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. We also provide the speed of convergence and time required to achieve a 100% convergence. Findings - But for financial … intermediary size within the CFA zone, findings for the most part support only unconditional convergence. There is no form of … convergence within the CEMAC zone. Practical implications - The broad insignificance of conditional convergence results have …
Persistent link: https://www.econbiz.de/10011410050
fiscal policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East … Africa is facing stiff challenges in the timing of monetary convergence, the imperative of central bankers to apply common … panel GMM estimation with data from different non-overlapping intervals is employed. The implied rate of convergence and the …
Persistent link: https://www.econbiz.de/10011410252
policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is … facing stiff challenges in the timing of monetary convergence, the imperative of bankers to apply common modeling and … at macro and micro levels. Findings - Findings suggest overwhelming lack of convergence: (1) initial conditions for …
Persistent link: https://www.econbiz.de/10011410263
We analyse the relationship between the debt to GDP ratio and real per capita GDP growth for the euro area members by distinguishing between periods of sustainable and non-sustainable debt. Thresholds are theory-based and depend on the macroeconomic framework. If the interest rate exceeds...
Persistent link: https://www.econbiz.de/10009666798
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...
Persistent link: https://www.econbiz.de/10009579628
After the global financial crisis, some governments in the EU experienced serious debt financing problems, while others were less affected. This paper seeks to shed light on the divergent fiscal performance by assessing the fiscal conduct in the EU countries before and after the outbreak of the...
Persistent link: https://www.econbiz.de/10009745191
This paper explores the long run relationship between public and private investment in the euro area in terms of capital stocks and gross investment flows. Panel techniques accounting for international spillovers are employed. While private and public capital stocks are cointegrated, the...
Persistent link: https://www.econbiz.de/10010248168
The current instruments in the EU to deal with debt and liquidity crises include among others the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). Both are temporary in nature (3 years). In terms of an efficient future crisis management...
Persistent link: https://www.econbiz.de/10009268966
The recent extensive package introduced by the Commission is the "most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic and Monetary Union. Broader and enhanced surveillance of fiscal policies, but also macroeconomic policies and...
Persistent link: https://www.econbiz.de/10009272597
We study the determinants of sovereign bond yield spreads across 10 EMU countries between Q1/1999 and Q1/2010. We apply a semiparametric time-varying coefficient model to identify, to what extent an observed change in the yield spread is due to a shift in macroeconomic fundamentals or due to...
Persistent link: https://www.econbiz.de/10009272613