predecessor currencies, net of intra-euro area assets/ liabilities, before stage 3 of EMU. A number of key factors determining the …

United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the … increased strongly around EMU. Although spillover effects from the United States to the euro area remain stronger than in the … EMU. Second, beyond these general linkages, the paper finds that certain macroeconomic news about the US economy have a …

have changed with the advent of EMU. Using real-time data, it addresses this issue from the perspective of financial …. Moreover, for the early stages of EMU, we find evidence that the markets were going through a learning process about the ECB … levels that are remarkably similar to the role of German consumer prices and M3 for German interest rates prior to EMU. JEL …

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 …