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Sovereign bond market integration:the euro, trading platforms and globalization
Schulz, Alexander; Wolff, Guntram B. - Deutsche Bundesbank <Frankfurt, Main> / … - 2008
We disentangle different driving factors of sovereign bond market integrationby studying yield co-movements of EMU … euro,as well as increasing international capital flows, appear to drive low frequencyintegration. In contrast, yield … attributed to electronic tradingplatforms becoming functional. The change-over from national currenciesto the euro can not …
Persistent link: https://www.econbiz.de/10005866179
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MARKET INTEGRATION IN THE GOLDEN PERIPHERYTHE LISBON/LONDON EXCHANGE
Esteves, Rui Pedro; Reis, Jaime; Ferramosca, Fabiano - University <Oxford> / Department of Economics - 2007
The existence of a self-regulating arbitrage mechanism under the gold standard has been tradi-tionally considered as one of its main advantages, and attracted a corresponding research interest.This research is arguably relevant not only to test for the effciency of the gold points, but also...
Persistent link: https://www.econbiz.de/10005870145
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Defending AgainstSpeculative Attacks : A HybridModel of ExchangeMarket Pressure and Crises
Daniëls, Tijmen; Jager, Henk; Klaassen, Franc - Sonderforschungsbereich Ökonomisches Risiko <Berlin>
While virtually all currency crisismodels recognise that the fate of a currency peg depends onhow tenaciously policy makers defend it, they seldom model how this is done. We incorporatethemechanics of speculation and the interest rate defence against it in the model ofMorrisand Shin (American...
Persistent link: https://www.econbiz.de/10008939789
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Interest rate rules for fixed exchange rate regimes
Benigno, Gianluca; Benigno, Pierpaolo; Ghironi, Fabio - London School of Economics and Political Science - 2006
This paper shows that properly designed interest rate rules can be consistent withmaintaining exchange rate stability. It sheds light on the relation between interest rate rules,exchange rate regimes, and determinacy of the rational expectation equilibrium in a modernmacroeconomic framework.[...]
Persistent link: https://www.econbiz.de/10009138473
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Does it pay to have the euro? Italy’s politics and financial markets under the lira and the euro
Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2009
’s prosperity. The paper focuses on political events inItaly over the past 35 years and asks whether the adoption of the euro in …’s financial marketsthroughout the 1970s, 1980s and 1990s. The introduction of the euro appears to haveindeed played a major role …
Persistent link: https://www.econbiz.de/10005866519
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Robust Lessons about Practical Early Warning Systems
Beckmann, Daniela; Menkhoff, Lukas; Sawischlewski, Katja - Universität <Hannover> / Wirtschaftswissenschaftliche …
Early warning systems (EWSs) are subject to restrictions that apply to exchangerates in general: fundamentals matter but their influence is small and unstable. Despitethis limitation four major lessons emerge: First, EWSs have robust forecastingpower and thus help policy-makers to prevent...
Persistent link: https://www.econbiz.de/10005867584
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The G20 Proposal on IMF Governance: Is there Progress?
Menkhoff, Lukas; Meyer, Reeno - Universität <Hannover> / Wirtschaftswissenschaftliche … - 2010
The G20 summits in 2009 have proposed major changes in governance of the InternationalMonetary Fund (IMF). Most important seems to be the acknowledgment that the IMF in itscurrent form lacks legitimacy and ownership. Accordingly, the G20 suggests a reallocation ofvoting shares to emerging and...
Persistent link: https://www.econbiz.de/10005870767
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International lending of last resort and moral hazard:A model of IMF’s catalytic finance
Corsetti, Giancarlo; Guimarães, Bernardo; Roubini, Nouriel - European University Institute / Department of Economics; … - 2006
This paper analyzes the trade-off between official liquidity provision and debtor moral hazard ininternational financial crises. In the model, crises are caused by the interaction of bad fundamentals,self-fulfilling runs and policies by three classes of optimizing agents: international...
Persistent link: https://www.econbiz.de/10008911499
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EU Enlargement and Monetary Regimes from theInsurance Model Perspectives
Nenovsky, Nikolay - William Davidson Institute <Ann Arbor, Mich.> - 2010
Some ten years ago, Michael Dooley (Dooley, 1997; Dooley, 2000) put forwardan insurance model of currency crises, which after some modifications gives a goodtheoretical basis for explanation of the overall dynamics of the post communist transformationand diversity across countries and periods. The...
Persistent link: https://www.econbiz.de/10009360479
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Macroeconomic Regime Switches and Speculative Attacks
Maćkowiak, Bartosz - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2006
This paper explains a currency crisis as an outcome of a switch in how monetarypolicy and fiscal policy are coordinated. The paper develops a model of an open economy in which monetary policy starts active, fiscal policy starts passive and, in a particular state of nature, monetary policy...
Persistent link: https://www.econbiz.de/10005861630