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Short-term and long-term growth effects of exchange rate adjustment
Kočenda, Evžen; Maurel, Mathilde; Schnabl, Gunther - 2012 - Version: 22 November 2012
The European sovereign debt crisis revived the discussion concerning the pros and cons of exchange rate adjustment in the face of asymmetric shocks. Exit from the euro area is to regain rapidly international competitiveness. Exchange rate stability with structural reforms could be beneficial for...
Persistent link: https://www.econbiz.de/10009683152
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Target Losses in Case of a Euro Break-Up
Sinn, Hans-Werner - 2012
Evaluation of the financial costs of a Eurozone breakup depends critically on the interpretation of TARGET balances. While it has been argued that TARGET claims in the Eurozone can be written off without incurring any losses on the claimants as the value of fiat money is independent of the...
Persistent link: https://www.econbiz.de/10013098046
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The Eurozone 'Debt' Crisis : Another 'Center' – 'Periphery' Crisis Under Financial Globalization?
O'Connell, Arturo - 2016
This paper analyzes the Euro crisis in light of the experience of center-periphery relations over the last 40 years of renewed financial globalization. The crisis shows the characteristic pattern evident in so many other crises in the developing world: i.e. “boom” and “bust” phases of...
Persistent link: https://www.econbiz.de/10012978352
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The Implications of TARGET2 in the European Balance of Payments Crisis and Beyond
Cesaratto, Sergio - 2015
The paper provides an account of the meaning and implications of TARGET2 in the eurozone (EZ) balance of payments crisis. In this context, it discusses Hans-Werner Sinn's thesis about a stealth bail-out of the EZ periphery by the ECB from a heterodox perspective. Financial liberalisation, a...
Persistent link: https://www.econbiz.de/10013017589
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Current Account Adjustment in EU Countries : Does Euro-Area Membership Make a Difference?
Herrmann, Sabine - 2016
The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...
Persistent link: https://www.econbiz.de/10012988643
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Current account adjustment in EU countries : does euro-area membership make a difference?
Herrmann, Sabine; Jochem, Axel - 2013
The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...
Persistent link: https://www.econbiz.de/10010211960
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Regional and global financial safety nets : the recent European experience and its implications for regional cooperation in Asia
Darvas, Zsolt M. - 2017
/08 global financial and economic crisis-which were supported by the International Monetary Fund (IMF) and various European …, such as the size of imbalances, financing, unique cooperation of the IMF and various European facilities, and membership of …, including the coexistence of the IMF and regional safety nets, cooperation issues, systemic spillovers, and social implications …
Persistent link: https://www.econbiz.de/10011715721
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Regional and global financial safety nets : the recent European experience and its implications for regional cooperation in Asia
Darvas, Zsolt M. - 2017
/08 global financial and economic crisis - which were supported by the International Monetary Fund (IMF) and various European … as the size of imbalances, financing, unique cooperation of the IMF and various European facilities, and membership of a … lessons from European experiences, including the coexistence of the IMF and regional safety nets, cooperation issues, systemic …
Persistent link: https://www.econbiz.de/10011635367
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The Economic Rationale of an EMU Fiscal Capacity
2018
This paper explores the economic rationale of an EMU fiscal capacity. It explains that the EMU's architecture suffers from two structural weaknesses: a tendency to develop imbalances and an inherent deflationary bias. The analysis shows that the external imbalances developed during the first...
Persistent link: https://www.econbiz.de/10012914443
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Current account imbalances and structural adjustment in the Euro area : how to rebalance competitiveness
Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - 2009
Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...
Persistent link: https://www.econbiz.de/10003850175