Zusammenfassung Dieser Beitrag liefert einen Uberblick über die Bedeutung asymmetrischer makroökonomischer Strukturen in den EWU Mitgliedsländern für die einheitliche Geldpolitik. Zunächst wird im Rahmen eines Modells illustriert, welche grundsätzliche Bedeutung asymmetrischen...

Summary This paper examines the spillovers of domestic fiscal expansion in a monetary union. Such a policy action leads to cross-country crowding-out effects on the one hand and cross-country multiplier effects on the other. The overall effect is indeterminate a priori. The approach pursued is...

Zusammenfassung Der Beitrag analysiert die kurz-, mittel- und langfristigen Wirkungen antizipierter angebotsorientierter Politikmaßnahmen im Rahmen eines dynamischen Modells für eine Währungsunion, das durch perfekte Voraussicht, Sattelpunktstabilität und importierte Vorleistungen...

Purpose – The purpose of this paper is to assess the relationship among fiscal variables (net lending, government expenditure and revenue) and economic growth in Sub-Saharan African countries. Design/methodology/approach – Using yearly data for the period between 1980 and 2011 in 15 Economic...

Purpose – The purpose of this paper is to investigate the welfare gains from risk sharing among African countries and regional groupings in Africa that are planning to establish monetary unions either in the short or longrun. Design/methodology/approach – The paper empirically tested two...

Summary The OMT programme has been strongly criticized as being incompatible with the ECB’s mandate. Applying standard lender of last resort (LoLR) theory in the assessment of the OMT we find that when de facto operating as a LoLR for governments, the ECB is as much is line with its mandate as...

Abstract The paper investigates the impact of automatic horizontal fiscal transfers on risk sharing and consumption smoothing in a 2-country DSGE model of monetary union. In particular, it uses the Asdrubali et al. (1996) approach to quantify and decompose the strength of consumption...

Purpose – This paper aims to examine whether credit ratings of banks are related to their location, i.e. inside or outside the Euro Area. Design/methodology/approach – The authors estimate a multilevel ordered probit model for banks’ credit ratings in 2011 and control for bank-specific...

Purpose – The purpose of this paper is to test the hypothesis that major credit rating agencies (CRAs) have been inconsistent in assessing the implications of monetary union membership for sovereign risks. It is frequently argued that CRAs have acted procyclically in their rating of sovereign...

Uses recently developed techniques in the estimation of non‐stationary time series to construct money demand functions for four African economies, using quarterly data. Finds that money demand depends not only on income, inflation and interest rates, but also on variability of inflation and...