the introduction of the euro, trade imbalances among euro area members widened considerably, even after allowing for … within the euro area; a surplus of a country in a bilateral trade relationship is typically accompanied by a country …

of 18 European countries over the period from 1948 through 2008. We find that, with the introduction of the euro, trade … imbalances among euro area members widened considerably, even after allowing for permanent asymmetries in trade competitiveness … within pairs of countries or in the overall trade competitiveness of individual countries. Intra-euro area imbalances also …

able to replicate key features of the data prior to and under EMU.We find that the euro has a strong bearing on the …In this paper we analyze European business cycles before and under EMU. Across the two periods we find 1) a significant … transmission mechanism as cross-country spillovers increase substantially under EMU. As a result, foreign shocks become more and …

We examine whether the introduction of the euro had a significantly positive impact on the synchronization of business … cycles among members of Economic and Monetary Union (EMU) which might arise due to the lack of country-specific monetary … policy shocks in the euro area. Empirical evidence on this relationship is rare so far and su ers from methodical weaknesses …

-euro area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of … a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both for … identification of changes in the role of the euro during 1999 compared to the aggregate of euro predecessor currencies, net of intra …

able to replicate key features of the data prior to and under EMU.We ?nd that the euro has a strong bearing on the …In this paper we analyze European business cycles before and under EMU. Across the two periods we ?nd 1) a signi … transmission mechanism as cross-country spillovers increase substantially under EMU. As a result, foreign shocks become more and …

examined are the 2000 and 2003 referenda held in Denmark and Sweden regarding participation in the EMU. We find that voters in … experience good. These results are robust to spatial dependencies and are not driven by broader forms of Euro-skepticism. …

analysis suggests that, given EMU's present political-economic set-up, i) the bail-out was unavoidable, ii) the lengthy process … with a future moral hazard problem. Based on our analysis, we suggest that the EMU's institutional design could be improved … processes as well as the conditions and parameters on which the scope and limits of fiscal redistribution in EMU depends. In …

group of countries reports tight pegs to the euro, a second group seems to have moved toward (more) exchange rate … classifications. Most of the CEE countries peg their currencies to the euro, thereby contributing to a growing euro zone. Nevertheless …, as exchange rate stabilization against the euro is pursued with different degrees and with different long-term drifts …

To study the effect of the euro on international goods trade one typically estimates a panel model for the level of … euro is only present at the end of the sample, this may have led to an upward bias in existing euro estimates to help … have different effects across country-pairs. Data on industrialized countries over 1967-2002 show the existing euro effects …