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Public deficits and borrowing costs: the missing half of market discipline

Heinemann, Friedrich; Winschel, Viktor - 2001

EMU driven interest rate convergence has led to a significant reduction of borrowing costs for some European …

Persistent link: https://www.econbiz.de/10010297752

Testing for structural breaks in dynamic factor models

Breitung, Jörg; Eickmeier, Sandra - 2009

From time to time, economies undergo far-reaching structural changes. In this paper we investigate the consequences of structural breaks in the factor loadings for the specification and estimation of factor models based on principal components and suggest test procedures for structural breaks....

Persistent link: https://www.econbiz.de/10010298752

The endogeneity approach of the theory of optimum currency areas: what does it mean for ASEAN + 3?

Löchel, Horst; Baumann, Stefan - 2006

The paper analyzes if and how the experiences of European integration can be used for the progress of East Asia integration especially of the ASEAN+3 countries1. Of special interest is the relevance of the new endogeneity approach of monetary integration for East Asia. The question is discussed...

Persistent link: https://www.econbiz.de/10010298914

Banking and sovereign risk in the euro area

Gerlach, Stefan; Schulz, Alexander; Wolff, Guntram B. - 2010

We study the determinants of sovereign bond spreads in the euro area since the introduction of the euro. We show that an aggregate risk factor is a main driver of spreads. This factor also plays an important indirect role for risk spreads through its interaction with the size and structure of...

Persistent link: https://www.econbiz.de/10010300391

Braucht es monetäre und reale Konvergenz für eine (in einer) Währungsunion? Anmerkungen zu einer aktuellen Debatte

Sell, Friedrich L. - 2001

European treaty. Moreover, as long as the distance to the core of the EMU countries is still large, real convergence criteria …

Persistent link: https://www.econbiz.de/10010300395

Währungspolitische Interdependenz der EU-Beitrittskandidaten und die Wahl eines geeigneten Wechselkurssystems

Jochem, Axel - 1999

Der vorliegende Diskussionsbeitrag entstand im Rahmen eines Forschungsprojektes über die monetäre Integration von fünf mittel- und osteuropäischen EU-Beitrittskandidaten (Polen, Tschechische Republik, Ungarn, Slowenien und Estland). Das hier vorgestellte Kapitel geht auf die...

Persistent link: https://www.econbiz.de/10010300396

Die EWWU als Club: Positive und normative Implikationen für den Beitritt mittel- und osteuropäischer Reformstaaten

Sell, Friedrich L. - 1999

Republic, Hungary, Estonia, Slovenia and Poland) which are interested in becoming soon members of EMU. The approach chosen …

Persistent link: https://www.econbiz.de/10010300401

Timing and sequenzing der monetären Integration

Jochem, Axel - 2000

Der vorliegende Diskussionsbeitrag entstand im Rahmen eines Forschungsprojektes über die monetäre Integration von fünf mittel- und osteuropäischen EU-Beitrittskandidaten (Estland, Polen, Slowenien, Tschechische Republik und Ungarn). Während die vorangegangenen Kapitel des Projekts die Vor-...

Persistent link: https://www.econbiz.de/10010300402

Heterogeneous policy responses and the risk of monetary disintegration in Europe

Cornelius, Peter K.; Trimbur, Thomas - 2000

Leaving EMU would create great legal uncertainty and costly litigation and would hence involve extremely high costs for … scenarios, whereby particular emphasis is paid to the case where a country decides unilaterally to leave EMU either because of …, implying a non-trivial possibility of escalating tension among the EMU members. …

Persistent link: https://www.econbiz.de/10010301755

OCA theory and EMU Eastern enlargement: An empirical application

Weimann, Marco - 2003

years. Some studies aim at analysing the suitability of these Euro aspirants for currency union with EMU by evaluating the … present EMU and use a structural VAR approach to evaluate EMU suitability of the candidate countries. To correct for the …

Persistent link: https://www.econbiz.de/10010301776