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What does European institutional integration tell us about trade integration?

Mongelli, Francesco Paolo; Dorrucci, Ettore; Agur, Itai - European Central Bank - 2005

The start of the European Economic and Monetary Union (EMU) has spurred a new interest in the debate on the effects of monetary unions on regional economic integration. This literature either investigates past episodes of monetary unions or attempts to gauge any effect with a few years of EMU...

Persistent link: https://www.econbiz.de/10005033407

Economic and monetary integration of the new Member States - helping to chart the route

Angeloni, Ignazio; Flad, Michael; Mongelli, Francesco Paolo - European Central Bank - 2005

on 1 May 2004 into the euro area. Most NMS have undergone a rapid and deep transformation in all areas with considerable … the euro area in the process of labour market and institutional reform (their labour market structures are more flexible … than those of the euro area countries). There is also some evidence that a few NMS have a significant degree of business …

Persistent link: https://www.econbiz.de/10005042601

China's dominance hypothesis and the emergence of a tri-polar global currency system

Fratzscher, Marcel; Mehl, Arnaud - European Central Bank - 2011

euro and the Chinese renminbi (RMB). It focuses on what we call China’s “dominance hypothesis”, i.e. whether the renminbi …

Persistent link: https://www.econbiz.de/10009367477

Does it pay to have the euro? Italy’s politics and financial markets under the lira and the euro

Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2009

’s prosperity. The paper focuses on olitical events in Italy over the past 35 years and asks whether the adoption of the euro in …’s financial markets throughout the 1970s, 1980s and 1990s. The introduction of the euro appears to have indeed played a major role …

Persistent link: https://www.econbiz.de/10005002792

Does it pay to have the euro? Italy’s politics and financial markets under the lira and the euro

Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2009

’s prosperity. The paper focuses on political events inItaly over the past 35 years and asks whether the adoption of the euro in …’s financial marketsthroughout the 1970s, 1980s and 1990s. The introduction of the euro appears to haveindeed played a major role …

Persistent link: https://www.econbiz.de/10005866519

Managing financial crises in emerging market economies - experience with the involvement of private sector creditors

Thimann, Christian; Wölfinger, Regine; Bracke, Thierry; … - European Central Bank - 2005

Ensuring the involvement of private sector creditors in the resolution of sovereign debt crises is crucial to ensure an effective management and orderly resolution of those crises. A review of experience gained in past financial crises suggests that crisis management practices have been largely...

Persistent link: https://www.econbiz.de/10005530664

The reception of public signals in financial marketswhat if central bank communication becomes stale?

Ehrmann, Michael; Sondermann, David - European Central Bank - 2009

How do financial markets price new information? This paper analyzes price setting atthe intersection of private and public information, by testing whether and how thereaction of financial markets to public signals depends on the relative importance ofprivate information in agents’ information...

Persistent link: https://www.econbiz.de/10005866483

Monetary Policy committees meetings and outcomes

Berk, Jan Marc; Bierut, Beata K. - European Central Bank - 2009

Monetary Policy Committees differ in the way the interest rate proposal is preparedand presented in the policy meeting. In this paper we show analytically how differentarrangements could affect the voting behaviour of individual MPC members andtherefore policy outcomes. We then apply our results...

Persistent link: https://www.econbiz.de/10005866511

National prices and wage setting in a currency union

Sánchez, Marcelo - European Central Bank - 2009

Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typicallypredicts more aggressive wage setting under monetary union. This insight has not beenconfirmed by the EMU experience, which has been characterised by wage moderation,thereby eliciting criticism from Posen and...

Persistent link: https://www.econbiz.de/10005866574

ECB - Working paper series

European Central Bank

The ECB Working Paper Series seeks to disseminate economic research on issues that are relevant to the various tasks and functions of the ECB. The Series invites submissions of research work by ECB staff and visitors. Papers by researchers not affiliated with the ECB may also be considered for...

Persistent link: https://www.econbiz.de/10009635880