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Convergence and shocks in the road to EU: Empirical investigations for Bulgaria and Romania
Figuet, Jean-Marc; Nenovsky, Nikolay - William Davidson Institute, University of Michigan - 2006
Despite their progress Bulgaria and Romania significantly differ from the EU economies. In this article, on the basis …, the two countries now differ fundamentally in their choice of a monetary regime – while Romania uses inflation targeting … and a flexible exchange rate, Bulgaria has adopted a currency board regime. For this purpose we analyze: (i) the degree of …
Persistent link: https://www.econbiz.de/10005677531
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Pitfalls in the European Enlargement Process: Financial Instability and Real Divergence
Wagner, Helmut - Deutsche Bundesbank - 2002
Many of the EU accession countries have announced that they will not only try to enter the EU as quickly as possible but also to adopt the euro at an early date. This is justified by the effort to avoid the danger of financial instability in the period prior to euro-introduction. However, by...
Persistent link: https://www.econbiz.de/10005059015
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A Bayesian Approach to Optimum Currency Areas in East Asia
Lee, Grace H.Y.; Azali, M. - Department of Econometrics and Business Statistics, … - 2009
and country-specific shocks. The importance of a common regional shock would provide a case for a regional common currency …
Persistent link: https://www.econbiz.de/10005064165
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Is East Asia an optimum currency area?
Lee, Grace HY; M, Azali - Volkswirtschaftliche Fakultät, … - 2010
and country-specific shocks. The importance of a common regional shock would provide a case for a regional common currency …
Persistent link: https://www.econbiz.de/10011112397
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Optimal Pass-Through of Oil Prices in an Economy with Nominal Rigidities
Bouakez, Hafedh; Rebei, Nooman; Vencatachellum, Désiré - Centre Interuniversitaire sur le Risque, les Politiques … - 2008
In many developing and emerging market economies, governments intervene to limit the degree to which oil-price increases are passed through to domestic fuel prices. This paper investigates whether, and to what extent, this intervention is warranted in an oil-importing economy characterized by...
Persistent link: https://www.econbiz.de/10005015325
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Exchange Rate Pass-Through in a Structural Small Open Economy Model: How Important is the Conduct of Monetary Policy
Murchison, Stephen - Society for Computational Economics - SCE - 2004
Several authors have presented reduced-form evidence suggesting that the degree of exchange-rate pass-through to the consumer price index has declined in Canada since the 1970s and is currently close to zero. Authors such as Taylor (2000) suggest that this is due to a change in the conduct of...
Persistent link: https://www.econbiz.de/10005345324
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External Shocks and Monetary Policy in a Small Open Oil Exporting Economy
Allegret, Jean-Pierre; Benkhodja, Mohamed Tahar - EconomiX, Université Paris Ouest-Nanterre la Défense … - 2011
four external shocks (oil price shock, USD/EUR exchange rate shock, international inflation shock and international … interest rate shock) and to examine the appropriate monetary policy strategy for Algerian economy, given its structural …
Persistent link: https://www.econbiz.de/10009386350
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Negative Nominal Interest Rates: Three ways to overcome the zero lower bound
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2009
The paper considers three methods for eliminating the zero lower bound on nominal interest rates and thus for restoring symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be a useful crime-fighting measure); (2) paying...
Persistent link: https://www.econbiz.de/10005034754
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Assessing the Welfare Cost of a Fixed Exchange-Rate Policy
Dam, Niels Arne; Linaa, Jesper Gregers - Economic Policy Research Unit (EPRU), Økonomisk Institut - 2005
This paper performs a welfare analysis based on the hypothetical scenario that Denmark gave up its peg and started conducting monetary policy according to a Taylor rule. For this we rely on a dynamic stochastic general equilibrium model for a small open economy that was estimated on Danish data...
Persistent link: https://www.econbiz.de/10005749851
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ISSUING POLICIES IN CURRENCIES DENOMINATED IN EUROS AND EUROCENTS
Novak, Branko; Matić, Branko; Stjepanović, Slobodanka - Volkswirtschaftliche Fakultät, … - 2003
Globalization and strengthening of integration processes have, among other things, also influenced some solutions relating to monetary sovereignty of particular countries. A great number of transition countries as well as some other underdeveloped countries are facing both inefficiency in their...
Persistent link: https://www.econbiz.de/10005620044