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The European Monetary Union as a commitment device for new EU member states

Ravenna, Federico (contributor) - 2005

This paper shows that the credibility gain from permanently committing to a fixed exchange rate by joining the European Monetary Union can outweigh the loss from giving up independent monetary policy. When the central bank enjoys only limited credibility a pegged exchange rate regime yields a...

Persistent link: https://www.econbiz.de/10003057319

Current account dynamics in OECD and EU acceding countries : an intertemporal approach

Bussière, Matthieu (contributor); … - 2004

Persistent link: https://www.econbiz.de/10002124872

Determinants of government bond spreads in new EU countries

Alexopoulou, Ioana; Bunda, Irina; Ferrando, Annalisa - 2009

an empirical assessment of the role of fundamentals in driving long-term sovereign bond spreads of the new EU countries … short-term interest rate spreads play an important role in the new EU countries' access to long-term finance. We furthermore … ; new EU countries : pooled mean group estimation …

Persistent link: https://www.econbiz.de/10003963768

Can we prevent boom-bust cycles during euro area accession?

Brzoza-Brzezina, Michał; Jacquinot, Pascal; Kolasa, Marcin - 2010

Euro-area accession caused boom-bust cycles in several catching-up economies. Declining interest rates and easier financing conditions fuelled spending and worsened the current account balance. Over time inflation deteriorated external competitiveness and lowered domestic demand, turning the...

Persistent link: https://www.econbiz.de/10008771781

Long-run money demand in the new EU Member States with exchange rate effects

Dreger, Christian (contributor); … - 2006

analysis in the new Member States of the European Union (EU) is conducted using panel cointegration methods. A well … euro exchange rate. The present analysis is of importance for the new EU Member States as they are expected to join in the …

Persistent link: https://www.econbiz.de/10003337157

Implications of monetary union for catching-up member states

Sánchez, Marcelo (contributor) - 2006

We examine the implications of monetary union for macroeconomic stabilisation in catching up participating countries. We allow member states’supply conditions to differ inside the union, especially with regard to sectoral characteristics. Sectoral productivity shocks on balance hamper the...

Persistent link: https://www.econbiz.de/10003337166

Acquisition versus greenfield : the impact of the mode of foreign bank entry on information and bank lending rates

Claeys, Sophie (contributor); Hainz, Christa (contributor) - 2006

Policy makers often decide to liberalize foreign bank entry but at the same time restrict the mode of entry. We study how different entry modes affect the interest rate for loans in a model in which domestic banks possess private information about their incumbent clients but foreign banks have...

Persistent link: https://www.econbiz.de/10003358591

Real convergence in Central and Eastern European EU Member States : which role for exchange rate volatility?

Arratibel, Olga (contributor); Furceri, Davide (contributor) - 2008

, in the Central and Eastern European EU Member States. Using panel estimations for the period between 1995 and 2006, we …

Persistent link: https://www.econbiz.de/10003789431

Financial integration of new EU Member States

Cappiello, Lorenzo; Gérard, Bruno; Kadareja, Arjan; … - 2006

This study assesses the degree of financial integration for a selected number of new EU member states between …

Persistent link: https://www.econbiz.de/10003396693

FDI and productivity convergence in central and eastern Europe : an industry-level investigation

Bijsterbosch, Martin; Kolasa, Marcin - 2009

This paper presents empirical evidence of the effect of FDI inflows on productivity convergence in central and eastern Europe, using industry-level data. Four conclusions stand out. First, there is a strong convergence effect in productivity, both at the country and at the industry level....

Persistent link: https://www.econbiz.de/10003826485