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Fratzscher, Marcel; Bussiere, Matthieu - 2004

No empirical evidence has yet emerged for the existence of a robust positive relationship between financial openness and economic growth. This paper argues that a key reason for the elusive evidence is the presence of a time-varying relationship between openness and growth over time: countries...

Persistent link: https://www.econbiz.de/10009639402

Towards European monetary integration

González, Fernando; Launonen, Simo - 2005

We assess monetary convergence preceding the implementation of the European Monetary Union (EMU) through Kalman filtering estimates of the risk premium of eleven forward exchange rates of European and non-European currencies. Since all participating currencies are in effect identical from...

Persistent link: https://www.econbiz.de/10009639925

Multimarket trading and the cost of debt

Petrasek, Lubomir - 2010

Global bonds are international securities designed to be traded and settled efficiently in multiple markets. This paper studies global bonds to examine the effects of multimarket trading on corporate bond liquidity, prices, and the cost of debt. Using a sample of primary and secondary market...

Persistent link: https://www.econbiz.de/10009640328

Labour market reform and the sustainability of exchange rate pegs

Castrén, Olli; Takalo, Tuomas; Wood, Geoffrey - 2004

It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments. We formalise this notion by incorporating labour market rigidities into an “escape clause” model of currency crises. We show that the absence of structural...

Persistent link: https://www.econbiz.de/10009639466

Do options-implied RND functions on G3 currencies move around the times of interventions on the JPY/USD exchange rate?

Castrén, Olli - 2004

coincide with a movement in the mean of the RND towards a weaker yen both against the US dollar and the euro, as well as with …

Persistent link: https://www.econbiz.de/10009639470

The admission of accession countries to an enlarged monetary union

Ca' Zorzi, Michele; De Santis, Roberto A. - 2003

inflation in the enlarged euro area, but only to inflation redistribution across countries if continuity of the monetary policy … play a key role. The numerical results indicate that the implications for the euro area are significant only if we assume a … enlarged euro area, but sizeable for ACs themselves. …

Persistent link: https://www.econbiz.de/10009639851

Should larger reserve holdings be more diversified?

Beck, Roland; Weber, Sebastian - 2010

The notable increase in international reserve holdings over the past decade and their use during the global financial crisis of 2008/2009 has sparked renewed interest in the analysis of the optimal level of reserve holdings, in particular in countries which are subject to sudden stops. Less...

Persistent link: https://www.econbiz.de/10009640347

Exchange rate anchoring

Bracke, Thierry; Bunda, Irina - 2011

The paper provides a measure of exchange rate anchoring behaviour across 149 emerging market and developing economies for the 1980-2010 period. An extension of the Frankel and Wei (2008) methodology is used to determine whether exchange rates are pegged or floating, and in the case of pegs, to...

Persistent link: https://www.econbiz.de/10009640842

Currency mismatch, uncertainty and debt maturity structure

Bussière, Matthieu; Fratzscher, Marcel; Koeniger, Winfried - 2004

The academic literature has so far little to say about the underlying causes of the large structural asset and liability imbalances of emerging markets that frequently contributed to financial crises. The aim of the paper is to contribute to filling this gap by proposing a theoretical model that...

Persistent link: https://www.econbiz.de/10009639469

Financial regulation, financial globalization and the synchronization of economic activity

Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró, … - 2010

We identify the effect of financial integration on international business cycle synchronization, by utilizing a confidential database on banks’ bilateral exposure and employing a country-pair panel instrumental variables approach. Countries that become more integrated over time have less...

Persistent link: https://www.econbiz.de/10009640319