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The ECB and Euro-Area Enlargement
Berger, Helge - 2002
The likely enlargement of euro-area membership will radically change the environment under which monetary policy will … be made in the euro area. Within less than a decade, the number of member countries in the euro area could more than …
Persistent link: https://www.econbiz.de/10014399555
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How Symmetric Are the Shocks and the Shock Adjustment Dynamics Between the Euro Area and Central and Eastern European Countries (CEEC)?
Frenkel, Michael - 2002
euro area countries and central and eastern European countries (CEECs). The shocks and the shock adjustment dynamics of …-2001, we find that there are still differences in the shocks and in the adjustment process to shocks between the euro area and … euro area countries …
Persistent link: https://www.econbiz.de/10014401455
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Implications of EMU for Exchange Rate Policy in Central and Eastern Europe
Kopits, George - 1999
, financial system soundness) for ERM2, each candidate should be able to shadow the euro, with sufficient flexibility around the …
Persistent link: https://www.econbiz.de/10014403432
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Will a Regional Bloc Enlarge?
Albertin, Giorgia - 2007
This paper investigates whether a regional bloc would enlarge or remain stagnant in size using a model where enlargement is the endogenous outcome of the interaction between the supply of and demand for membership. We show that a maximum size of the bloc exists beyond which the regional...
Persistent link: https://www.econbiz.de/10014400446
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European Union Enlargement and Equity Markets in Accession Countries
Podpiera, Richard - 2005
The announcement of the European Union enlargement coincided with a dramatic rise in stock prices in accession countries. This paper investigates the hypothesis that the rise in stock prices was a result of the repricing of systematic risk due to the integration of accession countries into the...
Persistent link: https://www.econbiz.de/10014404205
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Sustainable Real Exchange Rates in the New Eu Member States : What Did the Great Recession Change?
Smídková, Katerina - 2010
The Great Recession affected export and import patterns in our sample countries, and these changes, coupled with a more volatile external environment, have profound impact on our estimates of real exchange rate misalignments and projections of sustainable real exchange rates. We find that real...
Persistent link: https://www.econbiz.de/10014398417
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Selected Transition and Mediterranean Countries : An Institutional Primeron EMU and EU Relations
Feldman, Robert Alan - 1998
effects: those stemming from the need to satisfy the Maastricht convergence criteria before joining the euro area, and those …
Persistent link: https://www.econbiz.de/10014400669
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European Trade and Foreign Direct Investment U-Shaping Industrial Output in Central and Eastern Europe : Theory and Evidence
Walsh, Patrick Paul - 1998
We examine industrial output in Bulgaria, Hungary, Poland, and Romania during 1989–95 in terms of pretransitional product trade orientation. The growth of EU-oriented output within sectors of industry, ex-post trade, and market liberalization, is modeled as foreign direct investment induced...
Persistent link: https://www.econbiz.de/10014403410
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International capital flows at the security level : evidence from the ECB's Asset Purchase Programme
Bergant, Katharina; Fidora, Michael; Schmitz, Martin - 2020
We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level …. Our empirical analysis shows that euro area investors (in particular investment funds and households) actively rebalanced … away from securities targeted under the Public Sector Purchase Programme and other euro-denominated debt securities …
Persistent link: https://www.econbiz.de/10012251289
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Common Volatility Trends in the Central and Eastern European Currencies and the Euro
Pramor, Marcus - 2006
How much convergence has been achieved between Central and Eastern European (CEE) economies and the eurozone? We … explore this question by comparing long-run volatility trends in CEE currencies and the euro. We find that these trends are … euro. Spillovers of volatility across regional markets appear to have diminished over time, with the exception of the …
Persistent link: https://www.econbiz.de/10014404235