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In this paper we examine the international implications of monetary union in the European Community (EMU), and the associated international costs and benefits. We consider prospective changes in international institutions, the potential role of the ecu as an international currency, and the...
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This paper provides a unique snapshot of the exposures of EU banks to shadow banking entities within the global … challenging when shadow banking entities are domiciled in different jurisdictions. The analysis shows that many of the EU banks …' exposures are towards non-EU entities, particularly US-domiciled shadow banking entities. At the individual level, banks …
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This analysis tests the price discovery relationship between sovereign CDS premia and bond yield spreads on the same reference entity. The theoretical no-arbitrage relationship between the two credit spreads is confronted with daily data from six Euro-area countries over the period 2004-2011. As...
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