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Why EMU is irrelevant for the German economy
Posen, Adam - 1998
No one seems to be neutral about the effects of EMU on the German economy. Roughly speaking, there are two camps: those … stability. From a broader macroeconomic perspective, however, it is clear that EMU is unlikely to cause directly any meaningful … change either for the better in Standort Deutschland or for the worse in the German price stability. There is ample evidence …
Persistent link: https://www.econbiz.de/10010317396
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Hedger of Last Resort: Evidence from Brazil on FX Interventions, Local Credit and Global Financial Cycles
Barbone Gonzalez, Rodrigo; Khametshin, Dmitry; Peydró, … - 2022
We show that FX interventions attenuate global financial cycle (GFC)’s spillovers. We exploit GFC shocks and Brazilian central bank interventions in FX derivatives using three matched administrative registers: credit, foreign credit to banks, and employer-employee. After U.S. Taper Tantrum...
Persistent link: https://www.econbiz.de/10014279950
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Establishing credibility: Evolving perceptions of the European Central Bank
Goldberg, Linda S.; Klein, Michael W. - 2005
The perceptions of a central bank’s inflation aversion may reflect institutional structure or, more dynamically, the history of its policy decisions. In this paper, we present a novel empirical framework that uses high-frequency data to test for persistent variation in market perceptions of...
Persistent link: https://www.econbiz.de/10010283437
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Was ECB's Monetary Policy Optimal?
Breuss, Fritz - 2002
Overall, the ECB managed monetary policy quite satisfactory in the first phase of EMU. Nevertheless, this paper asks …
Persistent link: https://www.econbiz.de/10011435104
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Monetary Ease: A Factor behind Financial Crises? Some Evidence from OECD Countries
Ahrend, Rudiger - 2008
This paper addresses the question of whether and how easy monetary policy may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates have been persistently and significantly...
Persistent link: https://www.econbiz.de/10010298580
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Monetary ease: A factor behind financial crises? Some evidence from OECD countries
Ahrend, Rudiger - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-12, pp. 1-30
This paper addresses the question of whether and how easy monetary policy may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates were persistently and significantly below...
Persistent link: https://www.econbiz.de/10010300027
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Understanding global liquidity
Eickmeier, Sandra; Gambacorta, Leonardo; Hofmann, Boris - 2013
We explore the concept of global liquidity based on a factor model estimated using a large set of financial and macroeconomic variables from 24 advanced and emerging market economies. We measure global liquidity conditions based on the common global factors in the dynamics of liquidity...
Persistent link: https://www.econbiz.de/10010311766
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India's trilemma: Financial liberalization, exchange rates and monetary policy
Hutchison, Michael M.; Sengupta, Rajeswari; Singh, Nirvikar - 2010
A key challenge for macroeconomic policy in open economies is how to simultaneously manage exchange rates, interest rates and capital account openness - the trilemma. This paper calculates a trilemma index for India and investigates its evolution over time. We find that financial integration has...
Persistent link: https://www.econbiz.de/10010287753
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The financial trilemma in China and a comparative analysis with India
Aizenman, Joshua; Sengupta, Rajeswari - 2011
A key challenge facing most emerging market economies today is how to simultaneously maintain monetary independence, exchange rate stability and financial integration subject to the constraints imposed by the Trilemma, in the era of deepening globalization. In this paper we study the Trilemma...
Persistent link: https://www.econbiz.de/10010288142
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Regulation and Banking after the Crisis
Balling, Morten; Gnan, Ernest; Honohan, Patrick; … - 2011
The Central Bank of Ireland and SUERF organised a joint conference in Dublin on 20th September, 2010 on the general theme of Regulation and Banking after the Crisis. In the best traditions of SUERF, the programme included papers and presentations from the three main constituencies of SUERF:...
Persistent link: https://www.econbiz.de/10011689948