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Has the Euro Affected the Choice of Invoicing Currency?

Ligthart, Jenny; Werner, Sebastian E. V. - CESifo - 2010

We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our … home currency invoicing after the introduction of the euro. In addition, the euro as a vehicle currency has overtaken the … role of the US dollar in Norwegian imports. The econometric analysis shows a significant effect of euro introduction above …

Persistent link: https://www.econbiz.de/10008533991

Zooming Out: The Trade Effect of the Euro in Historical Perspective

Berger, Helge; Nitsch, Volker - CESifo - 2005

currencies and adopted a new common currency, the euro. Several recent papers argue that the introduction of the euro has led (by … put the trade effect of the euro in historical perspective. We argue that the creation of the EMU was a continuation (or … integration, the euro’s impact on trade disappears. Moreover, a significant part of the trend in European trade integration is …

Persistent link: https://www.econbiz.de/10005405814

The Impact of Yuan Internationalization on the Euro-Dollar Exchange Rate

Benassy-Quere, Agnes; Forouheshfar, Yeganeh - CESifo - 2013

the euro-dollar exchange rate, within a three-country, three-currency portfolio model. Our static model shows that the … euro-dollar rate, whatever the exchange-rate regime of China. Moving to a dynamic, stock-flow framework, we show that the …

Persistent link: https://www.econbiz.de/10010877786

The Eurozone Needs Exit Rules

Fahrholz, Christian; Wójcik, Cezary - CESifo - 2012

This paper argues that the key issue for defining and solving the Eurozone’s (EZ) difficulties lies in readjusting the relationship between the centre and the periphery of the EZ. Our argument proceeds in two steps. Firstly, the basic finance problem of a centre-periphery system is captured by...

Persistent link: https://www.econbiz.de/10010553271

The Bail-Out! Positive Political Economics of Greek-type Crises in the EMU

Fahrholz, Christian; Wójcik, Cezary - CESifo - 2010

The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our analysis suggests that, given EMU’s present...

Persistent link: https://www.econbiz.de/10008671732

The Trade and FDI Effects of EMU Enlargement

Brouwer, Jelle; Paap, Richard; Viaene, Jean-Marie - CESifo - 2007

This paper considers the nature and the distribution of trade and FDI effects of a potential enlargement of the European Monetary Union (EMU) to the ten countries that obtained EU membership in 2004. One-way and two-way error component gravity models are estimated using a dataset of unbalanced...

Persistent link: https://www.econbiz.de/10005406034

International Credit Flows and Pecuniary Externalities

Brunnermeier, Markus; Sannikov, Yuliy - CESifo - 2015

This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...

Persistent link: https://www.econbiz.de/10011124895

The Impact of Basel III on Trade Finance: The Potential Unintended Consequences of the Leverage Ratio

Auboin, Marc; Blengini, Isabella - CESifo - 2014

Trade finance, particularly in the form of short-term letters of credit has received favourable capital treatment new Basel III rules. However, concerns have been expressed over the potential negative “unintended consequences” of the newly created leverage ratio for trade. This paper offers...

Persistent link: https://www.econbiz.de/10010948837

How National and International Financial Development Affect Industrial R&D

Maskus, Keith E.; Neumann, Rebecca; Seidel, Tobias - CESifo - 2011

We examine the impacts of both domestic and international financial market development on R&D intensities in 22 manufacturing industries in 18 OECD countries for the period 1990-2003. We take account of such industry characteristics as the need for external financing and the amount of tangible...

Persistent link: https://www.econbiz.de/10009150632

Fiscal Divergence and Current Account Imbalances in Europe

Schnabl, Gunther; Wollmershäuser, Timo - CESifo - 2013

Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...

Persistent link: https://www.econbiz.de/10010877801

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