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This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...
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Inhalt: 1. Regulatorische Gründe für die Krise 2. Refinanzierungskredite und Target-Salden 3. Staatspapierkäufe der EZB und offizielle Rettungsprogramme 4. Die Risiken und Kosten der EZB-Politik 5. Ökonomische Bewertung der EZB-Politik 6. Politikmaßnahmen gegen Zinsspreizungen 7....
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This paper describes and analyses the evolution of euro area currency in circulation in the last years and especially in the run up to the cash change-over. In particular, it revisits the possible effect of the latter on the euro/dollar-exchange rate, which has been emphasised recently in the...
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