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What lies beneath the euro's effect on financial integration? : currency risk, legal harmonization, or trade?

Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró, … - 2010

Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms … remain unknown. We investigate the underlying channels of the euro's effect on financial integration using data on bilateral … euro's impact on financial integration is primarily driven by eliminating the currency risk. Legislative …

Persistent link: https://www.econbiz.de/10003983654

a diffusion modelling approach for the United States, the United Kingdom and the euro area

Bondt, Gabe de; Marqués, David - 2004

States, as a pioneer country, and the United Kingdom and the euro area, as later adopting countries. Estimated diffusion …

Persistent link: https://www.econbiz.de/10009636536

The Maastricht convergence criteria and optimal monetary policy for the EMU accession Countries

Lipińska, Anna (contributor) - 2008

The EMU accession countries are obliged to fulfill the Maastrich convergence criteria prior to entering the EMU. This paper uses a DSGE model of a two-sector small open economy, to address the following question: How do the Maastricht convergence criteria modify optimal monetary policy in an...

Persistent link: https://www.econbiz.de/10003778818

The behaviour of the real exchange rate : evidence from regression quantiles

Nikolaou, Kleopatra (contributor) - 2006

We test for mean reversion in real exchange rates using a recently developed unit root test for non-normal processes based on quantile autoregression inference in semi-parametric and non-parametric settings. The quantile regression approach allows us to directly capture the impact of different...

Persistent link: https://www.econbiz.de/10003358655

The political economy under monetary union: has the euro made a difference?

Fratzscher, Marcel; Stracca, Livio - 2008

the euro area. Equally importantly, economies with a weaker track record in terms of economic and institutional quality …

Persistent link: https://www.econbiz.de/10003794175

Futures contract rates as monetary policy forecasts

Ferrero, Giuseppe; Nobili, Andrea - 2008

- are positive, on average, and statistically significant, both in the euro area and in the United States. We find that …

Persistent link: https://www.econbiz.de/10003826011

A new approach to measuring competition in the loan markets of the euro area

Leuvensteijn, Michiel van; Bikker, Jacob A.; Rixtel, … - 2007

This paper is the first that applies a new measure of competition, the Boone indicator, to the banking industry. This approach is able to measure competition of bank market segments, such as the loan market, whereas many well-known measures of competition can consider the entire banking market...

Persistent link: https://www.econbiz.de/10003484173

Unconventional monetary policy and the great recession : estimating the impact of a compression in the yield spread at the zero lower bound

Baumeister, Christiane; Benati, Luca - 2010

is constrained by the zero lower bound. Two main findings stand out. First, in all the countries we analyse (U.S., Euro …

Persistent link: https://www.econbiz.de/10008688522

Joint estimation of the natural rate of interest, the natural rate of unemployment, expected inflation, and potential output

Benati, Luca (contributor); Vitale, Giovanni (contributor) - 2007

output for the Euro area, the United States, Sweden, Australia, and the United Kingdom. Particular attention is paid to time … United States, and especially for the Euro area, and smaller for Australia and the United Kingdom. Overall, natural rate …

Persistent link: https://www.econbiz.de/10003516685

Investigating time-variation in the marginal predictive power of the yield spread

Benati, Luca (contributor); … - 2007

We use Bayesian time-varying parameters VARs with stochastic volatility to investigate changes in the marginal predictive content of the yield spread for output growth in the United States and the United Kingdom, since the Gold Standard era, and in the Eurozone, Canada, and Australia over the...

Persistent link: https://www.econbiz.de/10003516698