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Globalization, EU enlargement and income distribution
Breuss, Fritz - 2007
factors of production (capital and labor). In contrast, the consequences of FDI from the capital abundant country (EU) to the … country CGE model, including the EU and the CEEC. A panel regression for both regions separately, helps to decide empirically … advantage (increase in global net trade) has contributed to a decline in the labor income shares in the EU. Additionally, those …
Persistent link: https://www.econbiz.de/10011347055
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Conventions in the foreign exchange market : do they really explain exchange rate dynamics?
Filippo, Gabriele Di - 2010
The present paper provides a new explanation for the dynamics of exchange rates based on conventions that prevail among market participants. The model relies on a two states Markov switching framework: a bull state and a bear state. In the bull state, agents are optimistic and put more weight on...
Persistent link: https://www.econbiz.de/10011373501
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Business cycle dynamics in the Euro area : a factor-SVAR approach
Seymen, Atılım - 2009
The study investigates the business cycle dynamics in the euro area using an empirical framework which comprises common global and euro area shocks as well as allows bilateral spillovers of country-specific shocks across the member economies. Three core questions lie at the heart of the...
Persistent link: https://www.econbiz.de/10011373506
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The implementation of monetary and fiscal rules in the EMU : a welfare-based analysis
Argentiero, Amedeo - 2009
This paper implements a methodology to evaluate the desiderability of monetary and fiscal rules within the context of the EMU using a DSGE model within a New Keynesian framework with sticky prices. The approach adopted is a welfare-based criterion that measures the welfare losses associated with...
Persistent link: https://www.econbiz.de/10011373511
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Convergence of EMU equity portfolios
Giofré, Maela - 2009
This paper demonstrates that, after integration, equity portfolios of countries that joined the European Monetary Union have converged at faster rate than those of NON EMU countries. This outcome can be interpreted as a combination of the convergence of inflation rates and the convergence of...
Persistent link: https://www.econbiz.de/10011373515
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Monetary union with a single currency and imperfect credit market integration
Bignon, Vincent; Breton, Régis; Rojas Breu, Mariana - 2015
This paper shows that currency arrangements impact on credit available through default incentives. To this end we build a symmetric two-country model with money and imperfect credit market integration. With the Euro Area context in mind, we capture differences in credit market integration by...
Persistent link: https://www.econbiz.de/10011374047
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International liquidity shocks and the European sovereign debt crisis : was euro area unconventional monetary policy successful?
Everett, Mary M. - 2015
Using novel data on individual euro area banks' balance sheets this paper shows that exposure to stressed European sovereigns manifested in a liquidity shock to their international funding through two channels: (i) a contraction in cross-border funding, and (ii) a contraction in US wholesale...
Persistent link: https://www.econbiz.de/10011374059
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The EU, a growth engine? : the impact of European integration on economic growth in central eastern Europe
Mann, Katja - 2015
This paper investigates how the European integration process of central eastern European countries, which has been taking place since the 1990's, affects their GDP growth. Based on an augmented Solow model, I estimate a convergence equation for a panel of ten countries over 16 years (1995-2010)....
Persistent link: https://www.econbiz.de/10011374066
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Cross-border interbank networks, banking risk and contagion
Tonzer, Lena - 2013
Recent events emphasize the role of cross-border linkages between banking systems in transmitting local developments across national borders. This paper analyzes whether international linkages in interbank markets affect the stability of interconnected banking systems and channel financial...
Persistent link: https://www.econbiz.de/10011374293
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Time-varying interdependencies of tourism and economic growth : evidence from European countries
Dragouni, Mina; Filis, George; Antonakakis, Nikolaos - 2013
In this study, we employ the novel measure of a VAR-based spillover index, developed by Diebold and Yilmaz (2012) to investigate the time-varying relationship between tourism and economic growth in selected European countries. Overall, the findings suggest that (i) the tourism-economy...
Persistent link: https://www.econbiz.de/10011374294