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EU Enlargement and Monetary Regimes from theInsurance Model Perspectives
Nenovsky, Nikolay - William Davidson Institute <Ann Arbor, Mich.> - 2010
Some ten years ago, Michael Dooley (Dooley, 1997; Dooley, 2000) put forwardan insurance model of currency crises, which after some modifications gives a goodtheoretical basis for explanation of the overall dynamics of the post communist transformationand diversity across countries and periods. The...
Persistent link: https://www.econbiz.de/10009360479
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Background considerations to a regulation of the US financial system: third time a charm? Or strike three?
Kregel, Jan - 2009
U.S. financial regulation has traditionally made functional and institutional regulation roughly equivalent. However, the gradual shift away from Glass-Steagall and the introduction of the Financial Modernization Act (FMA) generated a disorderly mix of functions and products across institutions,...
Persistent link: https://www.econbiz.de/10010266501
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Fixed and flexible exchange rates and currency sovereignty
Sardoni, Claudio; Wray, L. Randall - 2007
suitable to its specific economic, social, and political context. Alternatively, the euro area will have to create a fiscal …
Persistent link: https://www.econbiz.de/10010266537
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South Asian Integration Prospects and Lessons from East Asia
Chandra, Ramesh; Kumar, Rajiv - 2008
In the context of the low levels of regional cooperation among South Asian countries when compared with the successful results from cooperation in East Asia (consisting of South East and East Asian countries), the objective of this paper is first to assess the prospects of cooperation among...
Persistent link: https://www.econbiz.de/10011807608
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Imbalances? What imbalances? A dissenting view
Wray, L. Randall - 2012
It is commonplace to link neoclassical economics to 18th- or 19th-century physics and its notion of equilibrium, of a pendulum once disturbed eventually coming to rest. Likewise, an economy subjected to an exogenous shock seeks equilibrium through the stabilizing market forces unleashed by the...
Persistent link: https://www.econbiz.de/10010286507
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On the paradox of prudential regulations in the globalized economy. International reserves and the crisis: a reassessment
Aizenman, Joshua - 2009
This paper discusses two pertinent policy issues dealing with the global liquidity crisis - global prudential regulation reform, and reassessment of using international reserves in the crisis. We point out the paradox of prudential regulations while the identity of economic actors that benefited...
Persistent link: https://www.econbiz.de/10010287776
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On the paradox of prudential regulations in the globalized economy; International reserves and the crisis: a reassessment
Aizenman, Joshua - 2009
This paper discusses two pertinent policy issues dealing with the global liquidity crisis - global prudential regulation reform, and reassessment of using international reserves in the crisis. We point out the paradox of prudential regulations - while the identity of economic actors that...
Persistent link: https://www.econbiz.de/10010288123
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Exchange Rate Variability Inside and Outside the EMU
Bergbom, Lennart - 1998
An often heard view is that exchange rate variability will decrease for a country that joins the EMU. This is not necessarily true. Both real and nominal exchange rate variability increase under certain circumstances when asymmetric demand shocks occur inside or outside the union. These results...
Persistent link: https://www.econbiz.de/10010321810
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Lost at sea: The euro needs a Euro Treasury
Bibow, Jörg - 2013
The euro crisis remains unresolved even as financial markets may seem calm for now. The current euro regime is … the euro are assessed and found lacking. A "Euro Treasury" scheme operating on a strict rule and specifically designed not … to be a transfer union is proposed here as a condition sine qua non for healing the euro's potentially fatal birth …
Persistent link: https://www.econbiz.de/10010513057
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One Money, One Cycle? The EMU Experience
Gächter, Martin; Riedl, Aleksandra - 2013
We examine whether the introduction of the euro had a significantly positive impact on the synchronization of business … policy shocks in the euro area. Empirical evidence on this relationship is rare so far and su ers from methodical weaknesses … constructed on a year-by-year basis (1993-2011), we uncover a strong and robust empirical finding: the adoption of the euro has …
Persistent link: https://www.econbiz.de/10013370103