This paper first reviews the mainstream literature concerning the explanatory factors of fdis in the ceecs and specifically the exchange rate effects. We then present an empirical analysis of medium and long term exchange rate effects over the period 1995/2002, comparing us and eu investors...

In this paper, a survey on theoretically expected and empirically proved impacts of exchange rate volatility is given. With regard to the West German unemployment, the effects of volatility are empirically analyzed using three different volatility measures and four country groups. In...

This paper reviews the main features of the banking and financial sector in ten new EU members, and then examines the relationship between financial development and economic growth in these countries by estimating a dynamic panel model over the period 1994-2007. The evidence suggests that the...

This paper questions unconventional fiscal policy effects when the monetary policy rate is at the zero lower bound. We provide evidence for the US that the spread between the policy rate and the US-LIBOR, which is more relevant for private sector transactions, increases with government...

A major criticism against staggered nominal contracts is that they give rise to the so called "persistency puzzle" - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly asserted that, in the context of the new Phillips...

Based on an interdisciplinary approach, this article aims at elucidating what can be called the nature of money. To define it, we first distinguish between the generic properties of every money and its different and non specifically monetary uses. Then currency is grasped through its three...

The part of literature concerning monetary theory which focuses on payments system corresponds to a specific tradition. This article seeks to state the peculiar place held in it by James Steuart when, in the XVIII th century, cash payments and partial money keep on ruling. Among the very first...

This paper analyzes strategic interactions between the European Central Bank and member countries of the euro area in a model where governments have private information about the current state of their economy. We study the consequences of such information asymmetries on fiscal and monetary...

This paper surveys the empirical studies about shock asymmetries in the context of the European Union enlargement, and the new membership of Slovenia to the Euro area. Overall the evidence appears rather mixed due to different approaches on three levels : the choice of the sample, the selected...

This paper uses over-the-counter currency options on the Hong Kong dollar to estimate the expected probability and intensity of a Hong Kong dollar devaluation over a one-month horizon, from February 1997 to the end of 1998. Addressing the issue of the determinants driving these anticipations, it...