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The Trade and FDI Effects of EMU Enlargement
Brouwer, Jelle; Paap, Richard; Viaene, Jean-Marie - Tinbergen Institute - 2007
This paper considers the nature and the distribution of trade and FDI effects of a potential enlargement of the European Monetary Union (EMU) to the 10 countries that obtained EU membership in 2004. One-way and two-way error component gravity models are estimated using a data set of unbalanced...
Persistent link: https://www.econbiz.de/10005137357
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The Trade and FDI Effects of EMU Enlargement
Brouwer, Jelle; Paap, Richard; Viaene, Jean-Marie - Tinbergen Instituut - 2007
This paper considers the nature and the distribution of trade and FDI effects of a potential enlargement of the European Monetary Union (EMU) to the 10 countries that obtained EU membership in 2004. One-way and two-way error component gravity models are estimated using a data set of unbalanced...
Persistent link: https://www.econbiz.de/10011257592
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Efficiency Gains of a European Banking Union
Schoenmaker, Dirk; Siegmann, Arjen - Tinbergen Instituut - 2013
An anticipated benefit of the prospective European Banking Union is stronger supervision of European banks. Another benefit would be enhanced resolution of banks in distress. While national governments confine themselves to the domestic effects of a banking failure, a European Resolution...
Persistent link: https://www.econbiz.de/10011255493
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Can European Bank Bailouts work?
Schoenmaker, Dirk; Siegmann, Arjen - Tinbergen Instituut - 2012
Cross‐border banking needs cross‐border recapitalisation mechanisms. Each mechanism, however, suffers from the financial trilemma, which is that cross‐border banking, national financial autonomy and financial stability are incompatible. In this paper, we study the efficiency of different...
Persistent link: https://www.econbiz.de/10011255675
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The Importance of Accounting for Time Trends when Estimating the Euro Effect on Trade
Bun, Maurice J.G.; Klaassen, Franc J.G.M. - Tinbergen Instituut - 2003
To study the effect of the euro on international goods trade one typically estimates a panel model for the level of … euro is only present at the end of the sample, this may have led to an upward bias in existing euro estimates to help … have different effects across country-pairs. Data on industrialized countries over 1967-2002 show the existing euro effects …
Persistent link: https://www.econbiz.de/10011255682
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The Financial Trilemma
Schoenmaker, Dirk - Tinbergen Instituut - 2011
The financial trilemma states that financial stability, financial integration and national financial policies are incompatible. Any two of the three objectives can be combined but not all three; one has to give. This paper develops a model to underpin the financial trilemma. Our findings for...
Persistent link: https://www.econbiz.de/10011255785
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Defending against Speculative Attacks
Daniels, Tijmen R.; Jager, Henk; Klaassen, Franc - Tinbergen Institute - 2008
While virtually all modern models of exchange rate crises recognise that the decision to abandon an exchange rate peg depends on how harshly policy makers are willing to defend the regime, they virtually never model how the exchange rate is defended. In this paper we incorporate both the...
Persistent link: https://www.econbiz.de/10005209456
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Has the Euro increased Trade?
Bun, Maurice J.G.; Klaassen, Franc J.G.M. - Tinbergen Institute - 2002
A major economic reason for the introduction of the euro was its supposedly positive effect on intra-EMU trade …. Existing studies examine this suspicion indirectly using non-EMU data and report ambiguous results. We estimate the euro … euro has significantly increased trade, with an effect of 4% in the first year and cumulating to around 40% in the long …
Persistent link: https://www.econbiz.de/10005144553
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Model-free Measurement of Exchange Market Pressure
Klaassen, Franc; Jager, Henk - Tinbergen Institute - 2007
If there is exchange market pressure (EMP), monetary authorities can use the interest rate and official interventions to offset this depreciation tendency, or they can let the exchange rate change. We introduce a new approach to derive how these three variables should be combined to measure EMP....
Persistent link: https://www.econbiz.de/10005136975
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The Importance of Accounting for Time Trends when Estimating the Euro Effect on Trade
Bun, Maurice J.G.; Klaassen, Franc J.G.M. - Tinbergen Institute - 2003
To study the effect of the euro on international goods trade one typically estimates a panel model for the level of … euro is only present at the end of the sample, this may have led to an upward bias in existing euro estimates to help … have different effects across country-pairs. Data on industrialized countries over 1967-2002 show the existing euro effects …
Persistent link: https://www.econbiz.de/10005137308