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Trade Intensity and Output Synchronisation : On the Endogeneity Properties of EMU

Caporale, Guglielmo Maria - 2013

Using annual bilateral data over the period 1988-2011 for a panel of 24 industrialised and emerging economies, we analyse in a time-varying framework the determinants of output synchronisation in EMU (European Monetary Union) distinguishing between core and peripheral member states. The results...

Persistent link: https://www.econbiz.de/10013083873

Price Discovery and Trade Fragmentation in a Multi - Market Environment : Evidence from the MTS System

Caporale, Guglielmo Maria - 2013

This paper proposes new metrics for the process of price discovery on the main electronic trading platform for euro - denominated government securities. Analyzing price data on daily transactions for 107 bonds over a period of twenty - seven months, we find a greater degree of price leadership...

Persistent link: https://www.econbiz.de/10013092631

Fiscal Spillovers in the Euro Area

Caporale, Guglielmo Maria - 2012

This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...

Persistent link: https://www.econbiz.de/10013112600

The EU Budget Dispute - A Blessing in Disguise?

Schneider, Ondrej - 2007

This paper analyses the European budget and the position of the ten new member states. We argue that the EU budget … that the current EU budget setting is, at best, neutral with respect to the EU-wide long-term growth potential and may … actually hamper growth in the majority of the EU countries if the distortionary nature of taxation is taken into account …

Persistent link: https://www.econbiz.de/10012776902

Voting in the European Union - Central Europe's Lost Voice

Schneider, Ondrej - 2008

EU's total population; and even though their economic output is much lower, it rises dynamically. New members' impact on … the EU policies has nevertheless been limited. This is due not only to the arcane voting rules within the EU, but also to … together and that their influence is thus fairly limited. We argue that as the EU seemingly lacks energy to implement further …

Persistent link: https://www.econbiz.de/10012768535

Labour Market Institutions and Their Effect on Labour Market Performance in the New EU Member Countries

Fialová, Kamila - 2008

early 2000's both in quot;oldquot; and quot;newquot; EU member states. We estimate effects of labour market institutions on …;oldquot; and quot;newquot; EU members …

Persistent link: https://www.econbiz.de/10012769662

An Unemployment Insurance Scheme for the Euro Area? A Comparison of Different Alternatives Using Micro Data

Dolls, Mathias - 2015

We analyze different options for the design of a common unemployment insurance system for the euro area (EA). We assess their effectiveness to act as an insurance device in the presence of asymmetric macroeconomic shocks. Running counterfactual simulations based on micro data for the period...

Persistent link: https://www.econbiz.de/10013011329

How Will Brexit Affect Tax Competition and Tax Harmonization? The Role of Discriminatory Taxation

Fuest, Clemens - 2018

This paper develops a model of tax competition with three countries, which initially form a union where countries refrain from using different tax rates in different sectors of the economy. We study the impact of one country leaving the union. We show that the introduction of discriminatory...

Persistent link: https://www.econbiz.de/10012927512

Reconciling Insurance with Market Discipline : A Blueprint for a European Fiscal Union

Dolls, Mathias - 2016

This contribution develops a blueprint for a European fiscal union. We argue that a viable European fiscal union can be constructed without joint liability for public debt or a centralized government with a large common budget. Such a fiscal union should combine elements of market discipline...

Persistent link: https://www.econbiz.de/10012996428

Automatic Stabilizers and Economic Crisis : US vs. Europe

Dolls, Mathias - 2010

income shock in the EU, compared to 32 per cent in the US. In the case of an unemployment shock 48 per cent of the shock are … absorbed in the EU, compared to 34 per cent in the US. This cushioning of disposable income leads to a demand stabilization of … 26 to 35 per cent in the EU and 19 per cent in the US. There is large heterogeneity within the EU. Automatic stabilizers …

Persistent link: https://www.econbiz.de/10013149370