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A BRIEF HISTORY OF THE INTEGRATING OPTIMIZED WALKING AREAS IN TRADITIONAL THEORY

Hlaciuc, Ana-Maria - 2017

The theory of credibility (George Tavlas) pursues a neoclassical approach, ignoring the demand side. If aggregate offer is the subject of asymmetric shocks, it can no longer be possible to assert the superiority of the fixed rule to discretion, so that giving up currency and currency...

Persistent link: https://www.econbiz.de/10011645301

Reserves Accumulation in African Countries: Sources, Motivations, and Effects

Elhiraika, Adam; Ndikumana, Léonce - 2007

African countries have accumulated substantial foreign currency reserves in recent years, mostly from higher commodity exports as well as aid flows. In the context of macroeconomic stabilization, which remains at the forefront of national economic policymaking and aid conditionality, African...

Persistent link: https://www.econbiz.de/10009468018

Russia from Bust to Boom: Oil, Politics or the Ruble?

Merlevede, Bruno; Schoors, Koen; Aarle, Bas van - 2004

This paper develops and estimates a small macroeconomic model of the Russian economy. The model is tailored to analyze the impact of the oil price, the exchange rate, and political stability on economic performance. The model does very well in explaining Russia’s economic history in the period...

Persistent link: https://www.econbiz.de/10009477047

Since When Have FOREX Markets Incorporated EMU into Currency Pricing? Evidence from Four Exchange Rate Series

Wilfling, Bernd - 2001

-switching GARCH model this paper estimates the volatility processes of four EMU exchange rate returns vis-à-vis the German mark using … daily data for the time prior to Stage III of EMU. Statistical inference yields the dates at which financial markets began … to incorporate the expected EMU participation of each country into currency pricing. The data exhibits strong econometric …

Persistent link: https://www.econbiz.de/10009442403

Two essays on monetary union and international finance

Mahajan, Arvind (contributor); Saving, Thomas (contributor) - 2005

This dissertation studies the Economic and Monetary Union (EMU) and itseffects on foreign exchange markets and … I find that PPP during the common currency regimeholds in fewer EMU countries than during the alternative exchange rate … after the introduction of the euro for the EMU countries asopposed to the non-EMU countries. I do not obtain strong evidence …

Persistent link: https://www.econbiz.de/10009465029

Bond Yield Compression in the Countries Converging to the Euro

Orlowski, Lucjan T.; Lommatzsch, Kirsten - 2005

We demonstrate that bond yield compression is under way in the countries converging to the euro and that German yields are significant drivers of local currency yields. Based on the evidence from Poland, Hungary and the Czech Republic, we conclude that these new Member States of the European...

Persistent link: https://www.econbiz.de/10009477042

The Balassa-Samuelson effect in Central and Eastern Europe: Myth or reality?

Égert, Balázs; Drine, Imed; Lommatzsch, Kirsten; … - 2002

This paper studies the Balassa-Samuelson effect in 9 CEECs . Using panel cointegration techniques, we find strong empirical evidence in favour of what we call the internal transmission mechanism since productivity growth in the open sector is found to bring about non-tradable inflation. However,...

Persistent link: https://www.econbiz.de/10009477446

Is fiscal policy coordination in EMU desirable?

Klaassen, F.J.G.M.; Beetsma, R.; Debrun, X. - 2001

It is widely argued that Europe's unified monetary policy calls for international coordination at the fiscal level. We survey the issues involved with such coordination of fiscal policy as a demand management tool and we use a simple model to investigate the circumstances under which...

Persistent link: https://www.econbiz.de/10009459901

Is fiscal policy coordination in EMU desirable?

Beetsma, R.M.W.J.; Debrun, X.; Klaassen, F.J.G.M. - 2001

Persistent link: https://www.econbiz.de/10009460272

The euro and inflation uncertainty in the European Monetary Union

Caporale, GM; Kontonikas, A - 2006

In this paper, we investigate empirically the relationship between inflation and inflation uncertainty in twelve EMU …

Persistent link: https://www.econbiz.de/10009481432