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Brexit, What Brexit? Euro Area Portfolio Exposures to the United Kingdom Since the Brexit Referendum

Carvalho, Daniel; Schmitz, Martin - 2022

We study euro area investors' portfolio adjustment since the Brexit referendum in terms of securities issued in the UK or denominated in pound sterling, in the context of heightened policy uncertainty surrounding the exit process of the UK from the EU. Our sector-level analysis "looks-through"...

Persistent link: https://www.econbiz.de/10014239454

The Political Economy Under Monetary Union : Has the Euro Made a Difference?

Fratzscher, Marcel; Stracca, Livio - 2021

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...

Persistent link: https://www.econbiz.de/10013316460

Disaggregating Okun's Law : Decomposing the Impact of the Expenditure Components of GDP on Euro Area Unemployment

Anderton, Robert - 2014

This paper examines the usefulness of the Okun relationship as a “rule of thumb” for predicting changes in unemployment … differential reaction of unemployment to changes in the various expenditure components of GDP - significantly enhances the capacity … of the Okun relationship (in comparison to the aggregate “rule of thumb”) for predicting movements in unemployment. The …

Persistent link: https://www.econbiz.de/10013043078

Can We Prevent Boom-Bust Cycles During Euro Area Accession?

Brzoza-Brzezina, Michal - 2010

Euro-area accession caused boom-bust cycles in several catching-up economies. Declining interest rates and easier financing conditions fuelled spending and worsened the current account balance. Over time inflation deteriorated external competitiveness and lowered domestic demand, turning the...

Persistent link: https://www.econbiz.de/10013135123

Trade with Central and Eastern Europe : Is it Really a Threat to Wages in the West?

Polgar, Eva Katalin - 2010

This paper analyses the relationship between openness to trade and wages at the industry level (15 manufacturing industries) in 25 EU countries over the period from 1995 to 2005. By applying a cross-country and industry-specific approach, it is possible to control for unobserved heterogeneity at...

Persistent link: https://www.econbiz.de/10013138239

Exchange Rate Pass-through in Central and Eastern European Member States

Beirne, John - 2009

This paper provides estimates of the exchange rate pass-through (ERPT) to consumer prices for nine central and eastern European EU Member States. Using a five-variate cointegrated VAR (vector autoregression) for each country and impulse responses derived from the VECM (vector error correction...

Persistent link: https://www.econbiz.de/10013153690

Determinants of Government Bond Spreads in New EU Countries

Alexopoulou, Ioana - 2009

Based on a rich database of government bond spreads and macroeconomic indicators over the period 2001-2008, we propose an empirical assessment of the role of fundamentals in driving long-term sovereign bond spreads of the new EU countries (Bulgaria, Czech Republic, Latvia, Lithuania, Hungary,...

Persistent link: https://www.econbiz.de/10013156329

GDP-Inflation Cyclical Similarities in the CEE Countries and the Euro Area

Macchiarelli, Corrado - 2013

In this paper we look at business cycles similarities between CEE countries and the euro area. Particularly, we uncover GDP-inflation cycles by adopting a trend-cycle decomposition model which allows the trend to be either stochastic or deterministic i.e. of the non-linear type. Once cyclical...

Persistent link: https://www.econbiz.de/10013081633

FDI and Productivity Covergence in Central and Eastern Europe : An Industry-Level Investigation

Bijsterbosch, Martin - 2009

This paper presents empirical evidence of the effect of FDI inflows on productivity convergence in central and eastern Europe, using industry-level data. Four conclusions stand out. First, there is a strong convergence effect in productivity, both at the country and at the industry level....

Persistent link: https://www.econbiz.de/10012765711

Inflation Persistence : Euro Area and New EU Member States

Franta, Michal - 2009

Is inflation persistence in the new EU Member States (NMS) comparable to that in the euro area countries? We argue that persistence may not be as different between the two country groups as one might expect. We confirm that one should work carefully with the usual estimation methods when...

Persistent link: https://www.econbiz.de/10012767014