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From Prosperity to Depression: Bulgaria and Romania (1996/97 – 2010)

NENOVSKY, Nikolay; TOCHKOV, Kiril; TURCU, Camelia - William Davidson Institute, University of Michigan - 2011

Bulgaria and Romania are neighbouring countries, which have always been rivals. Following the decision on EU enlargement to include Bulgaria and Romania (late 1999) and with membership negotiations already started (2004), the race between the two countries gained momentum and comparisons of...

Persistent link: https://www.econbiz.de/10010545916

EU Enlargement and Monetary Regimes from the Insurance Model Perspectives

Nenovsky, Nikolay - William Davidson Institute, University of Michigan - 2010

Some ten years ago, Michael Dooley (Dooley, 1997; Dooley, 2000) put forward an insurance model of currency crises … transformation and diversity across countries and periods. The article analyses, within the framework of the insurance model, the …. The insurance game model not only contains an explanatory power, but it also has the potential to suggest a range of …

Persistent link: https://www.econbiz.de/10009001054

Financial Liberalization and Business Cycles: The Experience of Countries in the Baltics and Central Eastern Europe

Vinhas de Souza, Lúcio - Deutsche Bundesbank - 2004

This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of ?emerging...

Persistent link: https://www.econbiz.de/10005083257

Financial Liberalization and Business Cycles: The Experience of Future EU Member States in the Baltics and Central Eastern Europe

Souza, Lucio Vinhas de - EconWPA - 2004

Persistent link: https://www.econbiz.de/10005062709

Monetary policy under currency board arrangements: An necessary flexibility for transition countries?

Berensmann, Kathrin - Wirtschaftswissenschaftliche Fakultät, Bayerische … - 2003

One of the main disadvantages of currency boards is the rule-based character of this system and the resulting inflexibility in case of shocks, a frequently recurring event in transition countries. Accordingly, central banks under currency board arrangements (CBA) are unable to respond to...

Persistent link: https://www.econbiz.de/10009226110

On the international financial architecture: Insuring emerging markets

Caballero, Ricardo J - In: Journal of Financial Transformation 7 (2003), pp. 8-12

financial institutions is in facilitating the creation and functioning of instruments that allow for hedging and insurance …

Persistent link: https://www.econbiz.de/10008518300

Is a monetary union feasible for Latin America? Evidence from real effective exchange rates and interest rate pass-through levels

McKnight, Stephen; Sánchez, Marco Robles - In: Estudios Económicos 29 (2014) 2, pp. 225-262

This paper assesses the feasibility of forming a common currency in Latin America. First, we examine the cointegration and Granger causality of real effective exchange rates and find evidence supporting a monetary union comprised of Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, and...

Persistent link: https://www.econbiz.de/10010938032

Can the Euro Be Saved? An Analysis of the Future of the Currency Union

Stiglitz, Joseph E. - In: Rivista di Politica Economica (2014) 3, pp. 7-42

Following the Great Recession, eurozone countries have performed worse than even the currency union’s most pessimistic critics had predicted. The paper identifies the strong fundamental flaws in the design of the eurozone and proposes a set of reforms, both in the structure of the eurozone and...

Persistent link: https://www.econbiz.de/10010942359

Monetary and Financial Thinking in Europe - Evidence from Four Decades of SUERF

Abraham, Jean-Paul - SUERF - The European Money and Finance Forum

2003 marks the 40th anniversary of the founding of SUERF. To mark this milestone, some time ago the Council of Management commissioned Professor Jean-Paul Abraham to write a commemorative report. His mandate was not to write a history of SUERF itself (that would be too self-indulgent) but to...

Persistent link: https://www.econbiz.de/10005342569

Identifying European Monetary Policy Interactions: French and Spanish System with German Variables

Kim, Soyoung - Banco de España - 1998

This paper develops the "identified VAR" models of France and Spain with German monetary variables to identify monetary policy shocks during the period when the exchange rate is controlled mostly by the ERM. Different identifying assumptions on the contemporaneous policy interactions are...

Persistent link: https://www.econbiz.de/10005155221

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