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The new systems competition
Sinn, Hans-Werner - 2001
While the old systems competition took place with closed borders, globalisation has brought about a new type of systems … competition that is driven by the mobility of factors of production. The new systems competition will likely imply the erosion of … induced the respective government activity in the first place. The new systems competition will force inefficient governments …
Persistent link: https://www.econbiz.de/10011408441
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The competition between competition rules
Sinn, Hans-Werner - 1999
Open borders imply systems competition. This paper studies the implications of systems competition for the national co …
Persistent link: https://www.econbiz.de/10009781687
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A new two-pillar strategy for the ECB
De Grauwe, Paul; Gros, Daniel - 2009
The ECB has been arguing in the past that since there is no trade-off between price stability and financial stability, the pursuit of price stability is the best a central bank can do to also maintain financial stability. We argue that there is a potential trade-off between price stability and...
Persistent link: https://www.econbiz.de/10003888991
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Why has the Euro been falling?
Sinn, Hans-Werner; Westermann, Frank - 2001
This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...
Persistent link: https://www.econbiz.de/10011398903
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Fiscal rules, financial stability and optimal currency areas
De Grauwe, Paul; Foresti, Pasquale - 2015
In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co-movements in fiscal policy; 2) financial stability; and 3) financial integration. We provide empirical evidence documenting the existence of such a trade-off in the period characterized...
Persistent link: https://www.econbiz.de/10010533078
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The minimum inflation rate for Euroland
Reutter, Michael; Sinn, Hans-Werner - 2000
As a result of the Balassa effect relative prices change rapidly between and within the euro countries. Thus it is impossible to find a common monetary policy that will result in price stability in all countries. Based on empirical estimates of the Balassa model, the paper calculates a minimum...
Persistent link: https://www.econbiz.de/10009786718
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Monetary policy in EMU when the transmission is asymmetric and uncertain
De Grauwe, Paul; Sénégas, Marc-Alexandre - 2003
In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data.We find that the uncertainty about the transmission process increases the need to take into account information about...
Persistent link: https://www.econbiz.de/10011506467
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Social union, convergence and migration
Sinn, Hans-Werner; Ochel, Wolfgang - 2003
The forces of the market and systems competition bring about economic and social convergence in Europe. There is no …
Persistent link: https://www.econbiz.de/10011507973
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Has the Eurozone become bess fragile? : some empirical tests
De Grauwe, Paul; Ji, Yuemei - 2015
In this paper we provide empirical evidence documenting the nature of the Eurozone's fragility. We find that during periods of turmoil, financial markets have tended to impose strong programs of austerity on member countries of the Eurozone. This confirms the evidence we found in a previous...
Persistent link: https://www.econbiz.de/10010472677