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On emerging economy sovereign spreads and ratings
Powell, Andrew; Martínez, Juan Francisco - 2008
This paper analyzes alternative models for emerging sovereign ratings. Although a small number of economic fundamentals explain ratings reasonably well, variations in those economic fundamentals are themselves explained by a small number of world factors. On the other hand, global financial...
Persistent link: https://www.econbiz.de/10010278198
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Do credit rating agencies add value? Evidence from the sovereign rating business institutions
Cavallo, Eduardo A.; Powell, Andrew; Rigobón, Roberto - 2008
If rating agencies add no new information to markets, their actions are not a public policy concern. But as rating changes may be anticipated, testing whether ratings add value is not straightforward. This paper argues that ratings and spreads are both noisy signals of fundamentals and suggest...
Persistent link: https://www.econbiz.de/10010278306
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Foreign exchange predictability during the financial crisis: Implications for carry trade profitability
Anatolyev, Stanislav; Gospodinov, Nikolay; Jamali, Ibrahim - 2015
In this paper, we study the effectiveness of carry trade strategies during and after the financial crisis using a flexible approach to modeling currency returns. We decompose the currency returns into multiplicative sign and absolute return components, which exhibit much greater predictability...
Persistent link: https://www.econbiz.de/10011460619
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Die Deutsche Wiedervereinigung und die europäische Schuldenkrise im Lichte der Theorie optimaler Währungsräume
Schnabl, Gunther; Zemanek, Holger - 2011
Der Beitrag analysiert die inner-europäischen Leistungsbilanzungleichgewichte auf der Grundlage der Theorie der optimalen Währungsräume. Wir zeigen, dass die deutsche Wiedervereinigung nicht nur zur EWS-Krise 1992/93 führte, sondern auch der Ursprung der derzeitigen europäischen...
Persistent link: https://www.econbiz.de/10010305581
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ECB worries/European woes: The economic consequences of parochial policy
Barbera, Robert J.; Holtham, Gerald - 2012
Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with such circumstances, US institutions and the policymakers that run them have...
Persistent link: https://www.econbiz.de/10010318632
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The euro debt crisis and Germany's euro trilemma
Bibow, Jörg - 2012
This paper investigates the causes behind the euro debt crisis, particularly Germany's role in it. It is argued that … the euro's survival. The crisis in Euroland poses a global too big to fail threat, and presents a moral hazard of perhaps …
Persistent link: https://www.econbiz.de/10010318656
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Germany and the euroland crisis: The making of a vulnerable haven
Bibow, Jörg - 2013
depressed euro that boosted German extra-area exports. But the crisis that started in Euroland's so-called periphery has … meanwhile reached the core. With pro-euro sentiments dwindling fast across the European Union (EU), the future of the euro … turn out to be a double-edged sword. In case of a euro breakup, swift appreciation of the new deutschmark would abruptly …
Persistent link: https://www.econbiz.de/10010318667
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The euro and its guardian of stability: The fiction and reality of the 10th anniversary blast
Bibow, Jörg - 2009
inherited from Germany's mercantilist past and Bundesbank mythology. Steps toward a fiscal union to back the euro are also …
Persistent link: https://www.econbiz.de/10010281711
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The European Central Bank and why things are the way they are: A historic monetary policy pivot point and moment of (relative) clarity
Dubois, Robert - 2012
Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...
Persistent link: https://www.econbiz.de/10010286538
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Purchasing power parity and the European single currency: some new evidence
Christidou, Maria; Panagiotidis, Theodore - 2010
EU countries, vis a vis the US dollar, before and after the advent of the euro. Standard as well as nonlinear unit root …
Persistent link: https://www.econbiz.de/10010273678