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Rating the Rating Agencies
Reinhart, Carmen; Goldstein, Morris; Kaminsky, Graciela - Volkswirtschaftliche Fakultät, … - 2000
In this study, we begin by assessing the ability of sovereign credit ratings to anticipate crises. In addition, given the wave of sovereign credit ratings downgrades that have followed the crises in Asia, we investigate formally the extent to which credit ratings are reactive. Along the way, we...
Persistent link: https://www.econbiz.de/10008531919
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Some Policy Issues Regarding an Early Warning System
Reinhart, Carmen; Goldstein, Morris; Kaminsky, Graciela - Volkswirtschaftliche Fakultät, … - 2000
In focusing on the 24 month window prior to the onset of the crisis, the criteria for ranking the indicators presented in our related work does not distinguish between a signal given 12 months prior to the crisis and one given one month prior to the crisis. In what follows we examine this issue,...
Persistent link: https://www.econbiz.de/10008531924
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Early Warning System: An Assessment of Vulnerability
Reinhart, Carmen; Goldstein, Morris; Kaminsky, Graciela - Volkswirtschaftliche Fakultät, … - 2000
Predicting the timing of currency and banking crises is likely to remain an elusive task for academics, financial market participants, and policymakers. Few foresaw the Asian crises and fewer still could have imagined their severity. However, recent events have highlighted the importance of...
Persistent link: https://www.econbiz.de/10008531929
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Early Warning System: Empirical Results from The Signals Approach
Reinhart, Carmen; Goldstein, Morris; Kaminsky, Graciela - Volkswirtschaftliche Fakultät, … - 2000
The signals approach was applied to 24 of the indicators around the dates of the 29 banking and the 87 currency crises. In what follows, we first compare our results for the 15 original indicators in Kaminsky and Reinhart (1996) to those presented in that study. This exercise assesses the...
Persistent link: https://www.econbiz.de/10008531936
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Euro-dollar polarization and heterogeneity in exchange rate pass-throughs within the euro zone
Comunale, Mariarosaria - Volkswirtschaftliche Fakultät, … - 2014
This paper provides an empirical study of the asymmetrical spillovers of the euro-US dollar exchange rate on inflation … the only key factor, in determining the asymmetry in inflation between core and periphery. The nominal effective exchange … rate instead is a very important driver for the inflation only considering the whole euro zone. Therefore, the EMU seems to …
Persistent link: https://www.econbiz.de/10011108149
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The Us Dollar, the Euro, and the Yen : An Evaluation of Their Present and Future Status as International Currencies
Beckmann, Rainer - 2010
The paper evaluates the present and future international currency status of the US dollar, the euro and the yen. In section two the functions, benefits, and costs of a leading international currency are discussed. In section three key determinants for the continuous dominance of the US dollar...
Persistent link: https://www.econbiz.de/10013136590
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The crisis of euro’s governance: institutional aspects and policy issues
Schilirò, Daniele - Volkswirtschaftliche Fakultät, … - 2012
The European Monetary Union is characterized by a crisis of governance, this has become more evident with the crisis of the euro which has shown the weaknesses of the European institutions and stressed the heterogeneity of member countries. The global financial crisis struck the euro area very...
Persistent link: https://www.econbiz.de/10011258694
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Роль многосторонних банков развития в содействии экономической интеграции
Abalkina, Anna - Volkswirtschaftliche Fakultät, … - 2006
This paper investigates the role of multilateral development banks in promoting economic integration in different regional blocs. The experience of financing regional public goods by several multilateral development banks is studied (Inter-American Development Bank, Central American Bank for...
Persistent link: https://www.econbiz.de/10011258796
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Integracja finansowa w Europie po wprowadzeniu euro. Przegląd literatury
Gajewski, Krzysztof; Olszewski, Krzysztof; Pawłowska, … - Volkswirtschaftliche Fakultät, … - 2012
The introduction of the euro was one of the most important events in the process of European integration, especially in the financial sector. However, next to its many advantages, the joint currency and single monetary policy increased the probability of property bubbles in the EU low income...
Persistent link: https://www.econbiz.de/10011259716
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TARGET2 imbalances and the need for a lender of last resort
Astarita, Caterina; Purificato, Francesco - Volkswirtschaftliche Fakultät, … - 2013
This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis. The development of these balances reflects the change in the distribution of the monetary base among the EMU Member States. During the sovereign debt crisis, while some countries, among...
Persistent link: https://www.econbiz.de/10011259805