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What Lies Beneath the Euro's Effect on Financial Integration : Currency Risk, Legal Harmonization, or Trade?

Kalemli-Ozcan, Sebnem - 2009

Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms … remain unknown. We investigate the underlying channels of the euro's effect on financial integration using data on bilateral … euro's impact on financial integration is primarily driven by eliminating the currency risk. Legislative …

Persistent link: https://www.econbiz.de/10012463615

Why Has the Euro Been Falling? An Investigation into the Determinants of the Exchange Rate

Sinn, Hans-Werner - 2001

nineties and the puzzling decline of the euro during its virtual existence to changes in the demand for deutschmarks in eastern … the dollar and the weakness of the euro reflect the prosperity of the US and the weakness of the European economy on both …

Persistent link: https://www.econbiz.de/10012470368

COVID-19 and SME Failures

Gourinchas, Pierre-Olivier - 2020

We estimate the impact of the COVID-19 crisis on business failures among small and medium size enterprises (SMEs) in seventeen countries using a large representative firm-level database. We use a simple model of firm cost-minimization and measure each firm's liquidity shortfall during and after...

Persistent link: https://www.econbiz.de/10012481180

Deep Financial Integration and Volatility

Kalemli-Ozcan, Sebnem - 2010

We investigate the relationship between financial integration and output volatility at micro and macro levels. Using a very large firm-level dataset from EU countries over time, we construct a measure of "deep" financial integration at the regional level based on foreign ownership at the firm...

Persistent link: https://www.econbiz.de/10012462751

Financial Integration within EU Countries : The Role of Institutions, Confidence and Trust

Ekinci, Mehmet Fatih - 2007

Obstfeld and Taylor (2004). We find evidence that capital market integration within the EU is less than what is implied by …

Persistent link: https://www.econbiz.de/10012465209

The Minimum Inflation Rate for Euroland

Sinn, Hans-Werner - 2001

As a result of the Balassa effect relative prices change rapidly between and within the euro countries. Thus it is … no country face a deflation. This minimum aggeragate inflation rate is 0.94% in the euro-11 countries and 1.13% in an …

Persistent link: https://www.econbiz.de/10012470644

Eurowinners and Eurolosers : The Distribution of Seigniorage Wealth in EMU

Sinn, Hans-Werner - 1997

banks, because the Euro will have to be bought by these banks in exchange for assets which have been accumulated in the …

Persistent link: https://www.econbiz.de/10012472742

Tax Harmonization and Tax Competition in Europe

Sinn, Hans-Werner - 1990

Opening Europe's borders in 1993 makes the allocation of resources more vulnerable to differences in the national tax rates. The first part of the paper demonstrates that direct consumer purchases will imply distortions resulting from diverging VAT rates and it clarifies why the frequently cited...

Persistent link: https://www.econbiz.de/10012475789

The ECB's Fiscal Policy

Sinn, Hans-Werner - 2018

While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and …

Persistent link: https://www.econbiz.de/10012453105

Debt Overhang, Rollover Risk, and Corporate Investment : Evidence from the European Crisis

Kalemli-Ozcan, Sebnem - 2018

We quantify the role of financial factors that have contributed to sluggish investment in Europe in the aftermath of the 2008-2009 crisis. Using a big data approach, we match the firms to their banks based on banking relationships in 8 European countries over time, obtaining over 2 million...

Persistent link: https://www.econbiz.de/10012453161