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Carletti, Elena; Hartmann, Philipp; Spagnolo, Giancarlo - 2003

We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete in a differentiated loan market, hold reserves against liquidity shocks, and refinance in the interbank market. A merger creates an internal money market that induces financial...

Persistent link: https://www.econbiz.de/10009635892

The lender of last resort

Freixas, Xavier; Parigi, Bruno M.; Rochet, Jean-Charles - 2003

The classical Bagehotu0092s conception of a Lender of Last Resort (LOLR) that lends to illiquid banks has been criticized on two grounds: on the one hand, the distinction between insolvency and illiquidity is not clear cut; on the other a fully collateralized repo market allows Central Banks to...

Persistent link: https://www.econbiz.de/10009636521

Exchange rates and fundamentals

Engel, Charles; West, Kenneth David - 2003

Standard economic models hold that exchange rates are influenced by fundamental variables such as relative money supplies, outputs, inflation rates and interest rates. Nonetheless, it has been well documented that such variables little help predict changes in floating exchange rates u0097 that...

Persistent link: https://www.econbiz.de/10009635953

Exchange rate risks and asset prices in a small open economy

Derviz, Alexis - 2004

The paper proposes a multi-factor international asset pricing model in which the exchange rate is allowed to be co-determined by a risk factor imperfectly correlated to other priced risks in the economy. The significance of this factor can be established as long as one is able to observe a proxy...

Persistent link: https://www.econbiz.de/10009636537

Non-fundamental exchange rate volatility and welfare

Straub, Roland; Tchakarov, Ivan - 2004

We lay out an empirical and a theoretical model to analyze the effects of non-fundamental exchange rate volatility on economic activity and welfare. In the first part of the paper, the GARCH-SVARmodel is applied to measure empirically the effect of the conditional exogenous exchange rate...

Persistent link: https://www.econbiz.de/10009636551

Statistics Multi-Beneficiary Programmes : Programmes covered: ZZ-9911, ZZ-0027, ZZ-0109, 2002/000-602, 2003/005-623 ; Phare Ex Post Evaluation. Phase 1, Multi-Beneficiary Programme...

MWH Consortium - 2006

. Following a sample approach this evaluation has its geographical focus on four new member states (Estonia, Poland, Hungary and …

Persistent link: https://www.econbiz.de/10012036378

Structures of Education, Vocational Training and Adult Education Systems in Europe : Estonia ; 2003

Education Information Network in the EuropeanUnion; Eurydice - 2003

Structures of education, vocational training and adult education systems in Europe For anyone trying to understand the general organisation of education systems in Europe, these monographs set out in some 40 pages for each country, full basic and regularly updated information on its own...

Persistent link: https://www.econbiz.de/10009636288

Creative destruction and transition: The effects of firm entry and exit on productivity growth in Estonia

Masso, Jaan; Eamets, Raul; Philips, Kaia - 2004

This paper presents one of the first studies of firm demographics in Estonia, focusing particularly on the processes of … results, derived from a novel database of Estonian firms, show that firm turnover has been rather high in Estonia during the …

Persistent link: https://www.econbiz.de/10009636560

Sustainability of the Estonian macroeconomic performance in the light of the EU membership

Olenko, Katrin - 2004

Estonia with the EU-15 and the former accession countries. It gives an overview of the nominal convergence according to the … the theory of Optimum Currency Areas are analysed, as these are expected to be fulfilled in order to guarantee … the nominal criteria and real expected performance of the acceding country using the example of Estonia. …

Persistent link: https://www.econbiz.de/10009636773

An evaluation of Phare-financed programmes - Estonia

RDH/LDK Consortium - 2000

Persistent link: https://www.econbiz.de/10009637874

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