Financial globalisation has been associated with divergent current account patterns in emerging market economies. While countries in emerging Asia have been running sizeable current account surpluses, countries in emerging Europe have been facing large current account deficits. In this paper we...

Im Juni 2013 fand in Karlsruhe die mündliche Verhandlung im Hauptsacheverfahren Europäischer Stabilitätsmechanismus/Europäische Zentralbank statt. Dabei ging es im Kern um die Frage, ob das Outright-Monetary-Transactions-Programm der EZB mandatswidrig ist. Die ökonomische Logik, die zu dem...

This paper – based on a report by a Task Force established by the International Relations Committee (IRC) of the European System of Central Banks (ESCB) – reviews macroeconomic and financial stability challenges for acceding (Bulgaria and Romania) and candidate countries (Croatia and...

Commodity prices play an important role in economic developments in most of the 24 Western and Central African (WCA) countries covered in this paper. It is confirmed that in the light of rising commodity prices between 1999 and 2005, net oil exporters recorded strong growth rates while net...

Global financial integration has been associated with divergent patterns of real convergence and the current account in emerging markets. While countries in emerging Asia have been running sizeable current account surpluses, countries in emerging Europe have been facing large current account...

This paper reviews financial stability challenges in the EU candidate countries Croatia, Turkey and the former Yugoslav Republic of Macedonia. It examines the fi nancial sectors in these three economies, which, while at very different stages of development and embedded in quite diverse economic...

Die Beschlüsse der Europäischen Zentralbank vom 5. Juni 2014 sind zum Teil heftig kritisiert worden. Damit setzt sich die überwiegend negative Bewertung an der Politik der Europäischen Zentralbank fort, die seit langem zu beobachten ist, aber im Widerspruch zur realen Entwicklung steht. Sie...

Seit mehr als einem Jahr ist der Preisanstieg im Euroraum im Trend rückläufig. Angesichts der geringen Inflationsrate wird über ein mögliches Abrutschen in eine Deflation diskutiert. Wie groß ist diese Gefahr und wie sollte die EZB reagieren? Das wahrscheinlichere Szenario der nächsten...

In this paper we carry over a static version of a New Keynesian Macro Model to a monetary union. For a similar approach see Uhlig (2002). We will show in particular that a harmonious functioning of a monetary union critically depends on the correlation structure of shocks that hit the currency...

In this paper we carry over a static version of a New Keynesian Macro Model developed in previous papers (see Bofinger, Mayer, and Wollmershäuser 2002) to a monetary union. For a similar approach see (Uhlig 2002). We will show in particular that a harmonious functioning of a monetary union...