This paper investigates how monetary shocks are transmitted internationally. It shows that where a national currency is used as an international medium of exchange, the international money is non-neutral. In particular, an increase in the supply of international money leads to a transfer of real...

This paper investigates how monetary shocks are transmitted internationally. It shows that where a national currency is used as an international medium of exchange, the international money is non-neutral. In particular, an increase in the supply of international money leads to a transfer of real...

This paper ivestigates the past behaviour of the dollar/euro exchange rate.

With EU accession looming, a new chapter has been opened in the debate about the candidate countries' exchange rate strategies. A heated discussion has arisen in relation to ERM2 membership. The experience of the present eurozone members with ERM/ERM2 membership shows that none of them faced a...

The demand for money is the key element uniting major structural models of exchange rate determination. The author analyzes the history of money demand theorizing in connection with the development of structural models of exchange rate determination. The author demonstrates that the evolution of...

Based on a novel quarterly dataset for 52 countries for the period 1970-2011, we analyze the use and cyclical properties of reserve requirements (RR) as a macroeconomic stabilization tool and whether RR policy substitutes or complements monetary policy. We find that (i) around two thirds of...

This paper models the US dollar as a global currency and focuses on the effects of US money supply shock upon China's economy. The special roles of US dollar as a global currency and the special institutional arrangements of China are investigated. Given a positive US money supply shock, both...

This article provides a macroeconomic analysis of public debt burden in the major economic regions, each region is considered from the standpoint of public debt and its ratio to key macroeconomic indicators, describing the current state of public debt and the prospects of fiscal policy in...

The purpose of this article is to analyze the effects of Romania's macroeconomic variables of the loan portfolio quality of the banking sector. Specifically, the study seeks to emphasize the interdependent macroeconomic elements that influence the evolution of credit portfolio quality for...

In this article, we study the pattern as well as the systematic features of the calendar effect perceived in the intraday volatility of the foreign exchange rate of the euro vis-à-vis the dollar at five minutes of intervals. We obtain by the means of this analysis a differentiation of these...