Showing 1 - 10 of 17
In this analysis, the informational content of central bank rhetoric is assessed based on the experience with the ECB since 1999. Among the ECB?s communication channels we focus on the monthly press conferences. Based on a counting of certain signal words we construct a wording indicator...
Persistent link: https://www.econbiz.de/10010297482
centralisation of economic policy in Europe, as for example on the field of employment policy. EMU means that there is an increasing …
Persistent link: https://www.econbiz.de/10010297572
Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to consequences for the exchange rate. This might lower fiscal discipline. In order to shed light on the empirical relevance of this consideration, the impact of the exchange rate...
Persistent link: https://www.econbiz.de/10010297607
Capital mobility is helpful to cope with the loss of adjustment instruments in EMU. High capital mobility in the sense of Feldstein and Horioka (FH) can limit the negative consequences of shocks affecting the saving capacity of an economy in the Eurozone. It is the aim of this paper to assess...
Persistent link: https://www.econbiz.de/10010297621
A rational financial constitution of the EU should be able to fulfil redistributive objectives at minimum costs. The present financial system of the Community is not compatible with this requirement. After the decisions of the European Council in Berlin on the Agenda 2000 the fundamental flaw of...
Persistent link: https://www.econbiz.de/10010297647
The paper applies standard public choice reasoning to the negotiations on EU enlargement and the Treaty of Nice. The starting point is the assumption that accession can only be successfully completed if the interests of decisive actors in present EU countries are respected. Decisive actors in...
Persistent link: https://www.econbiz.de/10010297706
The official view on ECB monetary policy claims that monetary decisions are based solely on average data for the euro zone and that diverging regional developments are disregarded. However, experience from other two tier central banks and theoretical considerations suggest that this official...
Persistent link: https://www.econbiz.de/10010297739
The EU's revenue system is still typical for an organisation based on international cooperation and stands in contrast to the Union's far advanced legislative and political role. This contrast feeds the debate on granting the EU an autonomous tax source. Our contribution explores the factors...
Persistent link: https://www.econbiz.de/10010298037
The fast growing EU market for investment funds is still characterised by a continuing relevance of national borders. This papers assesses this market?s degree of integration, the potential benefits from more integration and the obstacles to cross-border sales of funds. The analysis shows that...
Persistent link: https://www.econbiz.de/10010298094
Lending and borrowing interest rates are often slow to adjust to changing capital market conditions. This paper argues that national differences of the pass-through speed in the EU can be regarded as a retail-oriented indicator of financial integration. Based on an ECB database the speed of...
Persistent link: https://www.econbiz.de/10010298095