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The International Dimension of an Incomplete Emu

Ioannou, Demosthenes - 2020

of the monetary union, have on the rest of the world. Disentangling euro area stress shocks and global risk aversion … area but also for the rest of the world. Notably, an increase in euro area stress entails a slowdown of economic activity … in the rest of the world, as well as a fall in imports/exports of both the euro area and the rest of the world. A …

Persistent link: https://www.econbiz.de/10012824791

Intraday Effect of News on Emerging European Forex Markets : An Event Study Analysis

Kočenda, Evžen - 2018

We analyze the impact of Eurozone/Germany and U.S. macroeconomic news announcements and the communication of the monetary policy settings of the ECB and the Fed on the forex markets of new EU members. We employ an event study methodology to analyze intra-day data from 2011–2015. Our...

Persistent link: https://www.econbiz.de/10012908658

Exchange Rate Volatility and Growth in Small Open Economies at the EMU Periphery

Schnabl, Gunther - 2008

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,...

Persistent link: https://www.econbiz.de/10012773503

The euro’s trade effects

Baldwin, Richard E. - 2006

This paper reviews reassesses the methodology and principal findings of the “Rose effect”, i.e. the trade effects of currency union, looking at both EMU and non-EMU currency unions. The consensus estimate suggests that the euro has already boosted intra-euro area trade by five to ten...

Persistent link: https://www.econbiz.de/10011604640

The Frequency of One-Day Abnormal Returns and Price Fluctuations in the Forex

Caporale, Guglielmo Maria - 2020

This paper analyses the explanatory power of the frequency of abnormal returns in the FOREX for the EURUSD, GBRUSD, USDJPY, EURJPY, GBPCHF, AUDUSD and USDCAD exchange rates over the period 1994-2019. Abnormal returns are detected using a dynamic trigger approach; then the following hypotheses...

Persistent link: https://www.econbiz.de/10012837673

An Alternative View of Exchange Market Pressure Episodes in Emerging Europe : An Analysis Using Extreme Value Theory (EVT)

Heinz, Frigyes Ferdinand - 2015

Using extreme value theory tools, we demonstrate that the distributions of the exchange market pressure (EMP) series for most of twelve emerging Europe countries have heavy tails, and disregarding their tail properties may lead to substantial underestimation of the probability of tail events....

Persistent link: https://www.econbiz.de/10013019633

Do China and Oil Exporters Influence Major Currency Configurations?

Fratzscher, Marcel - 2015

This paper analyses the impact of the shift away from a US dollar focus of systemically important emerging market economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US dollar exchange rate regimes remain pervasive and...

Persistent link: https://www.econbiz.de/10012749953

On the Credit and Exchange Rate Channels of Central Bank Asset Purchases in a Monetary Union

Darracq Paries, Matthieu - 2019

Through the euro area crisis, financial fragmentation across jurisdictions became a prime concern for the single monetary policy. The ECB broadened the scope of its instruments and enacted a series of non-standard measures to engineer an appropriate degree of policy accommodation. The...

Persistent link: https://www.econbiz.de/10012889467

Implications of Monetary Union for Catching-Up Member States

Sanchez, Marcelo - 2021

We examine the implications of monetary union for macroeconomic stabilisation in catching up participating countries. We allow member states' supply conditions to differ inside the union, especially with regard to sectoral characteristics. Sectoral productivity shocks on balance hamper the...

Persistent link: https://www.econbiz.de/10013317597

Exchange rate forecasters' performance: Evidence of skill?

MacDonald, Ronald; Menkhoff, Lukas; Rebitzky, Rafael R. - 2009

This paper sheds new light on a long-standing puzzle in the international finance literature, namely, that exchange rate expectations appear inaccurate and even irrational. We find for a comprehensive dataset that individual forecasters' performance is skill-based. 'Superior' forecasters show...

Persistent link: https://www.econbiz.de/10010264610

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