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The international monetary systerm is changing : What opportunities and risks for the Euro?

Angeloni, Ignazio; Sapir, André - 2011

dollar’s decline are the euro and the Chinese renminbi. The probability that the renminbi will eventually become one of the … world’s key currencies is very high, but the speed of the process is uncertain. As far as the euro is concerned, much will … result in radical steps towards fiscal and financial integration. If such steps are taken, the euro will secure both internal …

Persistent link: https://www.econbiz.de/10010317320

Are banks affected by their holdings of government debt?

Angeloni, Chiara; Wolff, Guntram B. - 2012

Banking and sovereign risk in the euro area are highly correlated. This working paper sheds light on the link. We study …. The location of banks matters for their market value. This highlights the need to form a banking union in the euro area. …

Persistent link: https://www.econbiz.de/10010317307

Rules and risk in the euro area

Iara, Anna; Wolff, Guntram B. - 2011

stronger fiscal rules in euro area members reduce sovereign risk premia, in particular in times of market stress. To do so, we … aversion. Estimation of the model con firms the central predictions. The legal base of the rules and their enforcement …

Persistent link: https://www.econbiz.de/10010317343

The Ukrainian war economy

Boyarchuk, Dmytro; Dñabrowski, Marek - 2023

Ukraine has been subject to full-scale Russian aggression since 24 February 2022, with major implications for Ukraine's economic performance and economic management. Martial law has temporarily restricted civil and political rights and allowed the government to introduce command management in...

Persistent link: https://www.econbiz.de/10014329417

Global and regional financial safety nets: Lessons from Europe and Asia

Rhee, Changyong; Sumulong, Lea; Vallée, Shahin - 2013

The Asian financial crisis (1997) and the European crisis (2009) have both contributed to the development and deepening of regional safety net arrangements. This paper analyses the relationships between global and regional financial safety nets, and uncovers the potential tensions and...

Persistent link: https://www.econbiz.de/10011420994

From convoy to parting ways? Post-crisis divergence between European and US macroeconomic policies

Pisani-Ferry, Jean; Posen, Adam S. - 2011

The response in 2008-09 to the global financial crisis was in many ways a high water mark for transatlantic policy coordination. The major economies of the EU and the US rapidly agreed on a series of measures to limit the crisis. However, the common approach has since unraveled. This paper...

Persistent link: https://www.econbiz.de/10010317299

The crisis: Policy lessons and policy challenges

Bénassy-Quéré, Agnès; Coeuré, Benoît; Jacquet, Pierre - 2009

We review the competing explanations of the 2007-2008 global crisis, recall how governments around the world had to depart from established policy stances, and reflect on the legacy of the crisis both in terms of future challenges and changes in policy doctrine. The G-20 has addressed important...

Persistent link: https://www.econbiz.de/10010317303

Beyond the crisis: Prospects for emerging Europe

Darvas, Zsolt - 2010

This paper assesses the impact of the 2008-09 global financial and economic crisis on the medium-term growth prospects of the countries of central and eastern Europe, the Caucasus and Central Asia, which began an economic transition about two decades ago. We use cross-country growth regressions,...

Persistent link: https://www.econbiz.de/10010317318

The impact of the crisis on budget policy in Central and Eastern Europe

Darvas, Zsolt - 2009

This paper describes the particular impacts of the financial and economic crisis on central and eastern European (CEE) countries, studies pro-cyclicality of fiscal policies, discusses the impact of the crisis on fiscal policy, and the policy response of various governments. After drawing some...

Persistent link: https://www.econbiz.de/10010317319

Reform of the global financial architecture

Schinasi, Garry J.; Truman, Edwin M. - 2010

This paper examines the implications of the global financial crisis of 2007-10 for reform of the global financial architecture, in particular the International Monetary Fund and the Financial Stability Board and their interaction. These two institutions are not fully comparable, but they must...

Persistent link: https://www.econbiz.de/10010317333