Showing 1 - 10 of 656
We estimate a panel VAR model for the euro area to quantitatively assess how the uneven recourse of national banking systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 balances, has contributed to the propagation of different...
Persistent link: https://www.econbiz.de/10012036742
We construct a new database of bilateral financial flows among euro area countries and their major world partners and explore the role of financial links in the accumulation and then adjustment of current account imbalances in the euro area. The data show that the geography of financial flows...
Persistent link: https://www.econbiz.de/10011077100
This paper introduces a decomposition of the trade ratio. The dynamics of the trade ratio are composed of contributions from expenditure switching, from the terms of trade, and from relative expenditure (i.e. the ratio of foreign to domestic expenditure). Country-specific, dynamically...
Persistent link: https://www.econbiz.de/10011255226
The creation of the Economic and Monetary Union (EMU) has not brought significant gains to the Portuguese economy in terms of real convergence with wealthier eurozone countries. We analyze the causes of the under-performance of the Portuguese economy in the last decade, discuss its growth...
Persistent link: https://www.econbiz.de/10014184117
This study inspects if there is greater convergence with Germany amongst the eurozone founding members and if their relations with the hegemonic economy have been more symmetrical after euroization. The dimensions explored are those inspired by the optimum currency areas (OCA) framework. To some...
Persistent link: https://www.econbiz.de/10014184629
This paper proposes a new approach to EMU governance and integration consisting of the following elements: (i) an optimal use of the existing EU institutional framework for economic, fiscal and financial policies is necessary and possible at each level of EMU integration that is politically...
Persistent link: https://www.econbiz.de/10014078175
This paper, drawing on the lessons from the sovereign debt crisis, tries to give answers to some key questions: Was the strategy and specific actions to cope with the crisis appropriate? Was the priority given to preserving financial stability justified? Are stability and growth objectives...
Persistent link: https://www.econbiz.de/10014078959
This paper, after reviewing briefly the early steps of European monetary integration and key elements of the EMU project as reflected in the Treaty of Maastricht, analyses the monetary integration strategy and convergence experience of member states, in particular that of Greece, in the 1990s...
Persistent link: https://www.econbiz.de/10014080717
This paper aims at empirically assessing the effect of the adoption of the euro on the ability of euro area member states to smooth consumption and share risk. With the objective of evaluating the economic performance of euro area countries in the scenario where the euro had not been adopted, we...
Persistent link: https://www.econbiz.de/10012950577
Using a DSGE model calibrated to the euro area, we analyze the international effects of afiscal devaluation (FD) implemented as a revenue-neutral shift from employer's socialcontributions to the Value Added Tax. We find that a FD in 'Southern European countries' has a strong positive effect on...
Persistent link: https://www.econbiz.de/10013040409