In contrast to the popular bipolar view on exchange rate choices, this paper argues that intermediate regimes in general and regional exchange rate systems such as the European Monetary System (EMS) in particular should not be ruled out per se when discussing monetary options for East Asian...

This paper evaluates the macroeconomic effects of the European Central Bank's (ECB) Expanded asset purchase programme (APP) on Latvia and other euro area jurisdictions and investigates the cross-border transmission mechanism. To that end, we employ two different vector autoregressive (VAR)...

Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...

Der vorliegende Diskussionsbeitrag entstand im Rahmen eines Forschungsprojektes über die monetäre Integration von fünf mittel- und osteuropäischen EU-Beitrittskandidaten (Estland, Polen, Slowenien, Tschechische Republik und Ungarn). Während die vorangegangenen Kapitel des Projekts die Vor-...

This paper argues that, in contrast to the popular bipolar view on exchange rate choices, intermediate regimes in general and regional exchange rate systems such as the European Monetary System (EMS) in particular should not be ruled out per se even in today's world of highly mobile capital. The...

History shows that governments usually rethink their views on international macroeconomic cooperation after the emergence of a crisis. The response of the Asian countries after the speculative attacks occurred in 1997 may be considered as another example after the European ERM crisis in 1992-93....

The CFA franc devaluation on 11 January 1994 stands out as the most significant reform within the Franc Zone system since political independences of former African French colonies in 1960, yet a topic shrouded into profound taboo. So far, the economic literature has failed to draw any connection...

Synchronization of national price inflation is the crucial precondition for a well-functioning fixed exchange rate regime. Given the close relationship between wage inflation and price inflation, convergence of price inflation requires the synchronization of wage inflation. Why did the...

Microfoundations of the euro's effect on euro area trade hinge on the timing, the speed and the size of adjustment in trade costs. We estimate timing, speed and size of adjustment in trade costs for sectoral trade data. Our approach allows for sector specific impacts of trade costs on sectoral...

Microfoundations of the euro's effect on euro area trade hinge on the timing, the speed and the size of adjustment in trade costs. We estimate timing, speed and size of adjustment in trade costs for sectoral trade data. Our approach allows for sector specific impacts of trade costs on sectoral...