We propose a dynamic factor model with time-varying parameters and stochastic volatility to analyze the relationship between global factors and country-specific capital flow dynamics. Studying a global sample of 43 countries from 1994 until 2015, we show that global co-movement of macroeconomic,...

Der vorliegende Diskussionsbeitrag entstand im Rahmen eines Forschungsprojektes über die monetäre Integration von fünf mittel- und osteuropäischen EU-Beitrittskandidaten (Estland, Polen, Slowenien, Tschechische Republik und Ungarn). Während die vorangegangenen Kapitel des Projekts die Vor-...

Der vorliegende Diskussionsbeitrag entstand im Rahmen eines Forschungsprojektes über die monetäre Integration von fünf mittel- und osteuropäischen EU-Beitrittskandidaten (Polen, Tschechische Republik, Ungarn, Slowenien und Estland). Das hier vorgestellte Kapitel geht auf die...

In diesem Beitrag resümieren wir zunächst die Erfahrungen, welche die EU-Kommission in den letzten vier Jahren mit der Finanzpolitik der EU-Mitgliedsstaaten gesammelt hat. Diese betreffen sowohl die Defizitobergrenze des Stabilitätspakts als auch die jährlich vorzulegenden...

Following the Optimum Currency Areas approach, asymmetric shocks play a fundamental role to determine the benefits and the costs derived from the establishment of a monetary area. In this sense, some recent studies show that an important reduction in the level of the asymmetries of the shocks in...

Most optimistic views, based on Optimum Currency Areas (OCA) literature, have concluded that the probability of asymmetric shocks to occur at a national level will tend to diminish in the Economic and Monetary Union (EMU) as a result of the intensification of the integration process during the...

Uncertainty about the future is an important determinant of well-being,especially in developing countries where financial markets and other market failures result in ineffective insurance mechanisms. However, separating the effects of future uncertainty from realised events, and then measuring...

Most studies of subjective well-being in developing countries use cross-sectional data, which makes it difficult to control for unobserved individual heterogeneity. In this paper, we use three rounds of panel data and robust non-linear panel data models to investigate the trends and determinants...

This paper uses the 2005 and 2006 China General Social Survey (CGSS) to study the relationship between social capital and health in China. Using four separate samples totalling over 18,000 respondents and some methodological innovations that are new to the social capital literature, we identify...