Nachfrageeffekte eines Abbaus des strukturellen Primärdefizits tendenziell in solchen Ländern milde ausfielen bzw. ausblieben, die Euro … nominal growth and the low interest rate environment, rather than strict austerity. The development in other euro member … Germany. We find empirically that negative consolidation effects are rather mild in those EU-member states that were euro area …

casts doubts about the consequences of the Euro introduction for the European Single Market. Both indicators are estimated …This paper assesses the Euro's influence upon European trade by estimating two different indicators. The first is the … a country with its trade partners. This study of the Euro's influence by means of the Border Effect is a novelty in the …

How sizable is the wealth effect on consumption in euro area countries? To address this question, we use newly … available harmonized euro area wealth data and the methodology in Carroll et al. (2011b). We find that the marginal propensity … to consume out of total wealth averaged across the largest euro area economies is around 3 cents per euro, with a …

In this paper we investigate the impact of the euro integration process on the drivers of FDI inflows. We show … bilateral gravity models of FDI inflows into euro area countries, we show that the euro facilitates intra-euro area vertical FDI … flows but reduces incentives for horizontal or market seeking FDI. Instead, horizontal FDI flows stemming from investor …

This paper examines the degree of fragmentation in the Euro overnight unsecured money market during the period June … bank risk, we document several episodes of significant market fragmentation. While non-standard measures such as the … provision of long-term liquidity were successful in reducing tensions, considerable signs of market fragmentation remained at …

We estimate the shoe-leather costs of inflation in the euro area using monetary data adjusted for holdings of euro … anticipated inflation. We conclude that, despite the increased circulation of euro banknotes abroad, in the euro area the …

In this paper we argue that, for a group of converging economies of the European Union, participation in the euro area …

the role of the euro as vehicle currency, however. High market power defined as the share of a country's total exports to … prospective membership of the EU plays a decisive role in the choice of the euro as invoicing currency. The role of the euro as … differentiation favour vehicle pricing in U.S. dollar. An increase of euro invoicing due to higher exchange rate volatility supports …

traditional portfolio objectives as debt to reserve ratios decrease. We empirically estimate optimal dollar and euro shares for 24 … emerging market countries and find that optimal reserve portfolios are dominated by anchor currencies and, at current debt to … reserve ratios, introducing transactions demand has a elatively modest effect. We also find that euro and dollar bonds act as …

Since the introduction of the euro in January 1999, exchange rate stability at the periphery of the euro area is …