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This paper examines whether macroeconomic convergence is an automatic outcome of forming a currency union by combining an analysis of real interest parity (RIP) in the EU with the argument for the endogeneity of the Optimum Currency Area (OCA) criteria. Using the DF-GLS and the CIPS* panel unit...
Persistent link: https://www.econbiz.de/10003449239
To deal with changes of capitalized seignorage due to EMU, we supply the still missing capital-theoretical framework. We show that seignorage pooling of EMU is composed of two components, a dynamic component and a static component. By its dynamic component, the pool provides insurance against...
Persistent link: https://www.econbiz.de/10009491053
About five decades the Franc CFA - Zone in Western and Central Africa was praised as incarnation of economic and political stability in Africa, backed by France. But free convertibility and fixed parity, guaranteed by the French Treasury, mainly served the interest of a small elite of the...
Persistent link: https://www.econbiz.de/10012746668
Cross-country integration of banking in Europe typically has been analyzed from the perspective of particular markets for financial products. We extend this research to consider the potential effects of market integration on the portfolio choices and financial structure of banks in seven...
Persistent link: https://www.econbiz.de/10014142799
In this paper we re-examine the German dominance hypothesis, as a way to assess whether the loss of monetary autonomy in Europe associated with EMU had been significant. We use Granger-causality tests between the interest rates of Germany and all the countries participating in the European...
Persistent link: https://www.econbiz.de/10014070687
paper to provide a direct comparison between housebanks and "normal" banks as to their credit policy. Therefore, we analyze … a new data set, representing a random sample of borrowers drawn from the credit portfolios of five leading German banks … over a period of five years. We use credit-file data rather than industry survey data and, thus, focus the analysis on …
Persistent link: https://www.econbiz.de/10009768845