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The euro crisis and economic growth : a novel counterfactual approach
Terzi, Alessio - 2019 - This Draft: 25 June 2019
warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … crisis countries (Greece, Portugal, Ireland, Cyprus, Spain) based on over 200 past macroeconomic adjustment episodes between … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific …
Persistent link: https://www.econbiz.de/10012033212
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Beyond Balassa and Samuelson : real convergence, capital flows, and competitiveness in Greece
Belke, Ansgar; Haskamp, Ulrich; Schnabl, Gunther; … - 2015
convergence and crisis with a specific focus on Greece. The paper extends the seminal Balassa-Samuelson model to include … productivity increases in Greece. …
Persistent link: https://www.econbiz.de/10011350203
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Real convergence, capital flows, and competitiveness in Central and Eastern Europe
Belke, Ansgar; Schnabl, Gunther; Zemanek, Holger - 2009
The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets. The augmented Balassa-Samuelson model is linked to the...
Persistent link: https://www.econbiz.de/10003897541
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Reverse causality in global current accounts
Schnabl, Gunther; Freitag, Stephan - 2010
Germany as center countries with rising / high current account deficits (US) and surpluses (Germany). These are matched by … analysis extends from 1981-2008, the results for Germany mostly capture the situation before the euro was created. - Global …
Persistent link: https://www.econbiz.de/10003973544
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Austerity, growth and inflation : remarks on the Eurozone's unresolved competitiveness problem
Sinn, Hans-Werner - 2013
While the financial protection measures enacted by the ECB and the community of Eurozone members have calmed financial … markets, they have left the competitiveness problem of the Eurozone's southern countries and France unresolved. The paper …
Persistent link: https://www.econbiz.de/10009691625
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Sudden stops and asset purchase programmes in the euro area
Fabiani, Josefina; Fidora, Michael; Setzer, Ralph; … - 2021
This paper analyses the incidence and severity of sudden stops in euro area countries before and after the introduction of the ECB's asset purchase programmes. We define sudden stops as abrupt declines in private net financial inflows, i.e. total flows adjusted for EU and IMF loans and changes...
Persistent link: https://www.econbiz.de/10012643263
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International Sanctions and Dollar Dominance
Bianchi, Javier; Sosa Padilla, César - National Bureau of Economic Research - 2023
This paper investigates the implications of international financial sanctions for the reserve currency status of the US dollar. We propose a simple model of a reserve currency, demonstrate how the anticipation of financial sanctions can weaken the dollar's status, and evaluate the welfare...
Persistent link: https://www.econbiz.de/10014247945
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The behavioural zloty/euro equilibrium exchange rate
Beza-Bojanowska, Joanna; MacDonald, Ronald - 2009
entering the Exchange Rate Mechanism II (ERM II). The European Central Bank recommends that the ERM II central rate should …
Persistent link: https://www.econbiz.de/10003813605
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International portfolio flows and exchange rate volatility for emerging markets
Caporale, Guglielmo Maria; Ali, Faek Menla; Spagnolo, Fabio - 2015
This paper investigates the effects of equity and bond portfolio in.ows on exchange rate volatility, using monthly bilateral data for the US vis-a-vis eight Asian developing and emerging countries (India, Indonesia, South Korea, Pakistan, Hong Kong, Thailand, the Philippines, and Taiwan) over...
Persistent link: https://www.econbiz.de/10011387464
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Exchange rate uncertainty and international portfolio flows
Caporale, Guglielmo Maria; Ali, Faek Menla; Spagnolo, Nicola - 2013
This paper examines the impact of exchange rate uncertainty on different components of portfolio flows, namely equity and bond flows, as well as the dynamic linkages between exchange rate volatility and the variability of these two types of flows. Specifically, a bivariate GARCH-BEKK-in-mean...
Persistent link: https://www.econbiz.de/10009743845