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Technical and allocative efficiency in European banking
Brissimis, Sophocles N.; Delis, Matthaios; Tsionas, … - 2022
This paper specifies an empirical framework for estimating both technical and allocative efficiency, which is applied to a large panel of European banks over the years 1996 to 2003. Our methodology allows for self-consistent measurement of technical and allocative inefficiency, in an effort to...
Persistent link: https://www.econbiz.de/10014080574
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What about a world of currency? Proposal for a common currency among rich democracies. One world money, then and now
Cooper, Richard N.; Bordo, Michael D.; James, Harold - 2022
On February 24-25, 2006 an international workshop on “Regional and International Currency Arrangements” was held in Vienna. It was co-sponsored by the Oesterreichische Nationalbank and the Bank of Greece, and jointly organized by Eduard Hochreiter and George Tavlas. Academic economists and...
Persistent link: https://www.econbiz.de/10014080593
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Regional currency arrangements : insights from Europe
Christl, Josef - 2022
This paper focuses on the requirements and features of a successful monetary union on the basis of the optimum currency area theory, the “logical roadmap” for integration as proposed by Balassa as well as the economic and institutional framework of the European Economic and Monetary Union...
Persistent link: https://www.econbiz.de/10014080596
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Europe’s hard fix : the Euro Area
Issing, Otmar - 2022
On February 24-25, 2006 an international workshop on “Regional and International Currency Arrangements” was held in Vienna. It was co-sponsored by the Oesterreichische Nationalbank and the Bank of Greece, and jointly organized by Eduard Hochreiter and George Tavlas. Academic economists and...
Persistent link: https://www.econbiz.de/10014080662
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Measuring the Correlation of Shocks between the EU15 and the New Member Countries
Hondroyiannis, G.; Hall, Stephen G. - 2022
This paper considers the question of the symmetry of inflation, exchange rate changes and GDP shocks between the EU15 … correlation of shocks between the EU15 and the new member countries has been evolving over time. Our results suggest that the … shocks which hit the EU are not symmetrical with those affecting the majority of new member countries. In addition, most of …
Persistent link: https://www.econbiz.de/10014080673
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The European Union GDP Forecast Rationality Under Asymmetric Preferences
Christodoulakis, Nikos; Mamatzakis, Emmanuel - 2022
This paper examines the behaviour of the demand for money in Greece during 1976:1-2000:4, a period that included many of the influences that cause money-demand instability. Two empirical methodologies, vector error correction (VEC) modelling and second-generation random coefficient (RC)...
Persistent link: https://www.econbiz.de/10014080674
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The Greek Model of the European System of Central Banks Multi-Country Model
Sideris, Dimitrios; Zonzilos, Nicholas - 2022
The present paper presents a quarterly econometric model for the Greek economy, the GR-MCM model. The model has been developed as part of a larger project within the European System of Central Banks (ESCB), the Multi-Country Model (MCM). The model combines short-run Keynesian dynamics determined...
Persistent link: https://www.econbiz.de/10014080706
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Wage Rigidity and Monetary Union
Dellas, Harris; Tavlas, G. S. - 2022
We compare monetary union to flexible exchange rates in an asymmetric, three country model with active monetary policy. Unlike the traditional OCA literature, we find that countries with a high degree of nominal wage rigidity benefit from monetary union, specially when they join other, similarly...
Persistent link: https://www.econbiz.de/10014080716
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EMU Strategies : Lessons from Past Experience in View of EU Enlargement
Papaspyrou, Theodoros - 2022
This paper, after reviewing briefly the early steps of European monetary integration and key elements of the EMU project as reflected in the Treaty of Maastricht, analyses the monetary integration strategy and convergence experience of member states, in particular that of Greece, in the 1990s...
Persistent link: https://www.econbiz.de/10014080717
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Why Firms Avoid Cutting Wages : Survey Evidence from European Firms
Kosma, Theodora; Du Caju, Philip; Lawless, Martina; … - 2022
The rarity with which firms reduce nominal wages has been frequently observed, even in the face of considerable negative economic shocks. This paper uses a unique survey of fourteen European countries to ask firms directly about the incidence of wage cuts and to assess the relevance of a range...
Persistent link: https://www.econbiz.de/10014030224