Germany as center countries with rising / high current account deficits (US) and surpluses (Germany). These are matched by … analysis extends from 1981-2008, the results for Germany mostly capture the situation before the euro was created. - Global …

trends. It finds that, all sample countries except Germany applied expansionary expenditure policies. This resulted in much …

account and interest rate. Examining the VAR impulse responses for Germany, Italy and Spain we find that investment shocks and …

variables for financial development, central bank independence, and the inflation rate preceding the cycles. These findings may …

's prosperity. The paper focuses on political events in Italy over the past 35 years and asks whether the adoption of the euro in … 1999 has helped insulate Italy's financial markets from the adverse consequences of its traditionally unstable political … system. We find that important political events have exerted a statistically and economically significant effect on Italy …

. The third issue discusses the uncertainty associated to the estimation of a reduced form relationship for the real … exchange rate, concluding that inference can be improved by panel estimation. The fourth and final issue addresses the presence … of strong and weak cross section dependence in panel estimation, suggesting which panel estimators one could use in this …