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The continued debate on even the softened Stability and Growth Pact (SGP) highlights that the question of public debt in the European Monetary Union (EMU) needs further scrutiny. Both political economy models for emerging market sovereign debt and exchange rate regimes, as well as models on...
Persistent link: https://www.econbiz.de/10003401984
We examine the impact of eurozone membership on sovereign creditworthiness over the period 1996-2017. We find that: (a …) the ratings boost was significantly higher in the pre-crisis period (with countries in the periphery of the eurozone being … joining the eurozone, and lowered borrowing costs (as measured by CDS spreads) in line with the ratings boost …
Persistent link: https://www.econbiz.de/10013244814
We study euro area investors' portfolio adjustment since the Brexit referendum in terms of securities issued in the UK or denominated in pound sterling, in the context of heightened policy uncertainty surrounding the exit process of the UK from the EU. Our sector-level analysis "looks-through"...
Persistent link: https://www.econbiz.de/10013375208
Российскую версию этой статьи можно найти в: http://ssrn.com/abstract=3941743 The EFSD Chief Economist Group continues the series of working papers on global financial safety net (GFSN) functioning. This working paper provides the analysis how the GFSN...
Persistent link: https://www.econbiz.de/10013324172
The impact of allowing banks to calculate their capital requirement based on their internal VaR models, and the impact of regulation changes on banks in transitional countries has not been well studied. This paper examines whether VaR models that are created and suited for developed markets...
Persistent link: https://www.econbiz.de/10013081478
(Euro area) on the efficiency of Slovak banks. We use data envelopment analysis to estimate bank efficiency, and ordinary … least squares and tobit regression to estimate influence of possible bank efficiency determinants. Our analysis shows that … the bank efficiency increases both after the accession of Slovakia to the European Union and the Euro zone. We find that …
Persistent link: https://www.econbiz.de/10012924769
Persistent link: https://www.econbiz.de/10012991348
This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European new Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of "emerging...
Persistent link: https://www.econbiz.de/10014072529
inflation convergence with respect to the Maastricht benchmark as well as the European Central Bank's inflation objective; and …) consider adopting fiscal rules. Therefore, the countries with serious fiscal problems should not rush to enter the Eurozone …
Persistent link: https://www.econbiz.de/10012734445
Seven remaining states are presently on the Eurozone's enlargement agenda: Bulgaria, Croatia, the Czech Republic … Germany but also to most of the Eurozone countries (especially, Austria, Belgium, Finland, France, Ireland, Italy, Luxembourg … eventual outcome and largely determine their economic prospects within the Eurozone. The Greek experience shows that the …
Persistent link: https://www.econbiz.de/10012889251