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The Eurozone needs exit rules
Fahrholz, Christian; Wójcik, Cezary - 2012
This paper argues that the key issue for defining and solving the Eurozone's (EZ) difficulties lies in readjusting the … strengthen the EZ through at least four channels. -- sovereign debt crisis ; Eurozone ; Euro ; exit rules ; bail-out ; political …
Persistent link: https://www.econbiz.de/10009570716
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Catching up : the role of demand, supply and regulated price effects on the real exchange rates of four accession countries
MacDonald, Ronald; Wójcik, Cezary - 2003
The main aim of this paper is to examine the exchange rate behavior of a group of four transitional, EU accession countries, with a view to making policy recommendations regarding their accession to full European Monetary Union. We employ a dynamic OLS panel estimator to investigate the relative...
Persistent link: https://www.econbiz.de/10011506491
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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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Real convergence, capital flows, and competitiveness in Central and Eastern Europe
Belke, Ansgar; Schnabl, Gunther; Zemanek, Holger - 2010
Persistent link: https://www.econbiz.de/10008907306
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Hitting and hoping? : meeting the exchange rate and inflation criteria during a period of nominal convergence
Lewis, John (contributor) - 2007
Persistent link: https://www.econbiz.de/10003463137
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Financial dollarization and European Union membership
Neanidis, Kyriakos C. - 2010
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 … foreign currency borrowing. -- financial dollarization ; European Union membership ; accession process …
Persistent link: https://www.econbiz.de/10003979384
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Beyond Balassa and Samuelson : real convergence, capital flows, and competitiveness in Greece
Belke, Ansgar; Haskamp, Ulrich; Schnabl, Gunther; … - 2015
We scrutinize the role of capital flows for competitiveness in seven euro-area countries in the context of real convergence and crisis with a specific focus on Greece. The paper extends the seminal Balassa-Samuelson model to include international capital markets. Capital flows are assumed to be...
Persistent link: https://www.econbiz.de/10011350203
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An empirical investigation into exchange rate regime choice and exchange rate volatility
Berger, Helge; Sturm, Jan-Egbert; Haan, Jakob de - 2000
We test a simple model of exchange rate regime choice with data for 65 non-OECD countries covering the period 1980-94.We find that the variance of output at home and in potential target c ountries as well as the correlation between home and foreign real activity are powerful and robust...
Persistent link: https://www.econbiz.de/10009781534
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What if the UK had joined the euro in 1999? : An empirical evaluation using a Global VAR
Pesaran, M. Hashem (contributor);  … - 2005
This paper attempts to provide a conceptual framework for the analysis of counterfactual scenarios using macroeconometric models. As an application we consider UK entry to the euro. Entry involves a long-term commitment to restrict UK nominal exchange rates and interest rates to be the same as...
Persistent link: https://www.econbiz.de/10003109826
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Exchange rate regime, financial market bubbles and long-term growth in China : lessons from Japan
Schnabl, Gunther - 2016
The paper argues that persistent current account surpluses and increasing foreign currency-denominated asset positions constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate cuts and appreciation expectation shocks. For...
Persistent link: https://www.econbiz.de/10011475972