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The Quest for Stability: The Macro View
Buiter, Willem H.; Gerlach, Stefan; Kool, Clemens J.M.; … - 2010
On September 3-4, 2009 SUERF and Utrecht University School of Economicsorganized the Colloquium "The Quest for Stability" in Utrecht, the Netherlands. The papers included in this SUERF Study are based on contributions to the Colloquium.
Persistent link: https://www.econbiz.de/10011689943
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Productivity differentials and external balance in ERM II
Henriksson, Marketta - 2005
Differences in growth, productivity and inflation levels are going to be a prominent feature of the future of EMU, as the convergence process is still on-going in the new Member States. This convergence process can be described by the Balassa-Samuelson proposition, which states that faster...
Persistent link: https://www.econbiz.de/10012147936
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International capital movements, speculation, and the 'conservation of saving' principle. A 'Harcourtian' interpretation of global imbalances and the global crisis
Costabile, Lilia - In: Intervention. European Journal of Economics and … 08 (2011) 1, pp. 201-217
This paper is inspired by the contributions made by Geoff Harcourt concerning the macroeconomics of open economies, international capital movements and speculation (e.g. Harcourt 1994, Dalziel/Harcourt 1997). This conceptual frame- work is developed in a simple model, useful for validating some...
Persistent link: https://www.econbiz.de/10014363120
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The fragility of two monetary regimes: The European Monetary System and the Eurozone
De Grauwe, Paul; Ji, Yuemei - 2013
We analyze the similarities and the differences in the fragility of the European Monetary System (EMS) and the Eurozone …. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the … markets that caused the fragility. We conclude that in the EMS the national central banks were weak and fragile, and the …
Persistent link: https://www.econbiz.de/10011506763
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International exchange rate systems: Where do we stand?
Siebert, Horst - 2006
This paper analyzes institutional arrangements for exchange rate systems and reviews what we know. It looks at the foreign exchange market, different balance of payment situations in which countries find themselves and the necessary exchange rate adjustments. It studies the options that are...
Persistent link: https://www.econbiz.de/10010273093
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The eurozone in the current crisis
Wyplosz, Charles - 2010
This paper contrasts the United States (US) and European situations during the crisis and examines how much of the crisis has been imported by Europe from the US. The paper argues that Europe never had a chance to avoid contagion from the US. It also documents the relatively limited reaction of...
Persistent link: https://www.econbiz.de/10010286102
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Europäische Bankenunion
Beuss, Fritz - In: Vierteljahrshefte zur Wirtschaftsforschung 82 (2013) 2, pp. 127-147
Die anhaltende Eurokrise, die sich in einer deutlich schlechteren Konjunkturlage in Europa als in den USA spiegelt, hat nicht zuletzt ihre Ursache in der nach wie vor schleppenden Umsetzung der Reformen des Finanzsektors. Während die Lücken in der wirtschaftspolitischen Architektur der WWU...
Persistent link: https://www.econbiz.de/10010464605
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How Can the Crisis Vulnerability of Emerging Economies Be Reduced?
Abberger, Klaus; Bhattacharyay, Biswa Nath; Nam, Chang Woon - 2014
Emerging countries in many cases are more crisis-prone than highly developed industrialized countries. This is in many cases due to a weak or volatile financial sector. The best policy to strengthen crisis resistance is the building up of a sound financial position. A sound financial position of...
Persistent link: https://www.econbiz.de/10011698419
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Paths to Eurobonds
Claessens, Stijn; Mody, Ashoka; Vallee, Shahin - 2012
This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financialmarkets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal...
Persistent link: https://www.econbiz.de/10010317344
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MMT and policy assignment in an open economy context: Simplicity is useful, oversimpliflflication not so much
Razmi, Arslan - 2022
Modern Monetary Theory (MMT) has recently received significant at- tention in academic and policy circles. Critics question the sustainability of MMT-prescribed approaches to fiscal and monetary policy, especially over extended periods of time, in the presence of international financial markets,...
Persistent link: https://www.econbiz.de/10013467126