Since the introduction of the euro in January 1999, exchange rate stability at the periphery of the euro area is growing. The paper investigates the impact of exchange rate stability on growth for a sample of 41 mostly small open economies at the EMU periphery. It identifies international trade,...

Since the introduction of the euro in January 1999, exchange rate stability at the periphery of the euro area is growing. The paper investigates the impact of exchange rate stability on growth for a sample of 41 mostly small open economies at the EMU periphery. It identifies international trade,...

The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and Germany as center countries with rising/high current account deficits (US) and surpluses (Germany). These are matched by current account surpluses of countries stabilizing...

Die Jahre vor der Finanzkrise waren durch ein rasches Produktionswachstum in der Weltwirtschaft insgesamt, vor allem aber durch ein beeindruckendes Wachstum der BRIC-Staaten und weiterer Schwellenländer gekennzeichnet. Nach Ansicht von Thomas Mirow, Präsident der European Bank for...