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This paper tests the hypothesis on market efficiency for returns on the euro against fifteen currencies while assuming …
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We estimate a three-region (DE-REA-RoW) structural macroeconomic model, and we provide a counterfactual on how nominal exchange rate flexibility would have affected the German trade balance (TB) by simulating the shocks of the estimated model under a counterfactual flexible exchange rate regime....
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How do trade costs affect international trade? This paper offers a new approach. We rely on a flexible gravity equation that predicts variable trade cost elasticities, both across and within country pairs. We apply this framework to the effect of currency unions on international trade. While we...
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impact of the euro on the degree of market integration by looking at the comovement of the European equity markets and a … sample of OECD equity markets. Weekly stock market indices for the period covering seven years before the euro and seven …The euro was launched, on 1 January 1999, as a common currency for members of the European Union that complied with the …
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