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Current account imbalances and financial integration in the euro area
Schmitz, Birgit; von Hagen, Jürgen - In: Journal of International Money and Finance 30 (2011) 8, pp. 1676-1695
While the current account of the euro area as a whole has remained almost balanced in the past two decades, several member countries have sizeable deficits or surpluses. In this paper, we interpret these imbalances as indicators of net capital flows among the euro-area countries. We distinguish...
Persistent link: https://www.econbiz.de/10011048534
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A unified approach to investigate pure and wake-up-call contagion: Evidence from the Eurozone's first financial crisis
Ludwig, Alexander - In: Journal of International Money and Finance 48 (2014) PA, pp. 125-146
This paper simultaneously analyzes wake-up-call and pure contagion of sovereign risk in the Eurozone during its recent … financial crisis. Pure contagion of sovereign risk means the transmission of negative effects after a shock to a country which …-up-call contagion is defined as the change of sovereign risk pricing by market participants after negative events in a single country or …
Persistent link: https://www.econbiz.de/10010939662
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No contagion, only globalization and flight to quality
Brière, Marie; Chapelle, Ariane; Szafarz, Ariane - In: Journal of International Money and Finance 31 (2012) 6, pp. 1729-1744
In this article, tests for globalization and contagion are separated using an ex ante definition of crises, and … contagion tests are neutralized with respect to globalization effects. A large database is constructed to study the stability of … combination of globalization and flight to quality, while emphasizing that contagion on the equity markets appears as an artifact …
Persistent link: https://www.econbiz.de/10010599348
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The pricing of sovereign risk and contagion during the European sovereign debt crisis
Beirne, John; Fratzscher, Marcel - In: Journal of International Money and Finance 34 (2013) C, pp. 60-82
debt crisis. It shows that a deterioration in countries' fundamentals and fundamentals contagion – a sharp rise in the … spreads during the crisis, not only for euro area countries but globally. By contrast, regional spillovers and contagion have … been less important, including for euro area countries. The paper also finds evidence for herding contagion – sharp …
Persistent link: https://www.econbiz.de/10010869450
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The role of cross-sectional heterogeneity for magnitude and timing of the euro's trade effect
Herwartz, Helmut; Weber, Henning - In: Journal of International Money and Finance 37 (2013) C, pp. 48-74
This paper examines the role of cross-sectional heterogeneity for estimating the euro's effect on euro-area trade. In the empirical analysis, the impact of trade costs on trade and the transition dynamics to the new monetary regime can vary cross-sectionally in trade sectors and country pairs....
Persistent link: https://www.econbiz.de/10010869447
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Has the euro affected the choice of invoicing currency?
Ligthart, Jenny E.; Werner, Sebastian E.V. - In: Journal of International Money and Finance 31 (2012) 6, pp. 1551-1573
We present a new approach to study empirically the effect of the introduction of the euro on the pattern of currency invoicing. Our approach uses a compositional multinomial logit model, in which currency choice is explained by both currency-specific and country-specific determinants. We use...
Persistent link: https://www.econbiz.de/10010869452
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The effect of IMF lending on the probability of sovereign debt crises
Jorra, Markus - In: Journal of International Money and Finance 31 (2012) 4, pp. 709-725
This paper explores empirically how the adoption of IMF programs affects sovereign risk over the medium term. We find that IMF programs significantly increase the probability of subsequent sovereign defaults by approximately 1.5–2 percentage points. These results cannot be attributed to...
Persistent link: https://www.econbiz.de/10010577046
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Reduced cross-border lending and financing costs of SMEs
Bremus, Franziska; Neugebauer, Katja - In: Journal of International Money and Finance 80 (2018), pp. 35-58
This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis. We combine aggregate information on total and cross-border credit with firm-level survey data for the period 2010–2014. We find that the decline...
Persistent link: https://www.econbiz.de/10012021996
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Financial flows, financial crises, and global imbalances
Obstfeld, Maurice - In: Journal of International Money and Finance 31 (2012) 3, pp. 469-480
In this lecture I document the proliferation of gross international asset and liability positions and discuss some consequences for individual countries’ external adjustment processes and for global financial stability. In light of the rapid growth of gross global financial flows and the...
Persistent link: https://www.econbiz.de/10010577034
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Do capital importing countries pay higher prices for their imports of goods?
Adam, Antonis; Moutos, Thomas - In: Journal of International Money and Finance 40 (2014) C, pp. 95-108
We examine the effects that a country's net capital flows have on the (border) prices that a country pays for its imports of goods. Using data from 2000 to 2009 for 11 euro area countries we utilize a pricing-to-market specification to study exporters' pricing behavior to the rest of the...
Persistent link: https://www.econbiz.de/10010719326