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This note is a synthesis of the various studies existing on the development of the use of the euro by the customers, the businesses and the public administrations in the Member States participating to the EMU. It also presents the results of a regular survey of the Commission among European...
Persistent link: https://www.econbiz.de/10011335324
Produced by the Directorate-General for Economic and Financial Affairs (DG ECFIN), these monthly notes look at the volumes of debt issued, the maturity structures and the conditions in the market.Quarterly notes look in greater detail at the market and at the factors behind the more substantial...
Persistent link: https://www.econbiz.de/10011448312
This paper presents evidence for structural differences in economic growth dynamics between the current EU and the central- and eastern European accession countries. Two important results emerge from the analysis. First, accession countries have posted higher average growth and wider output...
Persistent link: https://www.econbiz.de/10009635910
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 is unobserved, and an additional equation that links this autarchic currency price with the FX order flow. The …
Persistent link: https://www.econbiz.de/10009636537
or weak, in the sense that the dependence remains or vanishes asymptotically. We show that if one currency return reaches … crisis levels, the probability that the other currency breaks down as well vanishes asymptotically if the fundamentals … probability that the other currency breaks down as well remains strictly positive even in the limit. This result implies that …
Persistent link: https://www.econbiz.de/10009636547
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