Empirical evidence obtained from data covering Eurozone countries, other industrialized countries, and newly industrialized countries (NICs) over 1980–2006 shows that exchange rate uncertainty has a consistent positive and significant effect on the volatility of bilateral trade flows. A one...

Prima facie, competitiveness adjustments in the eurozone, based on unit labor cost developments, appear sensible and in line with what the economic analyst might have predicted and the economic doctor might have ordered. But a broader and arguably better--Balassa-Samuelson-Penn (BSP)--framework...

Der Beitrag zeigt den Einfluss von administrierten Preisen und indirekter Besteuerung auf die aktuelle Preisentwicklung. Im Euroraum herrscht seit geraumer Zeit eine ausgeprägte Disinflation; der harmonisierte Verbraucherpreisindex liegt aktuell sogar unter Vorjahresniveau. Maßgeblich für...

The current crisis has proven the importance of the national banking system. Sovereign funds will play an important role in reinforcing the position of several emerging countries and markets in the world. The great amount of financing needed in order to fix the problems and the gaps brought by...

The paper critically considers the endogenous Optimum Currency Areas (or e-OCAs) theory, focussing initially on early studies having identified a relevant link between the creation of a monetary union and an upgrading of trade intensity between member countries, on the one hand, and the increase...

The eurozone is the crown jewel in the process of European integration. This monetary zone includes the most advanced integration grouping of countries in the European Union. The eurozone has been expanding the number of its participants, a sign of success in any economic or political union....

We investigate the link between real exchange rates and sectoral total factor productivity measures for countries in the Eurozone. Real exchange rate patterns closely accord with an amended Balassa-Samuelson interpretation, both in cross-section and time series. We construct a sticky price...

A number of economists, following Professor Hans-Werner SINN, President of the Munich Institut für Wirtschaftsforschung (Ifo), have opened a debate on the true significance and the risks entailed by the system of compensation operating within the Eurozone, TARGET2 (Trans-European Automated...

We investigate the link between real exchange rates and sectoral total factor productivity measures for countries in the Eurozone. Real exchange rate patterns closely accord with an amended Balassa-Samuelson interpretation, both in cross-section and time series. We construct a sticky price...