There are 13 countries in Central, Eastern and Southeastern Europe (CESEE) with floating exchange rate regimes, de jure … of them have been tracking either the euro or the US dollar in recent years. Eight countries, all of them current or … aspiring EU members, track the euro. Of the five countries keying on the US dollar in various degrees, all but one belong to …

, using local projections, the paper zooms in on shocks originating in the United States, Europe, and China. Our results …, Europe, and China reduces economic activity in the rest of the world, with the effects being mostly felt in Europe and the …

over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area … tends to be more balanced when nominal exchange rates are flexible. Intra-euro area imbalances also seem to have become more … persistent with the introduction of the euro, some of which is linked to labor market inflexibility. Reviewing the direction of …

When the euro was introduced in 1998, one objective was to create an alternative global reserve currency that would … grant benefits to euro area countries similar to the U.S. dollar's 'exorbitant privliege': id est, a boost to the perceived … quality of euro denominated assets that would increase demand for such assets and reduce euro area members' funding costs …

Financial 'euroization'-or 'dollarization' outside of Central and Eastern Europe-is typically analyzed as a singular …

financial stability risk due to euroization contribute to deeuroization inasmuch as they make banking intermediation in euro …

GARCH model shows a positive impact of the introduction of the Euro on exchange rate volatility for the Polish zloty … (negative for the Czech koruna), related to its larger exposure to external shocks. For countries in transition to Euro …

United States and the euro area, and we perform model comparisons to study the importance of departing from the law of one …

Economic and Monetary Union (EMU), the euro was significantly undervalued against the dollar and the pound, but overvalued … against the yen. The paper also shows that the four major EMU currencies locked their parities with the euro at a rate close …