frictions, alongside a number of key features, like capital accumulation, non-traded goods and foreign-currency debt … imperfections interact with nontradable production. Second, (asymmetric) foreign currency debt denomination affects the optimal …

surge in portfolio and debt inflows. By contrast, the quality of domestic institutions, the size of FDI inflows and the …

liability imbalances of emerging markets that frequently contributed to financial crises. The aim of the paper is to contribute … the economy. We show that if (i) a significant share of the debt is denominated in foreign currency-creating a currency … tilts the debt profile towards short term debt, thereby increasing the volatility of output. Taking the model implications …

Within a two-step GARCH framework we explore the linkages between equity returns of ten sectors in the euro area, the … process towards higher integration has been primarily a phenomenon of equity markets in the euro area and the United States. …

Four years after the introduction of the euro, this paper provides an overview of the current structure and integration … of the euro area financial systems and related policy initiatives. We first compare the euro area financial structure … with that of the United States and Japan. Using new and comprehensive financial account data, we also describe how the euro …

monetary policy. We estimate a closed-economy dynamic stochastic general equilibrium (DSGE) model for the euro area with …

We use a novel disaggregate sectoral euro area data set with a regional breakdown to investigate price changes and …