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External Monetary Shocks and Monetary Integration: Evidence from the Bulgarian Currency Board

Minea, Alexandru; Rault, Christophe - CESifo - 2011

Starting July the 1st 1997, Bulgaria adopted a Currency Board (CB) monetary system. This paper aims at investigating if the adoption of the CB monetary system, which involves the cost of loosing monetary autonomy, has provided a relatively better (with respect to other CEEC) monetary integration...

Persistent link: https://www.econbiz.de/10008914289

How Strong is the Case for Dollarization in Costa Rica? A Note on the Business Cycle Comovements with the United States

Lindenberg, Nannette; Westermann, Frank - CESifo - 2009

We evaluate the proposal for official dollarization in Costa Rica by applying a new approach to measure the business … hypothesis that the two countries share a common business cycle. Based on this evidence, we conclude that official dollarization …

Persistent link: https://www.econbiz.de/10008583698

Dollarization of Deposits in the Short and Long Run : Evidence from CESE Countries

Urosevic, Branko - 2016

In this paper, we study the drivers of permanent and transitory deposit dollarization for a sample of CESE countries … permanent dollarization and Minimum Variance Portfolio (MVP) share. This provides an additional empirical validation of the MVP … method as the standard tool for analyzing financial dollarization. In the long run, agents make savings decisions based on …

Persistent link: https://www.econbiz.de/10012997089

Financial Dollarization and European Union Membership

Neanidis, Kyriakos C. - 2013

We analyze the effect of European Union (EU) membership on financial dollarization for the Central and Eastern European … membership and EU entry have a direct impact on deposit and loan dollarization. EU membership reduces deposit dollarization while … it increases loan dollarization. The negative effect on deposit dollarization captures the increased confidence of the …

Persistent link: https://www.econbiz.de/10013094571

How Strong is the Case for Dollarization in Costa Rica? A Note on the Business Cycle Comovements with the United States

Lindenberg, Nannette - 2013

Persistent link: https://www.econbiz.de/10013095614

The Impact of Financial (De-)Regulation on Current Account Balances

Moral-Benito, Enrique; Röhn, Oliver - CESifo - 2014

Both global imbalances and financial market (de-)regulation feature prominently among the potential causes of the global financial crisis, but they have been largely discussed separately. In this paper, we take a different angle and investigate the relationship between financial market...

Persistent link: https://www.econbiz.de/10011082830

Exchange-Rate Adjustment and Macroeconomic Interdependence between Stagnant and Fully Employed Countries

Ono, Yoshiyasu - CESifo - 2014

This paper presents a two-country two-commodity dynamic model with free international asset trade in which one country achieves full employment and the other suffers long-run unemployment. Own and spill-over effects of changes in policy, technological and preference parameters that emerge...

Persistent link: https://www.econbiz.de/10010747221

Human Capital and the Feldstein-Horioka Puzzle

Katsimi, Margarita; Moutos, Thomas - CESifo - 2007

In this paper we reexamine the Feldstein-Horioka finding of limited international capital mobility by using a broader view (i.e., including human capital) of investment and saving. We find that the Feldstein-Horioka result is impervious to this change.

Persistent link: https://www.econbiz.de/10005765936

Trade Costs, Trade Balances and Current Accounts: An Application of Gravity to Multilateral Trade

Fazio, Giorgio; MacDonald, Ronald; Melitz, Jacques - CESifo - 2005

In this paper we test the well-known hypothesis of Obstfeld and Rogoff (2000) that trade costs are the key to explaining the so-called Feldstein-Horioka puzzle. Using a gravity framework in an intertemporal context, we provide strong support for the hypothesis and we reconcile our results with...

Persistent link: https://www.econbiz.de/10005765966

Japan's Imbalance of Payments

Müller-Plantenberg, Nikolas - CESifo - 2003

During the past three decades, Japan’s current account experienced five large swings. The yen appreciated considerably in periods when the current account boomed, and it depreciated whenever Japan’s external performance weakened. However, there has always been a certain lag in the adjustment...

Persistent link: https://www.econbiz.de/10005766057