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The euro's trade effect under cross-sectional heterogeneity and stochastic resistance

Herwartz, Helmut; Weber, Henning - 2010

This paper investigates if the euro's effect on euro-area trade differs across trade sectors and across country pairs …, and to what degree heterogeneity matters for estimating the aggregate euro effect. Time-varying latent variables, which …, aggregate exports within the euro area increase between 2000 and 2002 by 15 to 25 percent compared with aggregate exports …

Persistent link: https://www.econbiz.de/10010270031

Assessing the advantages of EMU-enlargement for the EU and the accession countries: a comparative indicator approach

Schweickert, Rainer - 2001

optimality in comparison with a reference group of the four EMU-member countries Greece, Ireland, Portugal, and Spain. The …

Persistent link: https://www.econbiz.de/10010332956

China as an international lender of last resort

Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; … - 2023

This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. We build the first comprehensive dataset on China's overseas bailouts between 2000 and 2021 and provide new insights into China's growing role in the global financial...

Persistent link: https://www.econbiz.de/10014282635

International exchange rate systems: Where do we stand?

Siebert, Horst - 2006

This paper analyzes institutional arrangements for exchange rate systems and reviews what we know. It looks at the foreign exchange market, different balance of payment situations in which countries find themselves and the necessary exchange rate adjustments. It studies the options that are...

Persistent link: https://www.econbiz.de/10010273093

Coping with disasters: Two centuries of international official lending

Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2020

Official (government-to-government) lending is much larger than commonly known, often surpassing total private cross-border capital flows, especially during disasters such as wars, financial crises and natural catastrophes. We assemble the first comprehensive long-run dataset of official...

Persistent link: https://www.econbiz.de/10012234816

Keeping Up with the Joneses: Implications for the Welfare Effects of Monetary Policy in Open Economies

Pierdzioch, Christian - 2003

A dynamic general equilibrium two-country optimizing model is used to analyze the welfare effects of monetary policy in open economies. The distinguishing feature of the model is that households' preferences feature a "keeping up with the Joneses" effect. This effect implies that households'...

Persistent link: https://www.econbiz.de/10010260429

On the Welfare Effects of Monetary Policy When Households Try to Keep Up with the Rest of the World

Pierdzioch, Christian; Yener, Serkan - 2004

We develop a dynamic general equilibrium two-economy model in order to analyze the welfare effects of monetary policy in open economies. The model features two distortions: one distortion due to monopolistic competition, and one distortion due to a consumption externality. This consumption...

Persistent link: https://www.econbiz.de/10010260477

Global Inflation

Ciccarelli, Matteo; Mojon, Benoît - 2006

This paper shows that in inflation in industrialized countries is largely a global phenomenon. First, inflations of (22) OECD countries have a common factor that alone accounts for nearly 70% of their variance. This large variance share that is associated to Global Inflation is not only due to...

Persistent link: https://www.econbiz.de/10010260578

Cross-Border Banking and Transmission Mechanisms: The Case of Europe

Buch, Claudia M. - 2001

International activities of commercial banks are a potential source for the transmission of shocks across countries. In Europe, bank finance plays a relatively important role, and efforts have been made at creating a level playing field for financial institutions. This paper reviews the stylized...

Persistent link: https://www.econbiz.de/10010260615

National and international business cycle effects of housing crises

Jannsen, Nils - 2009

Housing crises usually go hand in hand with a long lasting recession and a considerable loss in output. We first re-examine the effects of a housing crises on the business cycle based on historical crises. Then we estimate the international spill-over-effects if several huge industrial countries...

Persistent link: https://www.econbiz.de/10010265229