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Die Theorie der optimalen Währungsräume und die politische Reformfähigkeit - ein vernachlässigtes Kriterium
Heinemann, Friedrich - 1998
In this paper, a short survey is given on the contents and some problems of the theory of optimal currency areas. In … conventional theory is inspired by a phenomenon that can be observed for example in Germany but also in other European countries … the nominal exchange rate. The conventional theory with the focus on private agents' behaviour - e.g. in the context of …
Persistent link: https://www.econbiz.de/10013428120
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Cross-border banking and business cycles in asymmetric currency unions
Dräger, Lena; Proaño Acosta, Christian - 2015
Against the background of the recent housing boom and bust in countries such as Spain and Ireland, we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard two-region...
Persistent link: https://www.econbiz.de/10011299044
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Intergenerational transfers and wealth in the Euro-area : the relevance of inheritances and gifts in absolute and relative terms
Tiefensee, Anita; Westermeier, Christian - 2016
Private wealth is a crucial factor for the economic well-being of households. Key determinants of private wealth include intergenerational wealth transfers (gifts and inheritances), which are gaining importance since 1990, as research suggests. We conduct a detailed investigation of the...
Persistent link: https://www.econbiz.de/10011440820
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Monetary policy conduct and the prospects of a currency union
Bednar, N.; Monfort, Philippe - 1998
Persistent link: https://www.econbiz.de/10000991692
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Fiscal devaluation in a Monetary Union
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2013
Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...
Persistent link: https://www.econbiz.de/10010221275
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The EMU consolidation game - or: Does 3.0 really mean 3.0?
Heinemann, Friedrich - 1998
Within the economic profession, it is a widely held view that the fiscal criteria of the Maastricht treaty are arbitrary numbers without economic foundation. Much of this criticism seems to overlook an important aspect - the strategic dimension of the criteria. This paper focuses on one...
Persistent link: https://www.econbiz.de/10013428121
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EMU and fiscal discipline: the end of the depreciation threat
Heinemann, Friedrich - 1998
Are the characteristics of the exchange rate regime relevant for the degree of fiscal discipline? What are the conclusions for fiscal behavior in Europe after the transition to EMU? These are the central questions that are analyzed in this paper from a theoretical point of view. After a general...
Persistent link: https://www.econbiz.de/10013428171
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Public deficits and borrowing costs : the missing half of market discipline
Heinemann, Friedrich; Winschel, Viktor - 2001
EMU driven interest rate convergence has led to a significant reduction of borrowing costs for some European governments in the second half of the nineties. The paper deals with the possible consequences for deficit behaviour. Although the impact of interest rates on deficits is a crucial...
Persistent link: https://www.econbiz.de/10013428400
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Optimal fiscal substitutes for the exchange rate in a monetary union
Kaufmann, Christoph - 2016
This paper studies Ramsey-optimal monetary and fiscal policy in a New Keynesian 2-country open economy framework, which is used to assess how far fiscal policy can substitute for the role of nominal exchange rates within a monetary union. Giving up exchange rate flexibility leads to welfare...
Persistent link: https://www.econbiz.de/10011561923
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Fiscal devaluation in a monetary union : conference paper
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2014
Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...
Persistent link: https://www.econbiz.de/10010487256