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Anchor, Float or Abandon Ship: Exchange Rate Regimes for Accession Countries

Buiter, Willem H.; Grafe, Clemens - C.E.P.R. Discussion Papers - 2002

accession and during the period following EU accession but prior to EMU membership. We conclude that from an economic point of … view, EMU membership should be as early as possible, preferably at the same time as EU membership. The prevailing … interpretation of the exchange rate criterion for EMU membership is that it requires two years of successful membership in the …

Persistent link: https://www.econbiz.de/10005661669

The Trade and FDI Effects of EMU Enlargement

Brouwer, Jelle; Paap, Richard; Viaene, Jean-Marie - Tinbergen Instituut - 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/10011257592

Exchange rate variability inside and outside the EMU

Bergbom, Lennart - 1998

An often heard view is that exchange rate variability will decrease for a country that joins the EMU. This is not …

Persistent link: https://www.econbiz.de/10011589019

Does it pay to have the euro? Italy’s politics and financial markets under the lira and the euro

Fratzscher, Marcel; Stracca, Livio - 2009

economic dimension and channel through which Italy may have been affected by EMU. Our analysis could also be potentially …

Persistent link: https://www.econbiz.de/10011605110

China's dominance hypothesis and the emergence of a tri-polar global currency system

Fratzscher, Marcel; Mehl, Arnaud - 2011

This paper assesses whether the international monetary system is already tripolar and centred around the US dollar, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s “dominance hypothesis”, i.e. whether the renminbi is already the dominant currency in Asia,...

Persistent link: https://www.econbiz.de/10011605438

Global trade flows: Revisiting the exchange rate elasticities

Bussière, Matthieu; Gaulier, Guillaume; Steingress, Walter - 2017

This paper contributes to the debate on the magnitude of exchange rate elasticities by providing a set of price and quantity elasticities for 51 advanced and emerging-market economies. Specifically, for each of these countries we report the elasticity of trade prices and trade quantities on both...

Persistent link: https://www.econbiz.de/10012014449

The dynamic impact of FX interventions on financial markets

Rieth, Malte; Menkhoff, Lukas; Stöhr, Tobias - 2019

Evidence on the effectiveness of FX interventions in the prevailing higher frequency approaches leaves a gap at horizons going beyond a few days. This is addressed by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Using Japanese data, we...

Persistent link: https://www.econbiz.de/10012099066

Detection of implicit fluctuation bands and their credibility in EU candidate countries

Sosvilla-Rivero, Simón; del Carmen Ramos-Herrera, María - In: Baltic Journal of Economics 15 (2015) 1, pp. 18-37

This paper attempts to identify implicit exchange-rate regimes for currencies of candidate countries vis-à-vis the euro. To that end, we apply three sequential procedures that consider the dynamics of exchange rates to data covering the period from 1999:01 to 2012:12. Our results would suggest...

Persistent link: https://www.econbiz.de/10011868495

Uncertainty and Hyperinflation: European Inflation Dynamics after World War I

Lopez, Jose A.; Mitchener, Kris James - 2018

Fiscal deficits, elevated debt-to-GDP ratios, and high inflation rates suggest hyperinflation could have potentially emerged in many European countries after World War I. We demonstrate that economic policy uncertainty was instrumental in pushing a subset of European countries into...

Persistent link: https://www.econbiz.de/10011872123

The dynamic impact of FX interventions on financial markets

Menkhoff, Lukas; Rieth, Malte; Stöhr, Tobias - 2020

Evidence on the effectiveness of FX interventions is either limited to short horizons or hampered by debatable identification. We address these limitations by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Generally, we find, for freely...

Persistent link: https://www.econbiz.de/10012180926