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External Monetary Shocks and Monetary Integration: Evidence from the Bulgarian Currency Board
Minea, Alexandru; Rault, Christophe - CESifo - 2011
Starting July the 1st 1997, Bulgaria adopted a Currency Board (CB) monetary system. This paper aims at investigating if the adoption of the CB monetary system, which involves the cost of loosing monetary autonomy, has provided a relatively better (with respect to other CEEC) monetary integration...
Persistent link: https://www.econbiz.de/10008914289
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Dollarization of Deposits in the Short and Long Run : Evidence from CESE Countries
Urosevic, Branko - 2016
In this paper, we study the drivers of permanent and transitory deposit dollarization for a sample of CESE countries … permanent dollarization and Minimum Variance Portfolio (MVP) share. This provides an additional empirical validation of the MVP … method as the standard tool for analyzing financial dollarization. In the long run, agents make savings decisions based on …
Persistent link: https://www.econbiz.de/10012997089
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Financial Dollarization and European Union Membership
Neanidis, Kyriakos C. - 2013
We analyze the effect of European Union (EU) membership on financial dollarization for the Central and Eastern European … membership and EU entry have a direct impact on deposit and loan dollarization. EU membership reduces deposit dollarization while … it increases loan dollarization. The negative effect on deposit dollarization captures the increased confidence of the …
Persistent link: https://www.econbiz.de/10013094571
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How Strong is the Case for Dollarization in Costa Rica? A Note on the Business Cycle Comovements with the United States
Lindenberg, Nannette - 2013
We evaluate the proposal for official dollarization in Costa Rica by applying a new approach to measure the business … hypothesis that the two countries share a common business cycle. Based on this evidence, we conclude that official dollarization …
Persistent link: https://www.econbiz.de/10013095614
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How Strong is the Case for Dollarization in Costa Rica? A Note on the Business Cycle Comovements with the United States
Lindenberg, Nannette; Westermann, Frank - CESifo - 2009
We evaluate the proposal for official dollarization in Costa Rica by applying a new approach to measure the business … hypothesis that the two countries share a common business cycle. Based on this evidence, we conclude that official dollarization …
Persistent link: https://www.econbiz.de/10008583698
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What Drives Target2 Balances? Evidence from a Panel Analysis
Auer, Raphael - 2013
What are the drivers of the large Target2 (T2) balances that have emerged in the European Monetary Union since the start of the financial crisis in 2007? This paper examines the extent to which the evolution of national T2 balances can be statistically associated with cross-border private...
Persistent link: https://www.econbiz.de/10013082613
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Fiscal Divergence and Current Account Imbalances in Europe
Schnabl, Gunther - 2013
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10013086602
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Target Loans, Current Account Balances and Capital Flows : The ECB's Rescue Facility
Sinn, Hans-Werner - 2013
The Target liabilities of the GIPS countries (Greece, Ireland, Portugal and Spain) amounted to 314 billion euros in March 2011. They measure the additional central bank money that their corresponding National Central Banks (NCBs) have loaned in excess of the money needed to cover their domestic...
Persistent link: https://www.econbiz.de/10013092688
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Current Account Imbalances and Structural Adjustment in the Euro Area : How to Rebalance Competitiveness
Zemanek, Holger - 2014
Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...
Persistent link: https://www.econbiz.de/10013071193
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Euro Area Imbalances
Mink, Mark - 2017
We argue that if currency union member states have different potential output per capita, output growth rates, or trade balances, the common monetary policy may not be optimal for all of them. Euro area imbalances for potential output and for trade balances are quite large, while output growth...
Persistent link: https://www.econbiz.de/10012963380