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Can Severe Fiscal Contractions be Expansionary? Tales of Two Small European Countries

Giavazzi, Francesco - 1990

According to conventional wisdom, a fiscal consolidation is likely to contract real aggregate demand. It has often been argued, however, that this conclusion is misleading as it neglects the role of expectations of future policy: if the fiscal consolidation is read by the private sector as a...

Persistent link: https://www.econbiz.de/10012475661

Looking for Contagion : Evidence from the ERM

Favero, Carlo A. - 2000

This paper applies a full-information technique to test for the presence of contagion across the money markets of ERM member countries. We show that whenever it is possible to estimate a model for interdependence, a test for contagion based on a full information technique is more powerful. We...

Persistent link: https://www.econbiz.de/10012470953

The Transmission Mechanism of Monetary Policy in Europe : Evidence from Banks' Balance Sheets

Favero, Carlo A. - 1999

Available studies on asymmetries in the monetary transmission mechanism within Europe are invariably based on macro … study occurred during 1992, when monetary conditions were tightened throughout Europe. Evidence on such tightening is … importance of the Europe and thus on one possibly important source of asymmetries in the monetary transmission mechanism. We do …

Persistent link: https://www.econbiz.de/10012471558

Why the European Securities Market is Not Fully Integrated

Giovannini, Alberto - 2008

I describe the challenge of fully integrating securities markets in Europe by integrating the clearing and settlement …

Persistent link: https://www.econbiz.de/10012464171

European Financial Markets After EMU : A First Assessment

Danthine, Jean-Pierre - 2000

This paper reviews the first evidence on the impact of European Monetary Union on European capital markets, one year after the launch of the single currency. Our assessment of this evidence is very favourable. On almost all counts EMU has either changed the European financial landscape already...

Persistent link: https://www.econbiz.de/10012470687

The Immediate Challenges for the European Central Bank

Dornbusch, Rudiger - 1998

This paper discusses a number of issues that the newly constituted Board of the ECB will face early on. We show how conducting a European monetary policy is very different from living under the protective umbrella of the Bundesbank. We discuss voting on the ECB Board and argue that the ability...

Persistent link: https://www.econbiz.de/10012472449

The Determinants of Realignment Expectations Under the EMS : Some Empirical Regularities

Chen, Zhaohui - 1993

The stability of the EMS depends crucially on realignment expectations of the market participants. In this paper we discuss how to measure such expectations and how to relate them to economic fundamentals, central bank reputation, and institutional arrangements of the EMS. We find the following...

Persistent link: https://www.econbiz.de/10012474669

Attitudes Towards Inflation and the Viability of Fixed Exchange Rates : Evidence From the EMS

Collins, Susan M. - 1992

History provides us with many examples of multiple country fixed exchange rate regimes that have eventually fallen apart. In light of these failures, why has the EMS been so successful in stabilizing exchange rates among members, and in expanding its membership? This paper argues that one key...

Persistent link: https://www.econbiz.de/10012474922

The Currency Reform as the Last Stage of Economic and Monetary Union : Some Policy Questions

Giovannini, Alberto - 1991

The paper discusses the policy problems of a project aimed at substituting several national currencies with one single currency. While these problems are of general interest, the analysis is motivated by the plan for Economic and Monetary Union among the members of the European Community. The...

Persistent link: https://www.econbiz.de/10012475071

Capital Flight and Tax Competition : Are There Viable Solutions to Both Problems?

Giovannini, Alberto - 1990

This paper discusses a model corporate tax system based on the application of the residence principle. This tax system, while preserving national sovereignties, minimizes the distortions from international capital mobility. The paper is motivated by an analysis of European capital income tax...

Persistent link: https://www.econbiz.de/10012475702