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Statements of ECB officials and their effect on the level and volatility of the Euro-Dollar exchange rate

Jansen, David-Jan; Haan, Jakob de - 2003

This paper studies the reaction of the mean and volatility of the euro-dollar exchange rate to statements of ECB … officials during the first years of EMU. We focus on statements on monetary policy and the (potential) strength of the euro. We …. In some cases there are effects of statements on the level of the euro-dollar rate. Efforts to 'talk up' the euro have …

Persistent link: https://www.econbiz.de/10001753630

The Euro-dollar exchange rate : is it fundamental?

Camarero Olivas, Mariam; Ordóñez, Javier; Tamarit … - 2002

In this paper we have applied two approaches to the study of the dollar real exchange rate in relation with the Euro … seven developed countries, four of them Euro-area members. Second, we aggregate the European variables and estimate a model … for the Euro-dollar real exchange rate using time series techniques. After identification and model selection, the same …

Persistent link: https://www.econbiz.de/10001720384

Significance of development stage theory for explaining industrial growth pattern between Asian NICs and selected advanced economics [economies]

Nam, Chang-woon - 2002

The East Asian miracle was real. Prior to the 1997 economic and currency crises, Asian NICs - Hong Kong, Korea, Singapore and Taiwan - achieved remarkable annual GDP growth. In these countries the overall economic performance was significantly determined by the industrial development triggered...

Persistent link: https://www.econbiz.de/10001652953

Financial development, financial fragility, and growth

Loayza, Norman; Rancière, Romain - 2002

This paper attempts to reconcile the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private...

Persistent link: https://www.econbiz.de/10001653707

The equilibrium value of the Euro, $ US exchange rate : an evaluation of research

Stein, Jerome L. - 2001

The ultimate object of research concerning the Euro is to answer the following questions: (#1) What is the equilibrium … trajectory of the nominal euro, measured as dollars/euro? (#2) To what extent has the equilibrium nominal euro been determined by … transitory factors in affecting the value of the euro? (#4) Is the euro currently undervalued, and by what criteria? Our …

Persistent link: https://www.econbiz.de/10001610964

Inflation targets versus international monetary integration : a Canadian perspective

Laidler, David E. W. - 2002

The debate about Canadian-U.S. monetary integration is surveyed. The choice is among overall monetary orders,rather than exchange rate regimes and questions of policy credibility and political accountability are crucial. Canada's recent economic performance under inflation targets, and arguments...

Persistent link: https://www.econbiz.de/10001703672

The positive link between financial liberalization, growth and crises

Tornell, Aaron; Westermann, Frank; Martínez Trigueros, … - 2004

There is no agreement regarding the growth-enhancing effects of financial liberalization, mainly because it is associated with risky international bank flows, lending booms, and crises. In this paper we make the case for liberalization despite the occurrence of crises. We show that in developing...

Persistent link: https://www.econbiz.de/10002017675

Financial crisis, economic recovery and banking development in former Soviet Union economies

Huang, Haizhou; Marin, Dalia; Xu, Chenggang - 2003

This paper explains both the onset of the financial crisis in 1998 and the striking economic recovery afterwards in Russia and other Former Soviet Union (FSU) economies. Before the crisis banks do not lend to the real sector of the economy and firms use non-bank finance, including trade credits...

Persistent link: https://www.econbiz.de/10001740678

Banking supervision in integrated financial markets : implications for the EU

Stolz, Stéphanie Marie - 2002

I analyze the optimal design of banking supervision in the presence of cross-border lending. Cross-border lending could imply that an individual bank failure in one country could trigger negative spillover effects in another country. Such cross-border contagion effects could turn out to be...

Persistent link: https://www.econbiz.de/10001720393

Crises and growth : a re-evaluation

Rancière, Romain; Tornell, Aaron; Westermann, Frank - 2004

We address the question of whether growth and welfare can be higher in crisis prone economies. First, we show that there is a robust empirical link between per-capita GDP growth and negative skewness of credit growth across countries with active financial markets. That is, countries that have...

Persistent link: https://www.econbiz.de/10002017670