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Exchange Rates and Inflation Under EMU: An Update
Honohan, Patrick; Lane, Philip R. - C.E.P.R. Discussion Papers - 2004
-2001 had an important impact on inflation divergence within the EMU and in particular the surge in Ireland’s inflation to over … November of 2003. Regression analysis on quarterly inflation data across EMU members 1999.1-2004.1 confirms the importance of …
Persistent link: https://www.econbiz.de/10005789034
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The Long or Short of it: Determinants of Foreign Currency Exposure in External Balance Sheets
Lane, Philip R.; Shambaugh, Jay C - C.E.P.R. Discussion Papers - 2008
Recently, there have been numerous advances in modelling optimal international portfolio allocations in macroeconomic models. A major focus of this literature has been on the role of currency movements in determining portfolio returns that may hedge various macroeconomic shocks. However, there...
Persistent link: https://www.econbiz.de/10005661478
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The International Financial Integration of China and India
Lane, Philip R.; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2006
Three main features characterize the international financial integration of China and India. First, while only having a small global share of privately-held external assets and liabilities (with the exception of China’s FDI liabilities), these countries are large holders of official reserves....
Persistent link: https://www.econbiz.de/10005662395
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The International Financial Integration of China and India
Lane, Philip R. - 2006
Three main features characterize the international financial integration of China and India. First, while only having a small global share of privately-held external assets and liabilities (with the exception of China's FDI liabilities), these countries are large holders of official reserves....
Persistent link: https://www.econbiz.de/10012733024
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Global bond portfolios and EMU
Lane, Philip R. - 2005
We examine the bilateral composition of international bond portfolios for the euro area and the individual EMU member … countries. We find considerable support for “euro area bias”: EMU member countries disproportionately invest in one another … linkages in explaining asymmetries across EMU member countries in terms of their outward and inward bond investments vis …
Persistent link: https://www.econbiz.de/10011604599
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Current Account Imbalances in Europe
Lane, Philip R.; Pels, Barbara - C.E.P.R. Discussion Papers - 2012
The European crisis is partly attributable to the sharp increase in external imbalances across Europe during the pre-crisis period. We examine current account imbalances in Europe over 1995-2007, together with the underlying saving and investment rates (and their subcomponents). We find that the...
Persistent link: https://www.econbiz.de/10011084124
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Fiscal Cyclicality and EMU
Bénétrix, Agustín S.; Lane, Philip R. - Institute for International Integration Studies (IIIS), … - 2012
For the set of EMU member countries, we examine cyclical patterns in fiscal outcomes. We find that there is significant … the creation of EMU. Furthermore, we show that the fiscal cycle is affected by the financial cycle in addition to the …
Persistent link: https://www.econbiz.de/10010904653
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Fiscal cyclicality and EMU
Bénétrix, Agustín S.; Lane, Philip R. - In: Journal of International Money and Finance 34 (2013) C, pp. 164-176
For the set of EMU member countries, we examine cyclical patterns in fiscal outcomes. We find that there is significant … the creation of EMU. Furthermore, we show that the fiscal cycle is affected by the financial cycle in addition to the …
Persistent link: https://www.econbiz.de/10011048459
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Global bond portfolios and EMU
Lane, Philip R. - European Central Bank - 2005
We examine the bilateral composition of international bond portfolios for the euro area and the individual EMU member … countries. We find considerable support for “euro area bias”: EMU member countries disproportionately invest in one another … linkages in explaining asymmetries across EMU member countries in terms of their outward and inward bond investments vis …
Persistent link: https://www.econbiz.de/10005816164
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The Real Effects of EMU
Lane, Philip R. - C.E.P.R. Discussion Papers - 2006
We explore the impact of European monetary union (EMU) on the economies of the member countries. While the annual … euro area have been much more persistent, such that cumulative intra-EMU real exchange rate movements have been quite … substantial. EMU has indeed contributed to greater economic integration - however, economic linkages with the rest of the world …
Persistent link: https://www.econbiz.de/10005791619