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The regime-dependent determination of credibility: A new look at European interest differentials
Tillmann, Peter - 2001
Once you allow for persistence in macroeconomic variables, two aspects of exchange rate credibility emerge whose …. In this paper, a Markov-switching VAR that allows for parameter shifts across regimes is employed to test the hypothesis … of regime-dependent determination of credibility for major EMS countries. The model separates two regimes that are …
Persistent link: https://www.econbiz.de/10010270676
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The regime-dependent determination of credibility : a new look at European interest differentials
Tillmann, Peter (contributor) - 2001
Once you allow for persistence in macroeconomic variables, two aspects of exchange rate credibility emerge whose …. In this paper, a Markov-switching VAR that allows for parameter shifts across regimes is employed to test the hypothesis … of regime-dependent determination of credibility for major EMS countries. The model separates two regimes that are …
Persistent link: https://www.econbiz.de/10001906460
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Inflation Targeting as the New Golden Standard
Spivak, Avia; Sussman, Nathan - C.E.P.R. Discussion Papers - 2008
limited deviation was possible within the 'gold points'. On the other hand, the credibility of inflation targeting regime is …
Persistent link: https://www.econbiz.de/10005124404
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International capital market frictions and spillovers from quantitative easing
MacDonald, Margaux - 2015
This paper analyzes the impact of large-scale, unconventional asset purchases by advanced country central banks on emerging market economies (EMEs) during 2008-2014. I show that there was substantial heterogeneity in the way EME currency, equity, and long-term sovereign bond markets were...
Persistent link: https://www.econbiz.de/10011380810
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Should cryptocurrencies be included in the portfolio of international reserves held by central banks?
Moore, Winston; Stephen, Jeremy - In: Cogent Economics & Finance 4 (2016) 1, pp. 1-12
In most countries, the central bank is required to hold reserve assets as a means of providing credibility for the …
Persistent link: https://www.econbiz.de/10011559200
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Global bond portfolios and EMU
Lane, Philip R. - 2005
We examine the bilateral composition of international bond portfolios for the euro area and the individual EMU member countries. We find considerable support for “euro area bias”: EMU member countries disproportionately invest in one another relative to other country pairs. Another striking...
Persistent link: https://www.econbiz.de/10011604599
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Sovereign bonds since Waterloo
Meyer, Josefin; Reinhart, Carmen M.; Trebesch, Christoph - 2021
This paper studies external sovereign bonds as an asset class. We compile a new database of 266,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering up to 91 countries. Our main insight is that, as in...
Persistent link: https://www.econbiz.de/10012822349
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Financial intermediation cost, rents, and productivity: An international comparison
Bazot, Guillaume - 2018
Calculation of the unit cost of financial intermediation for 20 countries from 1970 to 2015 has produced the following results. (i) Most countries' unit costs decline and converge in the long run. (ii) Unit costs were much higher in the 1970s and 1980s, coinciding with high nominal rates, as...
Persistent link: https://www.econbiz.de/10012669490
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What drives long-term interest rates? Evidence from the entire Swiss franc history 1852-2020
Hauzenberger, Niko; Kaufmann, Daniel; Stuart, Rebecca; … - 2022
We study domestic and international drivers of long-term interest rates using newly compiled financial market data for Switzerland starting in 1852. We use a time-varying parameter vector autoregressive model to estimate long-term trends in nominal interest rates, exchange rate growth, and...
Persistent link: https://www.econbiz.de/10013394366
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Europe, where to?
Ioan-Franc, Valeriu; Pop, Napoleon; Diamescu, Andrei Marius - In: Amfiteatru Economic 25 (2023) 63, pp. 610-624
The authors review the challenges that the Romanian economy and society had to face in the European and global geoeconomic context. Starting from the perspectives advanced by the international economic fora, the risks the European economy will have to answer through counteracting and general...
Persistent link: https://www.econbiz.de/10014463458