This paper deals with the evolution of the realized volatility of the overnight interest rates in the Euro area money market using intraday data. It analyses in particular the pattern of the volatility of the overnight interest rate before and after the introduction of the structural changes to...

With the current sovereign debt crisis, the incompleteness of economic integration in the Economic and Monetary Union (EMU) has become patent, leading to an intense debate among academics and policy makers. Much of the debate concerns fiscal rules and austerity measures, both of which weigh on...

The absorption of asymmetric economic shocks is particularly essential when countries share the same currency while fiscal policy is decentralized at the national level. In this respect, the specific case of the Economic and Monetary Union (EMU) deserves particular attention since the onset of...

[eng] The Internet bubble, a remake of the 1929 bubble ? . The Internet bubble shows similarities with the 1929 financial bubble, among others substantial variations in the stock prices in real terms on the New York equity markets, first upwards then downwards. This article proposes a comparison...

This paper examines the various stages of the sovereign debt crisis of the euro area, the ensuing re-segmentation of several financial market segments and the disruptions in the transmission of monetary policy impulses. The paper provides the first systematic attempt to describe the European...

We analyze whether the liquidity provision in a pure order book market undergoes regime changes when volatility switches from a low state to a high state. In a five-month case study centered on the second Gulf war, we show that the contemporaneous relationship between liquidity and volatility is...