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The power of opinion : more evidence of a GIPS-markup in sovereign ratings during the euro crisis

Nauhaus, Steffen - 2015

This paper examines whether the Big Three credit rating agencies actually played as active a role in the Euro Crisis as …

Persistent link: https://www.econbiz.de/10011317827

Credit rating agency announcements and the eurozone sovereign debt crisis

Baum, Christopher F.; Karpava, Margarita; Schäfer, Dorothea - 2013

This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of …-2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and …

Persistent link: https://www.econbiz.de/10010206145

Leading indicators of Euroland business cycles

Fritsche, Ulrich; Marklein, Felix - 2001

The introduction of a common monetary policy in eleven European countries increased the need for leading indicators for that area. A reliable leading indicator should possess the following properties: (1) The movements in the indicator series should resemble those in the business cycle reference...

Persistent link: https://www.econbiz.de/10011433997

Is euro area money demand (still) stable? : cointegrated VAR versus single equation techniques

Belke, Ansgar; Czudaj, Robert - 2010

In this paper we present an empirically stable euro area money demand model. Using a sample period until 2009:2 shows … stability of the euro area money demand function. We also compare single equation methods like the ARDL approach, FM-OLS, CCR … applied for this purpose in previous studies. -- ARDL model ; cointegration ; euro area ; financial crisis ; money demand …

Persistent link: https://www.econbiz.de/10003939738

Monetary policy, bank bailouts and the sovereign-bank risk nexus in the euro area

Fratzscher, Marcel; Rieth, Malte - 2015

The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using … and banks. Finally, we find spillover effects in particular from sovereigns in the euro area periphery to the core …

Persistent link: https://www.econbiz.de/10010479938

Testing for convergence in stock markets : a non-linear factor approach

Caporale, Guglielmo Maria; Erdogan, Burcu; Kuzin, Vladimir - 2009

subgroups including Euro area countries, the UK and the US respectively, provides evidence of a global convergence …

Persistent link: https://www.econbiz.de/10003889148

How much fiscal backing must the ECB have? : the euro area is not the Philippines

Belke, Ansgar - 2010

losses. Thirdly, the ECB can draw on substantial reserves of the euro area national banks. -- Central bank independence …

Persistent link: https://www.econbiz.de/10003958658

Modifying Taylor reaction functions in presence of the zero-lower-bound : evidence for the ECB and the Fed

Belke, Ansgar; Klose, Jens - 2012

We propose an alternative way of estimating Taylor reaction functions if the zero-lowerbound on nominal interest rates is binding. This approach relies on tackling the real rather than the nominal interest rate. So if the nominal rate is (close to) zero central banks can influence the inflation...

Persistent link: https://www.econbiz.de/10009579305

The euro area crisis management framework : consequences and institutional follow-ups

Belke, Ansgar - 2010

support the stability of the euro. Among them are the enhancement of the effectiveness of the Stability and Growth Pact …

Persistent link: https://www.econbiz.de/10009268966

The European debt crisis and fiscal reaction functions in Europe 2000 - 2012

Baldi, Guido; Stæhr, Karsten - 2013

After the global financial crisis, some governments in the EU experienced serious debt financing problems, while others were less affected. This paper seeks to shed light on the divergent fiscal performance by assessing the fiscal conduct in the EU countries before and after the outbreak of the...

Persistent link: https://www.econbiz.de/10009745191