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The paper analyses the transmission of global financial shocks to individual member states of the European Monetary Union (EMU), in which monetary policy is delegated to the ECB and financial markets are fully integrated. Using a panel VAR model, we show that the asymmetric effects of global...
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whether one needs full monetary union (as in continental Europe) to secure an optimum currency area's internal domain; or …
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whether one needs full monetary union (as in continental Europe) to secure an optimum currency area's internal domain; or …
Persistent link: https://www.econbiz.de/10014118911
This paper examines the demand and supply shocks observed in the present Eurozone member states and those observed in … some neighboring countries. The analysis is based on recent data and each Eurozone member country is compared with an … aggregate series corresponding to an area made up of the entire Eurozone minus the country being compared. The results of the …
Persistent link: https://www.econbiz.de/10003412049
Europe based on a Mises-Hayek overinvestment framework. It is shown how the gradual global decline of interest rates has … and Europe to reconstitute economic stability and growth. …
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