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Southern enlargement of the European Union and capital account liberalization: Lessons for Central and Eastern Europe
Buch, Claudia M.; Heinrich, Ralph P.; Piazolo, Daniel - Institut für Weltwirtschaft (IfW) - 1998
The integration of the central and eastern European countries into the international capital markets has been and will be determined by the process of European Union (EU) integration. Our analysis shows that southern and eastern European countries already appear to be surprisingly similar...
Persistent link: https://www.econbiz.de/10009276349
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Current Account Imbalances and Income Inequality: Theory and Evidence
Al-Hussami, Fares; Remesal, Álvaro Martín - Institut für Weltwirtschaft (IfW) - 2012
account balance. We develop a model with consumption externalities and heterogeneous agents which explains how an increase in …
Persistent link: https://www.econbiz.de/10010886828
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Stock Market Wealth, Private Saving, and the Current Account in the United States: Should We Worry?
Strauß, Hubert - Institut für Weltwirtschaft (IfW) - 1999
The paper investigates by means of cointegration analysis whether the recently observed low levels of private saving and the current account balance in the United States are worrisome in the sense that they cannot be sufficiently explained by determinants which performed well in the past. Stock...
Persistent link: https://www.econbiz.de/10005818865
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Globalisation as a 'good times' phenomenon: a search-based explanation
Edwards, T. Huw - Institut für Weltwirtschaft (IfW) - 2009
Globalisation is associated with long periods of sustained economic growth and credit expansion, whereas major recessions tend to lead to falling trade and protectionism. The sensitivity of trade to global economic conditions is not simply driven by policy: rather, in a model of costly search,...
Persistent link: https://www.econbiz.de/10008561130
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Assessing the Advantages of EMU-Enlargement for the EU and the Accession Countries: A Comparative Indicator Approach
Schweickert, Rainer - Institut für Weltwirtschaft (IfW) - 2001
The paper takes into account both the concerns of the EU, arguing that convergence is incomplete, and the demands from … accession countries, claiming that monetary integration is optimal. Indicators are developed which measure convergence and … benefits from monetary integration. The more serious problem is a lack of convergence which could imply serious risks during …
Persistent link: https://www.econbiz.de/10005076110
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The housing wealth effect on consumption reconsidered
Lindner, Fabian - Institut für Weltwirtschaft (IfW) - 2014
Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … changes in consumption. However, this might constitute a fallacy of composition. Such models ignore that changes in housing … classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper …
Persistent link: https://www.econbiz.de/10010956068
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Euro Area: Single Currency - National Money Creation
Kooths, Stefan; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2012
The Eurosystem has been pursuing a crisis management policy for more than four years now. This policy aims primarily at maintaining financial stability in the euro area by providing vast liquidity support to commercial banks that are operating in nationally segmented banking systems. As a side...
Persistent link: https://www.econbiz.de/10010886947
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Home-Product Bias, Capital Mobility, and the Effects of Monetary Policy Shocks in Open Economies
Pierdzioch, Christian - Institut für Weltwirtschaft (IfW) - 2003
This paper uses a dynamic general equilibrium two-country optimizing model to analyze the consequences of international capital mobility for the effects of monetary policy in open economies. The model shows that the difference between the short-run output effects of monetary policy shocks in a...
Persistent link: https://www.econbiz.de/10005700612
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Noise Trading and the Effects of Monetary Policy Shocks on Nominal and Real Exchange Rates
Pierdzioch, Christian - Institut für Weltwirtschaft (IfW) - 2003
A number of empirical studies have reported the result that exchange rates show a delayed overshooting in response to monetary policy shocks. This result is puzzling. Economic theory suggests that the overshooting should occur immediately after the shock, not with a delay. This paper uses a...
Persistent link: https://www.econbiz.de/10005700633
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Capital Mobility, Consumption Substitutability, and the Effectiveness of Monetary Policy in Open Economies
Pierdzioch, Christian - Institut für Weltwirtschaft (IfW) - 2002
This paper uses a dynamic general equilibrium two-country optimizing model to analyze the consequences of international capital mobility for the effectiveness of monetary policy in open economies. The model shows that the substitutability of goods produced in different countries plays a central...
Persistent link: https://www.econbiz.de/10005700635