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The paper provides an account of the meaning and implications of TARGET2 in the eurozone (EZ) balance of payments crisis. In this context, it discusses Hans-Werner Sinn's thesis about a stealth bail-out of the EZ periphery by the ECB from a heterodox perspective. Financial liberalisation, a...
Persistent link: https://www.econbiz.de/10013017589
The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...
Persistent link: https://www.econbiz.de/10012988643
The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...
Persistent link: https://www.econbiz.de/10010211960
/08 global financial and economic crisis-which were supported by the International Monetary Fund (IMF) and various European …, such as the size of imbalances, financing, unique cooperation of the IMF and various European facilities, and membership of …, including the coexistence of the IMF and regional safety nets, cooperation issues, systemic spillovers, and social implications …
Persistent link: https://www.econbiz.de/10011715721
/08 global financial and economic crisis - which were supported by the International Monetary Fund (IMF) and various European … as the size of imbalances, financing, unique cooperation of the IMF and various European facilities, and membership of a … lessons from European experiences, including the coexistence of the IMF and regional safety nets, cooperation issues, systemic …
Persistent link: https://www.econbiz.de/10011635367
of debt growth at the center of frameworks for the deployment of macroprudential policies. I reconsider the role of asset … of the current account deficit have substantially larger (and more statistically-significant) effects than debt growth on …
Persistent link: https://www.econbiz.de/10011932225
considers a developing economy that faces an upward-sloping supply function of debt. It analyzes how a particular foreign shock …
Persistent link: https://www.econbiz.de/10014152175
such as international bank lending, changes in TARGET2 balances, international rescue credit and government bond purchases … the euro area. Since the European financial and debt crisis, public financing mechanisms and the unconventional monetary …
Persistent link: https://www.econbiz.de/10014521523
This paper explores and contrasts the revised Bretton Woods hypothesis (BW II) with the structural Keynesian hypothesis. Whereas the former sees the growing global imbalances of the three decades prior to the financial crisis of 2008 as beneficial, the latter sees them as problematic and...
Persistent link: https://www.econbiz.de/10009746989
imbalances ; exchange rate adjustment ; credit mechanisms ; European debt crisis …
Persistent link: https://www.econbiz.de/10009702880