In diesem Beitrag stellen wir zwei Modelle vor, in denen die Einführung eines lender of the last resort den Geschäftsbankensektor entscheidend beeinflusst. Im ersten Fall ist die Einführung stabilisierend, im zweiten Modell hingegen destabilisierend. Die beiden Modelle eignen sich...

We analyze the effectiveness of the foreign exchange market interventions conducted by the European Central Bank (ECB) in the fall of 2000 to support the external stability of the euro. To this end, in a first step different channels through which interventions may influence exchange rate...

Since EMU represents a currency area with a GDP level and a world market share comparable to the United States, it is widely expected that the euro will become an important international currency. This paper suggests simple methods how to quantify the effects that EMU may exert on the roles of...

This paper uses a structural vector autoregression to examine differences in demand and supply shocks and the response to these shocks between EMU member countries and three other groups of countries. The first group includes non-EMU EU countries, the second group EFTA countries and the third...