Showing 1 - 10 of 19
This paper aims to make two contributions: to review the ECB’s non-standard monetary policy measures in response to the financial and sovereign debt crisis against the background of the institutional framework and financial structure of the euro area; and to interpret this response from a...
Persistent link: https://www.econbiz.de/10010686781
The destructive potential of the sovereign debt crisis of the euro area has been slowly abating since last summer, but still remains considerable. One reason for it is the sheer complexity of the crisis, which brings together several harmful factors, some long-standing, others more recent, like...
Persistent link: https://www.econbiz.de/10010688313
-bounds analysis. We examine both traditional determinants and new, EMU-specific policy and structural indicators over the past 25 …
Persistent link: https://www.econbiz.de/10005222306
We examine the bilateral composition of international bond portfolios for the euro area and the individual EMU member … countries. We find considerable support for “euro area bias”: EMU member countries disproportionately invest in one another … linkages in explaining asymmetries across EMU member countries in terms of their outward and inward bond investments vis …
Persistent link: https://www.econbiz.de/10005816164
change associated with the start of EMU in 1999. The main findings are as follows. Steadystate inflation and inflation … uncertainty have declined steadily since the inception of EMU, whilst short-run uncertainty has increased, mainly owing to …
Persistent link: https://www.econbiz.de/10008560373
In this paper we address the question on whether EMU has amplified or dampened intra euro area divergencies, by looking … to 2009. Our main result is that EMU does not appear to have materially changed the transmission mechanism of … idiosyncratic monetary shocks. The net effect of EMU, therefore, has been to reduce the relative performance variability. The …
Persistent link: https://www.econbiz.de/10008502692
, we show that the European Economic and Monetary Union (EMU) eased the access to the equity market and, to a larger extent …, the bond market; thereby, enhancing regional financial integration in the euro area. Beside the effect of the EMU, the …
Persistent link: https://www.econbiz.de/10005068632
This paper analyses the link between economic fundamentals and exchange rates by investigating the importance of real-time data. We find that such economic news in the United States, Germany and the euro area have indeed been a driving force behind daily US dollar – euro/DEM exchange rate...
Persistent link: https://www.econbiz.de/10005070386
using high-frequency bond yield data for France, Germany, Italy and Spain. We find that Economic and Monetary Union (EMU … substantial increase in the anchoring of long-term inflation expectations since EMU, particularly for Italy and Spain, which since …
Persistent link: https://www.econbiz.de/10005530722
The harmonisation of fiscal and economic policy within the European Monetary Union (EMU) has had a considerable impact …
Persistent link: https://www.econbiz.de/10005530737