Foreign exchange rates and capital movements are expected to be closely related to each other as international capital markets become more and more integrated. To account for this fact we construct an index of real effective exchange rates as a weighted average of cross-country asset price...

The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...

Die politische und wirtschaftliche Integration Europas, besonders auch die gemeinsame Währung, haben die Verflechtung der Finanzmärkte wesentlich vorangetrieben. Mit der zunehmenden Diversifizierung von Beteiligungskapital wurde die internationale Konsumglättung gefördert. Dies lässt sich...

Foreign exchange rates, asset prices and capital movements are expected to be closely related to each other as international capital markets become more and more integrated. This paper provides new empirical evidence from an index of exchange-rate adjusted cross-country asset price ratios, which...

[Conclusion] It is being increasingly held in the literature that, in a globalizing world, flexible exchange rates are no longer enough to insulate an economy against external shocks. Our empirical results corroborate the observation that, in the past few years, global factors have had a crucial...

The paper analyses the transmission of global financial shocks to individual member states of the European Monetary Union (EMU), in which monetary policy is delegated to the ECB and financial markets are fully integrated. Using a panel VAR model, we show that the asymmetric effects of global...

Der Euro zeigt sich gegenüber dem Dollar anhaltend stark. Inwieweit wird die Konjunktur in Europa von der aktuellen Stärke der Gemeinschaftswährung in Mitleidenschaft gezogen? Ist die Grenze erreicht, bei der eine weitere Verschlechterung der preislichen Wettbewerbsfähigkeit die deutsche...

Zusammenfassung Durch den Vertrag von Amsterdam vom 2. Oktober 1997 wurde der acquis communautaire der Europäischen Union um ein Kapitel zur gemeinsamen Beschäftigungspolitik erweitert. Ihr Schwerpunkt liegt in der aktiven Arbeitsmarktpolitik. Die vorliegende Arbeit geht der Frage nach,...

Summary International financial integration has become an important factor for economic performance in the globalisation process. Access to international capital markets is crucial for a country’s ability to meet its financial needs and to keep up with the challenges of a changing global...