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Has the euro affected the choice of invoicing currency?
Ligthart, Jenny E.; Werner, Sebastian E.V. - In: Journal of International Money and Finance 31 (2012) 6, pp. 1551-1573
We present a new approach to study empirically the effect of the introduction of the euro on the pattern of currency … invoicing after the introduction of the euro, whereas the home currency share of non-eurozone countries fell slightly. In … addition, the euro as a vehicle currency has overtaken the role of the US dollar in Norwegian imports. The substantial rise in …
Persistent link: https://www.econbiz.de/10010869452
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Factor decomposition and diversification in European corporate bond markets
Pieterse-Bloem, Mary; Mahieu, Ronald J. - In: Journal of International Money and Finance 32 (2013) C, pp. 194-213
introduction of the European Economic and Monetary Union (EMU). Using a comprehensive and unique data set of European corporate … corporate bonds. In particular we find that in the Post-EMU period country factors remain important. …
Persistent link: https://www.econbiz.de/10010594706
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Duration of fixed exchange rate regimes in emerging economies
Tamgac, Unay - In: Journal of International Money and Finance 37 (2013) C, pp. 439-467
This paper examines the duration of fixed exchange rate regimes and investigates whether there is a certain pattern of time dependence in the survival rate of pegged exchange rate regimes for emerging economies. We query why some fixed regimes last longer and determine the macroeconomic, social...
Persistent link: https://www.econbiz.de/10010709324
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How much should inflation targeters care about the exchange rate?
Garcia, Carlos J.; Restrepo, Jorge E.; Roger, Scott - In: Journal of International Money and Finance 30 (2011) 7, pp. 1590-1617
A DSGE model is used to examine whether including the exchange rate in the central bank’s policy rule can improve economic performance. Smoothing the exchange rate helps both financially-robust economies and financially-vulnerable emerging economies in handling risk premium shocks and, given a...
Persistent link: https://www.econbiz.de/10010869446
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Exchange rate pass-through and the effects of tariffs on economic performance and welfare
Hwang, Yu-Ning; Turnovsky, Stephen J. - In: Journal of International Money and Finance 33 (2013) C, pp. 81-102
We develop a stochastic two-country general equilibrium model, where prices are determined under conditions of monopolistic competition to examine the macroeconomic and welfare effects of tariffs on the world economy under alternative nominal rigidities: producer-currency pricing (PCP) and...
Persistent link: https://www.econbiz.de/10010636247
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Does the ECB act as a lender of last resort during the subprime lending crisis?: Evidence from monetary policy reaction models
Eichler, Stefan; Hielscher, Kai - In: Journal of International Money and Finance 31 (2012) 3, pp. 552-568
We investigate whether the ECB aligns its monetary policy with financial crisis risk in EMU member countries. We find … when banking and sovereign debt crisis risk in vulnerable EMU countries (Greece, Ireland, Italy, Portugal, and Spain …) increases, while no significant effect is identified for the pre-crisis period and relatively tranquil EMU countries (Austria …
Persistent link: https://www.econbiz.de/10010573196
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Transmission of the financial and sovereign debt crises to the EMU: Stock prices, CDS spreads and exchange rates
Grammatikos, Theoharry; Vermeulen, Robert - In: Journal of International Money and Finance 31 (2012) 3, pp. 517-533
This paper tests for the transmission of the 2007–2010 financial and sovereign debt crises to fifteen EMU countries. We … returns for three country groups within EMU: North, South and Small. The following results hold for both the North and South … smaller for non-financials. Third, before the crisis euro appreciations coincide with European stock market decreases, whereas …
Persistent link: https://www.econbiz.de/10010577038
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Interest rate pass-through in the EMU – New evidence from nonlinear cointegration techniques for fully harmonized data
Belke, Ansgar; Beckmann, Joscha; Verheyen, Florian - In: Journal of International Money and Finance 37 (2013) C, pp. 1-24
countries of the European Monetary Union (EMU) between 2003 and 2011 based on fully harmonized data. We first test for a … cointegrating relationship between loan rates and the Euro OverNight Index Average (EONIA) and allow for different nonlinear …
Persistent link: https://www.econbiz.de/10010709330
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Fiscal cyclicality and EMU
Bénétrix, Agustín S.; Lane, Philip R. - In: Journal of International Money and Finance 34 (2013) C, pp. 164-176
For the set of EMU member countries, we examine cyclical patterns in fiscal outcomes. We find that there is significant … the creation of EMU. Furthermore, we show that the fiscal cycle is affected by the financial cycle in addition to the …
Persistent link: https://www.econbiz.de/10011048459
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Sovereign risk premiums in the European government bond market
Bernoth, Kerstin; von Hagen, Jürgen; Schuknecht, Ludger - In: Journal of International Money and Finance 31 (2012) 5, pp. 975-995
issue spreads in the US and DM (Euro) bond market between 1993 and 2009. Interest differentials between bonds issued by EU … payments as key measures of fiscal soundness and eliminated liquidity premiums in the euro area. With the financial crisis, the …
Persistent link: https://www.econbiz.de/10011048481