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Has the euro affected the choice of invoicing currency?
Ligthart, Jenny E.; Werner, Sebastian E. V. - 2010
We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our … home currency invoicing after the introduction of the euro. In addition, the euro as a vehicle currency has overtaken the … role of the US dollar in Norwegian imports. The econometric analysis shows a significant effect of euro introduction above …
Persistent link: https://www.econbiz.de/10010275698
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Monetary Policies of Large Industrialised Countries, Emerging Market Credit Cycles and Feedback Effects
Hoffmann, Andreas; Schnabl, Gunther - 2014
This paper explores the link between monetary policies of large industrial countries and international credit cycles. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of large centre countries can fuel credit booms in...
Persistent link: https://www.econbiz.de/10010352379
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Pulling up the Tarnished Anchor: The End of Silver as a Global Unit of Account
Fernholz, Ricardo T.; Mitchener, Kris James; … - 2017
We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and silver money. Calibration of the model shows that...
Persistent link: https://www.econbiz.de/10011657157
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How to be well shod to absorb shocks?: shock synchronization and joining the euro zone
Gilson, Natacha - 2006
This paper examines the demand and supply shocks observed in the present Eurozone member states and those observed in some neighboring countries. The analysis is based on recent data and each Eurozone member country is compared with an aggregate series corresponding to an area made up of the...
Persistent link: https://www.econbiz.de/10010264043
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Inflation Targets Versus International Monetary Integration - A Canadian Perspective
Laidler, David - 2002
The debate about Canadian-U.S. monetary integration is surveyed. The choice is among overall monetary orders,rather than exchange rate regimes and questions of policy credibility and political accountability are crucial. Canada's recent economic performance under inflation targets, and arguments...
Persistent link: https://www.econbiz.de/10010315333
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Short-term and long-term growth effects of exchange rate adjustment
Kočenda, Evzen; Maurel, Mathilde; Schnabl, Gunther - 2012
the face of asymmetric shocks. Exit from the euro area is to regain rapidly international competitiveness. Exchange rate …
Persistent link: https://www.econbiz.de/10010290764
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The effect of monetary unification on public debt and its real return
Beetsma, Roel; Vermeylen, Koen - 2005
We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...
Persistent link: https://www.econbiz.de/10010261138
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The Impact of Yuan Internationalization on the Euro-Dollar Exchange Rate
Benassy-Quere, Agnes; Forouheshfar, Yeganeh - 2013
the euro-dollar exchange rate, within a three-country, three-currency portfolio model. Our static model shows that the … euro-dollar rate, whatever the exchange-rate regime of China. Moving to a dynamic, stock-flow framework, we show that the …
Persistent link: https://www.econbiz.de/10010292492
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Friends Without Benefits? New EMU Members and the "Euro Effect" on Trade
Mika, Alina; Zymek, Robert - 2017
no evidence of a euro effect on trade flows among early euro adopters up to the year 2002. Second, this finding is robust … to extending the sample period to incorporate data up to 2013, covering five additional euro accessions. Third, while … there is no robust evidence of a euro effect, there is evidence that intra-EU trade flows have expanded faster than the …
Persistent link: https://www.econbiz.de/10011615863
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Currency Unions, Trade, and Heterogeneity
Chen, Natalie; Novy, Dennis - 2018
How do trade costs affect international trade? This paper offers a new approach. We rely on a flexible gravity equation that predicts variable trade cost elasticities, both across and within country pairs. We apply this framework to the effect of currency unions on international trade. While we...
Persistent link: https://www.econbiz.de/10011887383