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The behavioural zloty/euro equilibrium exchange rate
Beza-Bojanowska, Joanna; MacDonald, Ronald - 2009
Poland is obligated to adopt the euro after the fulfilment, inter alia, of the exchange rate criterion which requires entering the Exchange Rate Mechanism II (ERM II). The European Central Bank recommends that the ERM II central rate should reflect the best possible assessment of the equilibrium...
Persistent link: https://www.econbiz.de/10003813605
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Price and Cost Competitiveness Misalignments of the Euro Area and of Its Main Economies According to a Quarterly BEER Model, 1999-2017
Giordano, Claire - 2019
This study first assesses recent misalignments of the real effective exchange rate (REER) of the euro area and of the Harmonized Competitiveness Indicators (HCIs) of its main economies, based on a quarterly Behavioural Equilibrium Exchange Rate (BEER) model. Next, it draws a comparison with...
Persistent link: https://www.econbiz.de/10012898820
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Exchange Rates in the New EU Accession Countries : What Have We Learned from the Forerunners?
Bulíř, Aleš; Smidkova, Katerina - 2021
Estimation and simulation of sustainable real exchange rates in some of the new EU accession countries point to potential difficulties in sustaining the ERM2 regime if entered too soon and with weak policies. According to the estimates, the Czech, Hungarian, and Polish currencies were overvalued...
Persistent link: https://www.econbiz.de/10013318089
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Nominal convergence
Iancu, Aurel - 2009
After presenting the institutional construction during the pre-accession and post-accession to the Economic and Monetary Union (EMU), the exchange rate mechanisms (ERM) in several countries and the convergence criteria, we go on with a brief analysis of the way the CEE countries cope with the...
Persistent link: https://www.econbiz.de/10010529098
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The Impact of the Exchange Rate Regime on Exports : Evidence from Bilateral Exports in the European Monetary System
Aristotelous, Kyriacos; Fountas, Stilianos - 2000
creation of the European Monetary System (EMS) on the exports of the four largest EU countries to each other. Our findings … suggest that the impact of the EMS on bilateral intra-EU exports has been mixed. The EMS boosted bilateral trade in the cases … of Germany's exports to Italy and Italy's exports to the UK. The EMS had a negative effect on the volume of exports …
Persistent link: https://www.econbiz.de/10014161176
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The Impact of the Exchange Rate Regime on Exports : Evidence from Bilateral Exports in the European Monetary System
Aristotelous, Kyriacos; Fountas, Stilianos - 2000
creation of the European Monetary System (EMS) on the exports of the four largest EU countries to each other. Our findings … suggest that the impact of the EMS on bilateral intra-EU exports has been mixed. The EMS boosted bilateral trade in the cases … of Germany's exports to Italy and Italy's exports to the UK. The EMS had a negative effect on the volume of exports …
Persistent link: https://www.econbiz.de/10014164132
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Asymmetric Fluctuation Bands in the Erm and Erm Ii : Lessons and Challenges for New EU Member States of Central and Eastern Europe
Égert, Balázs; Kierzenkowski, Rafaƚ; Reininger, Thomas - 2005
The enlargement of the European Union raises a series of questions related to new member states' entry to the EU's exchange rate mechanism II (ERM II) and their subsequent adoption of the euro. This paper considers how to determine the best initial central parity for new EU member states from...
Persistent link: https://www.econbiz.de/10014065215
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Macroeconomic Instability in the European Monetary System?
Zumaquero, Amalia Morales; Rivero, Simón Sosvilla - Centro de Estudios Andaluces, Government of Andalusia - 2006
and Perron (2003). Results indicate that there is some evidence of structural breaks in volatility across investigated … variables, playing the realignments in the ERM a significant role in the reduction of volatility in some countries and sub … volatility of the member countries. …
Persistent link: https://www.econbiz.de/10005063173
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The effectiveness of central bank intervention in the EMS : the post 1993 experience
Brandner, Peter; Grech, Harald; Stix, Helmut - 2001
Persistent link: https://www.econbiz.de/10001627329
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Did option prices predict the ERM crises?
Mizrach, Bruce Marshall - 1996
Option prices seem to behave in ways inconsistent with the Black-Scholes model. Implied volatility varies with the … strike price in a parabolic shape that is often called the volatility 'smile.' My objective in this paper is to identify … promising in explaining the volatility smile. Applying this to the ERM data, I find that the probability of a devaluation in the …
Persistent link: https://www.econbiz.de/10011577049