Narrow search
Showing 1 - 10 of 31
Cover Image
Oil prices, exchange rates and asset prices
Fratzscher, Marcel; Schneider, Daniel; Van Robays, Ine - European Central Bank - 2014
This paper takes a financial market perspective in examining the relationship between oil prices, the US dollar and asset prices, and it exploits the heteroskedasticity for the identification of causality in a multifactor model. It finds a bidirectional causality between the US dollar and oil...
Persistent link: https://www.econbiz.de/10011067221
Cover Image
Has the Euro affected the choice of invoicing currency?
Ligthart, Jenny E.; Werner, Sebastian E. V. - European Central Bank - 2012
We present a new approach to study empirically the effect of the introduction of the euro on the pattern of currency … invoicing after the introduction of the euro, whereas the home currency share of non-eurozone countries fell slightly. In … addition, the euro as a vehicle currency has overtaken the role of the US dollar in Norwegian imports. The substantial rise in …
Persistent link: https://www.econbiz.de/10010686764
Cover Image
The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?
Mongelli, Francesco Paolo - European Central Bank - 2013
The destructive potential of the sovereign debt crisis of the euro area has been slowly abating since last summer, but … euro area, and the other being an erosion of trust in the viability of the euro area itself. Such concerns have led to talk … the crisis or the future of the euro area. While the crisis is a traumatic wake-up call, it is also a catalyst for change …
Persistent link: https://www.econbiz.de/10010688313
Cover Image
The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?
Mongelli, Francesco Paolo - European Central Bank - 2013
The destructive potential of the sovereign debt crisis of the euro area has been slowly abating since last summer, but … euro area, and the other being an erosion of trust in the viability of the euro area itself. Such concerns have led to talk … the crisis or the future of the euro area. While the crisis is a traumatic wake-up call, it is also a catalyst for change …
Persistent link: https://www.econbiz.de/10010693504
Cover Image
One currency, one price? Euro changeover-related inflation in Estonia
Meriküll, Jaanika; Rõõm, Tairi - European Central Bank - 2014
This paper studies euro changeover-related inflation using disaggregated price level data. The difference …-in-differences approach is used and the control group for the treatment country, Estonia, is built from 12 euro area countries. The Nielsen … overall inflationary effect of euro adoption was modest, the effects were significantly different across various market …
Persistent link: https://www.econbiz.de/10011067230
Cover Image
Was unofficial dollarisation/euroisation an amplifier of the 'Great Recession' of 2007-09 in emerging economies
Chiţu, Livia - European Central Bank - 2012
This paper investigates whether, and if so why, the recent ‘Great Recession’ was more severe in unofficially dollarised/euroised economies than in other economies. To that end, the paper builds on a novel dataset on unofficial dollarisation/euroisation to test whether the latter was a...
Persistent link: https://www.econbiz.de/10010686813
Cover Image
Modelling the time varying determinants of portfolio flows to emerging markets
Lo Duca, Marco - European Central Bank - 2012
This paper studies how the drivers of portfolio flows change across periods with a model where regression coefficients endogenously change over time in a continuous fashion. The empirical analysis of daily equity portfolio flows to emerging markets shows that the regression coefficients display...
Persistent link: https://www.econbiz.de/10010686726
Cover Image
A twin crisis with multiple banks of issue: Spain in the 1860s
Moro, Alessio; Nuño, Galo; Tedde, Pedro - European Central Bank - 2013
We document the twin crisis that affected Spain in the mid-1860s. First, we trace back its origins to the international crisis of 1864-66. Next, we describe the particular banking sector of Spain, characterized by the coexistence of the Bank of Spain with multiple local banks of issue. We...
Persistent link: https://www.econbiz.de/10010686742
Cover Image
The interplay of economic reforms and monetary policy: the case of the euro area
Drudi, Francesco; Durré, Alain; Mongelli, Francesco Paolo - European Central Bank - 2012
from September 2008 until spring 2010; and the euro area sovereign debt crisis from spring 2010 to the current period … the euro area. It has brought unprecedented challenges for the monetary union and triggered extraordinary adjustments in … both monetary policy and institutional arrangements at the euro area level. The purpose of this article is to outline the …
Persistent link: https://www.econbiz.de/10010686761
Cover Image
Estimating Phillips curves in turbulent times using the ECB's survey of professional forecasters
Koop, Gary; Onorante, Luca - European Central Bank - 2012
relationship between inflation and inflation expectations in the euro area. We use theoretical structures based on the New …
Persistent link: https://www.econbiz.de/10010686766