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A Long Term Perspective on the Euro
Bordo, Michael D. - 2008
This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...
Persistent link: https://www.econbiz.de/10012464832
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Seigniorage in Europe
Grilli, Vittorio U. - 1988
In this paper, based on the experience of ten European countries, we study the relevance of seigniorage revenues in the recent past, and we speculate about their importance in the near future. We find that the members of the European community differ widely in the way they manage monetary...
Persistent link: https://www.econbiz.de/10012476282
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Measuring Sovereign Contagion in Europe
Caporin, Massimiliano - 2013
eurozone countries. By emphasizing several econometric approaches (nonlinear regression, quantile regression and Bayesian … quantile regression with heteroskedasticity) we show that propagation of shocks in Europe's CDS has been remarkably constant … their sovereign debt and fiscal situations. Thus, the integration among the different eurozone countries is stable, and the …
Persistent link: https://www.econbiz.de/10012459921
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The Future of EMU : What Does the History of Monetary Unions Tell Us?
Bordo, Michael D. - 1999
The creation of EMU and the ECB has triggered a discussion of the future of EMU. Independent observers have pointed to a number of shortcomings or hazard areas' in the construction of EMU, such as the absence of a central lender of last resort function for EMU, the lack of a central authority...
Persistent link: https://www.econbiz.de/10012471419
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What is European Integration Really About? A Political Guide for Economists
Spolaore, Enrico - 2013
Europe's monetary union is part of a broader process of integration that started in the aftermath of World War II. In …
Persistent link: https://www.econbiz.de/10012459539
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The European Crisis in the Context of the History of Previous Financial Crises
Bordo, Michael D. - 2013
There are some striking similarities between the pre 1914 gold standard and EMU today. Both arrangements are based on fixed exchange rates, monetary and fiscal orthodoxy. Each regime gave easy access by financially underdeveloped peripheral countries to capital from the core countries. But the...
Persistent link: https://www.econbiz.de/10012459549
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Institutional and Non-Institutional Explanations of Economic Differences
Engerman, Stanley L. - 2003
Although we cannot conceive of processes of economic growth that do not involve institutional change, in this essay we outline some reasons why one should be cautious about grounding a theory of growth on institutions. We emphasize how very different institutional structures have often been...
Persistent link: https://www.econbiz.de/10012468703
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The Mother of All Sudden Stops : Capital Flows and Reversals in Europe, 1919-32
Accominotti, Olivier - 2013
financial centers at the end of the 1920s figured importantly in the decline in foreign lending. We draw parallels with Europe …
Persistent link: https://www.econbiz.de/10012459081
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The First Year of the Eurosystem : Inflation Targeting or Not?
Svensson, Lars E.O. - 2000
This paper is a brief evaluation of the Eurosystem's monetary-policy regime after its first year, in particular of the extent to which it is similar to inflation targeting as practiced by an increasing number of central banks. I examine the Eurosystem's goals, framework for monetary-policy...
Persistent link: https://www.econbiz.de/10012470926
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The European Central Bank and the Euro : The First Year
Feldstein, Martin - 2000
. The experience of the first year confirms that one size fits all' monetary policy is not suitable for Europe because … cohesiveness, the paper argues that it is more likely to lead to political conflict within Europe and with the Unites States …
Persistent link: https://www.econbiz.de/10012471257