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Insulation Impossible : Fiscal Spillovers in a Monetary Union

Cooper, Russell; Kempf, Hubert; Peled, Dan - HAL - 2010

This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...

Persistent link: https://www.econbiz.de/10010603663

Federal fiscal transfer rules in monetary unions

Evers, Michael P. - In: European Economic Review 56 (2012) 3, pp. 507-525

This paper considers simple rules for federal fiscal transfers that automatically redistribute funds among member states of a monetary union to counteract adverse idiosyncratic shocks. The transfer rules target regional differences in nominal GDP, consumption spending, labor income, and fiscal...

Persistent link: https://www.econbiz.de/10010573228

The prospects of a monetary union in East Asia

Lee, Grace H.Y.; Koh, Sharon G.M. - In: Economic Modelling 29 (2012) 2, pp. 96-102

This paper assesses the empirical desirability of the East Asian economies to form a monetary union. The Structural Vector Autoregression (VAR) method is employed to assess the nature of macroeconomic disturbances among the East Asian countries, as a preliminary guide in identifying potential...

Persistent link: https://www.econbiz.de/10010573259

A direct test of the endogeneity of money: Implications for Gulf Cooperation Council (GCC) countries

Tas, Bedri Kamil Onur; Togay, Selahattin - In: Economic Modelling 29 (2012) 3, pp. 577-585

This paper contributes to the ongoing discussion about the endogeneity of money supply by empirically investigating the … GCC countries. We propose and implement a direct test of money supply endogeneity that depends on econometric …, we also conducted Granger Causality tests to analyze the causality relationship between bank credit and money supply …

Persistent link: https://www.econbiz.de/10010573267

Structural reforms, fiscal consolidation and external rebalancing in monetary union: A model-based analysis

Vogel, Lukas - In: Economic Modelling 29 (2012) 4, pp. 1286-1298

demand, supply-side reform can mitigate the associated output contraction. A scenario is given as illustration that would …

Persistent link: https://www.econbiz.de/10010573352

Is East Asia an optimum currency area?

Lee, Grace H.Y.; Azali, M. - In: Economic Modelling 29 (2012) 2, pp. 87-95

. This model allows us to examine regional and country-specific cycles simultaneously with the world business cycle. The …

Persistent link: https://www.econbiz.de/10010573358

On labour mobility and the neutrality of money in unionised economies

Larsson, Anna - In: Economic Modelling 28 (2011) 1, pp. 396-403

A recent literature suggests that when wage setters are non-atomistic, strategic interaction between trade unions and the central bank may cause the monetary regime to matter for the labour market outcome, see Cukierman and Lippi (1999), Soskice and Iversen (2000), Vartiainen (2002), Holden...

Persistent link: https://www.econbiz.de/10010573385

Currency composition of international bonds: The EMU effect

Hale, Galina B.; Spiegel, Mark M. - In: Journal of International Economics 88 (2012) 1, pp. 134-149

in 1990–2006 using micro-level data. Our stylized model predicts that the introduction of the euro would lead to an … increase in the share of euro-denominated debt and a decline in the share of dollar-denominated debt issued by firms located in … countries outside both the United States and the euro area. Moreover, our model predicts that the euro effect would be …

Persistent link: https://www.econbiz.de/10010580832

Southeast Asian monetary integration: New evidences from fractional cointegration of real exchange rates

de Truchis, Gilles; Keddad, Benjamin - In: Journal of International Financial Markets, … 26 (2013) C, pp. 394-412

This paper examines generalized purchasing power parity theory (G-PPP) among the ASEAN-5 countries. Implementing both the rank analysis and the regression-based analysis of the cointegrating system's, we identify several weak fractional cointegration relationships. Accordingly, cointegrating...

Persistent link: https://www.econbiz.de/10010702765

Monetary Union, Banks and Financial Integration

Breton, Régis; Rojas Breu, Mariana; Bignon, Vincent - Université Paris-Dauphine (Paris IX) - 2013

This paper analyzes a two-country model of money and banks to examine the conditions under which the creation of a monetary union between two countries is optimal. Is is shown that if agents resort to banks to adjust their monetary holdings through borrowing and if nobody can force them to repay...

Persistent link: https://www.econbiz.de/10010712484