We explore the role of financial openness - capital account openness and gross capital inflows - and a newly constructed gravity-based contagion index to assess the importance of these factors in the run-up to currency crises. Using a quarterly data set of 46 advanced and emerging market...

Persistent link: https://www.econbiz.de/10010757284

IMF-Supported Programs: Stimulating Capital to Solvent Countries

Veer, Koen van der; Jong, Eelke de - de Nederlandsche Bank - 2010

Sovereign default is the switching state between successful and unsuccessful Fund catalysis. We find the IMF to be effective in mobilising private capital flows to middle-income countries that participate in a Fund program, but do not restructure their debt. A debt restructuring is a clear...

Persistent link: https://www.econbiz.de/10008475755

Dissent and Disagreement on the Fed's FOMC: Understanding Regional Affiliations and limits to Transparency

Meade, Ellen - de Nederlandsche Bank - 2006

This paper addresses two important, but distinct, issues in monetary policy. The first issue concerns regional influences on voting within a monetary policy committee. In a committee that includes representatives from different regions or countries, is there a regional element to the monetary...

Persistent link: https://www.econbiz.de/10005101829

Requirements for successful currency regimes: the Dutch and Thai experiences

Berben, Robert-Paul; Berk, Jan Marc - de Nederlandsche Bank - 2002

This paper is part of the Kobe Research Project and documents the Dutch and Thai experiences regarding exchange rate policy, capital controls, and developments in the banking sector. In view of these experiences, it seeks to identify requirements for successful currency regimes, in particular...

Persistent link: https://www.econbiz.de/10005101913

Structural convergence and monetary integration in Europe

Coevering, Clement van de - de Nederlandsche Bank - 2003

. Nevertheless, the euro area currently consists of twelve countries. In the near to medium future, twelve additional countries will … become EU Members; most of these countries have announced they want swift euro area entry. This paper reviews the literature … considerable divergence within the current euro area and a generally slow process of convergence. In contrast, a number of new EU …

Persistent link: https://www.econbiz.de/10005106743

Inside the Impossible Triangle:Monetary Policy Autonomy in a Credible Target Zone

Jansen, W. Jos - de Nederlandsche Bank - 2003

This paper examines the trade-off between exchange rate stability and monetary autonomy for a target zone. Using the guilder-mark target zone in the pre-EMU period as a case study, we empirically estimate how much policy discretion the Dutch central bank still enjoyed and how much had been ceded...

Persistent link: https://www.econbiz.de/10005106747

The role of regional information in the optimal composition of a committee

Maier, Philipp; Bierut, Beata; Berben, Robert-Paul - de Nederlandsche Bank - 2003

We analyse the optimal composition of a federal or supra-national committee. The representation of regional (national) entities in federal committees is typically motivated by their superior knowledge of local conditions. Using this argument, we formally model the optimal composition of a...

Persistent link: https://www.econbiz.de/10005106751

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