structural breaks after the beginning of the second stage of EMU in the mid-nineties, while the estimates for Spain show a …

processes which have to be estimated by discretely sampled observations. Using daily exchange rate data prior to the Greek EMU … increased central bank intervention activities in the run-up to the Greek EMU entrance. Thus the modelling and estimation …

-switching GARCH model this paper estimates the volatility processes of four EMU exchange rate returns vis-?-vis the German mark using … daily data for the time prior to Stage III of EMU. Statistical inference yields the dates at which financial markets began … to incorporate the expected EMU participation of each country into currency pricing. The data exhibits strong econometric …

transmission to individual EMU countries. Our most important findings are the following. EMU countries share five common trends … 1999 on and of inflation in the mid-1980s and the mid-1990s. To examine the transmission of common shocks to individual EMU …

increase risk premia measured by relative swap spreads. The effect of deficits is significantly lower under EMU. This effect …

Inflation differentials within European Monetary Union (EMU) are increasingly seen as exerting adverse effects on the … price competitiveness of member countries' firms and – given the common monetary policy within EMU – as being detrimental to … international price competitiveness for EMU countries, the paper analyses whether these indicators have displayed distinctive trends …

significantly. However, the analysis also reveals that the years immediately before the start of EMU were characterised by a …

Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to … the fiscal balance – a result backing an optimistic view on fiscal discipline under EMU. On the other hand, however, there … is the result that a high degree of openness has a deficit reducing impact. This is a worrying result in the EMU context …