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How to Limit the Moral Hazard Related to a European Stabilization Mechanism

MENGUY, Séverine - In: Journal of Economic Integration 25 (2010), pp. 252-275

The paper studies the opportunity to introduce a centralized insurance mechanism in Europe. Indeed, in a monetary union, monetary policy can efficiently stabilize common shocks but it is much less usable in case of asymmetrical shocks and /or if the countries are structurally heterogeneous....

Persistent link: https://www.econbiz.de/10009421195

Output Correlation and EMU: Evidence from European Countries

Inagaki, Kazuyuki - In: Journal of Economic Integration 21 (2006), pp. 458-473

-correlation approach, we explore output correlation between European EMU member countries. Our findings can be summarized as follows: (i …) contemporaneous correlation estimates become more significant during the EMU period; (ii) business cycles are dependent but not highly … synchronized during the pre-EMU period; (iii) after the transition to EMU, business cycles are dependent and more highly …

Persistent link: https://www.econbiz.de/10009391984

The Impact of European Integration on the Nineties’ Wave of Mergers and Acquisitions

Delannay, Anne-France; Méon, Pierre-Guillaume - In: Journal of Economic Integration 21 (2006), pp. 426-446

effect for the EMU however. …

Persistent link: https://www.econbiz.de/10009391986

Can Monetary union Enhance Banking Competition?: A Multicase Study

Utrero-González, Natalia; Callado-Muñoz, Francisco J. - In: Journal of Economic Integration 22 (2007), pp. 128-155

accelerated by the establishment of the Economic and Monetary Union (EMU). This paper makes a comparative analysis of the market … conditions for banking sectors in Spain and France (EMU participation countries) and UK and Denmark (not participating in EMU) in …

Persistent link: https://www.econbiz.de/10009391998

Sustainability of EU Fiscal Policies: a Panel Test

Claeys, Peter - In: Journal of Economic Integration 22 (2007), pp. 112-127

The fiscal policy rule implicit in the Stability and Growth Pact, has been rationalised as a way to ensure that national fiscal policies remain sustainable within the EU, thereby endorsing the independence of the ECB. We empirically examine the sustainability of European fiscal policies over the...

Persistent link: https://www.econbiz.de/10009392000

The ‘New Regionalism’: Integration as a Commitment Device for Developing Countries

Waldkirch, Andreas - In: Journal of Economic Integration 21 (2006), pp. 397-425

Increasingly, developing countries embrace foreign direct investment (FDI) and simultaneously pursue economic integration with developed countries. Foreign investment is subject to sovereign risk and free trade agreements may serve as a commitment mechanism in order to achieve higher sustainable...

Persistent link: https://www.econbiz.de/10009392005

Destructive Diversity, Inflationary Convergence and the Inflation Criterion : The Way to EMU Reconsidered

Berlemann, Michael - In: Journal of Economic Integration 21 (2006), pp. 681-707

least inflationary convergence was not a necessary precondition for EMU. This paper aims at analyzing the effects of the …; insofar it has contributed to a decrease in inflation bias during stage II of EMU but played no important role with respect to …

Persistent link: https://www.econbiz.de/10009392015

CEEC Accession Countries and the EMU - An Assessment of Relative and Readiness for Euro-Area Membership

Kozluk, Tomasz - In: Journal of Economic Integration 20 (2005), pp. 439-474

Eastward enlargement of the Eurozone will result in transition economies sharing a currency with well-established market economies. We compare the suitability of the candidates relative to current members at a similar time before joining, as well as their readiness to comply with Maastricht...

Persistent link: https://www.econbiz.de/10009392023

The European Stability Pact and Feedback Policy Effects

Creel, Jérôme - In: Journal of Economic Integration 17 (2002), pp. 570-595

With a two-country dynamic model in a monetary union with wealth private behaviors, we study the implications of public debt on monetary and fiscal policies. The model used has Keynesian features in the short run and Wicksellian ones in the long run. We analyse the effects of asymmetric fiscal...

Persistent link: https://www.econbiz.de/10010840696

The Regional Effects of Monetary Policy in Europe

J.M. Arnold, Ivo - In: Journal of Economic Integration 16 (2001), pp. 399-420

Since the inception of EMU, a common concern is that European monetary policy may have differential effects on EMU …

Persistent link: https://www.econbiz.de/10010840698