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they entered the euro-area there was no depreciating evolution with a trend to currency crisis at all. Fundamental …, appreciating exchange rate overshooting or advancing the date of the euro conversion). The second generation models of currency …
Persistent link: https://www.econbiz.de/10008754971
In this article is studied hypothesis, that every period (time interval) before financial crisis is distinguished by co-movement of several variables. The study is based on monthly data (that means no quarterly data, like portfolio investment, were used). This hypothesis, tested with vector...
Persistent link: https://www.econbiz.de/10005036383
With the accession of 10 new European Union member states in May 2004, much attention is being placed on the governance of European Community institutions. This article focuses specifically on discussions of European Central Bank (ECB) governance, particularly as regards the ECB?s amendment of...
Persistent link: https://www.econbiz.de/10008495764
The paper deals with unintended consequences of the monetary union for the level of debt in the member countries of the … the low inflation ones (e.g. Germany). Different rates of growth of private or total domestic debt in individual countries … were closely connected to inflation differentials. Thus the debt was rising very rapidly in high inflation countries …
Persistent link: https://www.econbiz.de/10005036596
The paper analyses the intertemporal approach to the balance of payments which is based on the intertemporal approach to the relation between domestic saving and investment. A key element of the presented analysis is whether world capital mobility is high enough to hold a condition that the...
Persistent link: https://www.econbiz.de/10005036654
Persistent link: https://www.econbiz.de/10002135478
Persistent link: https://www.econbiz.de/10010400358
Paper inquires into historical development of key theoretical concepts related to purchasing power parity in 20th century. It presents theories which explain relation between price level, labor productivity and exchange rate. These theories explain the process of how the long-run equilibrium...
Persistent link: https://www.econbiz.de/10005103171
macroeconomic picture of an economy for a long period of time; otherwise, the economy suffers from macroeconomic imbalances such as …
Persistent link: https://www.econbiz.de/10005103172
Even though the efforts to foster global economic governance have been a longstanding issue of global economic policies, their effectiveness has been questioned by the current crisis. The crisis has revealed many systemic issues that would require global solutions on the one hand, but on the...
Persistent link: https://www.econbiz.de/10008784822