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Securing Financial Stability: Problems and Prospects for New EU Members

Bonello, Michael C; Saccomanni, Fabrizio; Buch, Claudia M. - 2003

1) Stability Oriented Monetary and Prudential Policies in EU Accession Countries, by Michael C. Bonello 2) Ensuring Financial Stability: Global and European Perspectives, by Fabrizio Saccomanni 3) Foreign Bank Ownership: A Bonus or Threat for Financial Stability? by Claudia M. Buch, Jörn...

Persistent link: https://www.econbiz.de/10011689910

Northern and Eastern Enlargement of EMU: Do Structural Reforms Matter?

Hallett, Andrew Hughes; Jensen, Svend E Hougaard; … - 2004

This paper studies the incentives to join or enlarge a monetary union under alternative assumptions about the extent of market reform within the union and in candidate countries. Lack of labour mobility, wage/price flexibility or fiscal reform brings costs for both new entrants and in the...

Persistent link: https://www.econbiz.de/10011689914

Imbalances? What imbalances? A dissenting view

Wray, L. Randall - 2012

It is commonplace to link neoclassical economics to 18th- or 19th-century physics and its notion of equilibrium, of a pendulum once disturbed eventually coming to rest. Likewise, an economy subjected to an exogenous shock seeks equilibrium through the stabilizing market forces unleashed by the...

Persistent link: https://www.econbiz.de/10010286507

Fiscal divergence and current account imbalances in Europe

Schnabl, Gunther; Wollmershäuser, Timo - 2013

Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...

Persistent link: https://www.econbiz.de/10010291505

Business cycle convergence or decoupling? Economic adjustment in CESEE during the crisis

Gächter, Simon; Riedl, Alesandra; … - 2013

We analyze business cycle convergence in the EU by focusing on the decoupling vs. convergence hypothesis for central, eastern and south eastern Europe (CESEE). In a nutshell, we find that business cycles in CESEE have decoupled considerably from the euro area (EA) during the financial crisis in...

Persistent link: https://www.econbiz.de/10012148689

The trade and FDI effects of EMU enlargement

Brouwer, Jelle; Paap, Richard; Viaene, Jean-Marie - 2007

European Monetary Union (EMU) to the 10 countries that obtained EU membership in 2004. One-way and two-way error component …. Using a simulation-based technique, we find that estimates of FDI effects of EMU range between 18.5% for Poland and 30% for …

Persistent link: https://www.econbiz.de/10011372974

The importance of accounting for time trends when estimating the Euro effect on trade

Bun, Maurice J. G.; Klaassen, Franc - 2004

To study the effect of the euro on international goods trade one typically estimates a panel model for the level of trade. Trade levels increase over time, and we show that this is not fully explained by the included regressors. Because the euro is only present at the end of the sample, this may...

Persistent link: https://www.econbiz.de/10011334328

Macroeconomic imbalances and institutional reforms in the EMU

Ederer, Stefan - 2015

The paper summarises the channels and mechanisms which lead to the emergence of macroeconomic imbalances in the EMU … before, in and after the crisis of 2008/09. It focuses on the role of the specific institutional setting of the EMU in these …

Persistent link: https://www.econbiz.de/10011337035

Has the Euro increased trade?

Bun, Maurice J. G.; Klaassen, Franc - 2002

A major economic reason for the introduction of the euro was its supposedly positive effect on intra-EMU trade …. Existing studies examine this suspicion indirectly using non-EMU data and report ambiguous results. We estimate the euro …-effect directly from data that include EMU observations. Using a dynamic panel model for annual bilateral exports, we find that the …

Persistent link: https://www.econbiz.de/10011327839

Währungsunionen und Allmendeproblem

Wolf, Marvin - 2013

Der Euro ist ein intensiv diskutiertes Thema, sowohl in der Wissenschaft als auch in der Politik. Während die einen mit ihm eine glorreiche Zukunft Europas prophezeien, betrachten ihn andere als Übel, das den alten Kontinent ins Verderben ziehen wird. Die vorliegende Arbeit geht der Frage...

Persistent link: https://www.econbiz.de/10010239723