Search Results - subject_exact:"Währungsverbund"

Fiscal seigniorage and price level determination in a currency union

Schmidt, Sebastian - 2026

I study price level determination in a currency union when some member countries' government securities earn a convenience yield. These "convenience assets" generate fiscal seigniorage revenues that, given appropriate fiscal and monetary policies, back the union's price level, much like primary...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015605061

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Fiscal seigniorage and price level determination in a currency union

Schmidt, Sebastian - 2026

Book / Working Paper

Anchoring Europe’s monetary future : why a wholesale digital euro is the immediate priority

Vanhoudt, Patrick - 2026

Dollar-denominated stablecoins are expanding rapidly. For Europe, this is not merely a technological development. The deeper question is strategic: who controls the infrastructure through which money circulates? Even where prices, contracts and accounting remain denominated in euro, a growing...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015637564

Confrontations over seigniorage in the euro area

Pfister, Christian - 2026

Concerns about the prospective evolution of seigniorage collected by central banks as a result of innovation in the field of money and payments are not new. They have resurfaced recently with the prospect of stablecoins gaining traction. This paper considers that commercial banks also collect a...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015637566

The euro as an optimum currency area? : a reappraisal

Pfeifer, Moritz; Schnabl, Gunther - 2026

This paper reassesses whether the euro area satisfies the criteria of an optimum currency area. It contrasts early hopes of convergence with subsequent developments marked by persistent heterogeneity across member states. Differences in economic structures, fiscal policies, and financial cycles...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641818

Delivering public investment efficiently: if possible, avoid delays

Conefrey, Thomas; Lozej, Matija; O'Reilly, Gerard; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015656808

Optimal default in a small open economy : Senegal's hidden debt crisis

Coulibaly, Louphou; Ndiaye, Abdoulaye - 2026

Hidden public liabilities can reprice sovereign risk abruptly upon revelation. We study optimal default following such a revelation in a quantitative sovereign default model and apply the framework to Senegal's 2024 debt audit, which revised government debt upward by 50 percentage points of GDP....

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015651315

On European fragmentation and the single currency in an uncertain world

Visco, Ignazio - 2026

Europe, and especially the European Union, faces major challenges from the policies of the second Trump administration, which affect not only trade but also energy, defence, digital services and payments. Uncertainty around US decisions has raised questions about the stability of the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015634081

Aggregate tax and spending multipliers in a monetary union

Ider, Gökhan; Rieth, Malte - 2026

We examine the aggregate effects of government spending and tax changes in a monetary union. We show theoretically that government consumption and government investment shocks have multipliers above 1, and consumption tax and income tax shocks have multipliers below 1. We test the predictions on...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015670599

Lack of Trust and Fiscal Dominance : Evidence from a Firm Survey Experiment

Bianchi, Francesco; Faccini, Renato; Melosi, Leonardo; … - 2026

We study how debt news shapes firms' inflation expectations in a monetary union. In an active-control experiment, German firms receive optimistic or pessimistic projections of France, Italy, and Spain's debt-to-GDP ratios. Pessimistic news raises debt beliefs and increases one- and three-year...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015671181

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Lack of trust and fiscal dominance : evidence from a firm survey experiment

Bianchi, Francesco; Faccini, Renato; Melosi, Leonardo; … - 2026

Book / Working Paper

Lack of trust and fiscal dominance : evidence from a firm survey experiment

Bianchi, Francesco; Melosi, Leonardo; Wehrhöfer, Nils; … - 2026

Book / Working Paper

Measuring financial repression in CFA franc zones : index construction and implications for investment activity

Kazemikhasragh, Amirreza - 2026

This study develops a composite index of financial repression to overcome persistent gaps and inconsistencies in financial data across the CFA franc zones. The index aggregates proxies such as interest rate spreads, real interest rates, domestic credit to the private sector as a percentage of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061168

E pluribus euro : minimum fiscal capacity for collective trade policy in a currency union

Kopecky, Joseph - 2026 - Revision date: April 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016073666

Ist der Euro zukunftsfest?

2026

Ist der Euro für zukünftige Herausforderungen gut gerüstet? Nach der Corona-Pandemie, der Energiekrise und der Hochinflation der Jahre 2021 bis 2023 stellt sich diese Frage mit neuer Dringlichkeit. Zwar ist die Inflationsrate inzwischen wieder deutlich gesunken. Die Erfahrungen der...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015670848

West African Economic and Monetary Union : Staff Report for the 2026 Discussions on Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director for West African Economic and Monetary Union

2026

Economic growth in the WAEMU remained strong in 2025, while inflation fell below target primarily owing to transitory food price deflation. Progress in reducing external imbalances, elevated gold and cocoa prices, rising volumes of hydrocarbons and gold exports, and sizable capital inflows...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016087595

Eastern Caribbean Currency Union : 2026 Discussion on Common Policies of Member Countries-Press Release; and Staff Report

2026

This paper presents Eastern Caribbean Currency Union’s 2026 discussion on common policies of member countries. The currency union continues to serve as a strong anchor for macroeconomic stability in a shock-prone region, despite emerging pressures. Growth moderated to an estimated 2.8 percent...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016087785

Output and money growth in the euro area

Arnold, Ivo J. M. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016083955

Ethnic politics and fiscal dominance : implications for currency union formation in Sub-Saharan Africa

Keen, Benjamin D.; Strong, Christine O. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016083770

Recessionary wage flexibility in a monetary union

Kobielarz, Michał; Spallek, Carolin Charlotte - 2026

We examine how wage flexibility affects the transmission of economic shocks within a monetary union using a two-agent New Keynesian small open economy model. We show that, in the presence of financially constrained households, greater wage flexibility can amplify shocks rather than mitigate...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016085693

More than average : designing monetary policy in a currency union with downward nominal wage rigidity

Kobielarz, Michał; Pröbsting, Christian - 2026

Standard monetary policy in currency unions targets aggregate averages, ignoring crosssectional business cycle dispersion. Incorporating downward nominal wage rigidity into a multi-country New Keynesian framework, we analyze optimal monetary policy when asymmetric shocks generate regional labor...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016098154

The impact of climate change on the real sector in the West African Monetary Zone

Olowofeso, Olorunsola E.; Wadda, Ebrima N.; Abude, … - 2025

Climate change poses severe risks to developing economies, particularly those in the West African Monetary Zone (WAMZ), where agriculture and climate-sensitive sectors drive growth. Rising temperatures, erratic rainfall, and extreme weather events increasingly disrupt output, fuel inflation, and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618368

The usefulness of the currency constraint for predicting forex

Khansalar, Ehsan - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015547138

Portugal in the 21st century

2025

"Portugal in the 21st Century provides a thorough yet accessible picture of contemporary Portugal in the first two decades of the twenty-first century. It examines and elucidates Portugal's recent trajectory, its current position, and the main challenges it faces through an examination of the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015078821

Hayekian hurdles : challenges to cryptocurrency as a viable basis for a new monetary order

Freitas, Luís Pedro; Cerdeira, Jorge; Lourenço, Diogo - 2025

The rise of cryptocurrencies over the past decade has promised to challenge the dominance of fiat money systems and reshape monetary policy. However, recent developments, including market volatility and the collapse of key exchanges like FTX, have eroded public trust, raising skepticism of a...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015206916

Redistribution within and across borders : the fiscal response to an energy shock

Bayer, Christian; Kriwoluzky, Alexander; Müller, Gernot J. - 2025

The distributional and disruptive effects of energy supply shocks are potentially large. We study the effectiveness of alternative fiscal responses in a two-country HANK model calibrated to the euro area. Subsidies can stabilize the domestic economy, but they are fiscally costly and generate...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015372537

The role of reputational incentives in an international currency union : Greek monetary institutions in the classical and Hellenistic periods

Mullins, Zane Allen - 2025

In the Hellenistic era, there was widespread convergence to the Attic standard and a similar narrowing of coin types in terms of aesthetics. The competition between issuers resulted in an equilibrium in which improvements to the consistency and quality of money were sought after. This...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015376344

Taking a punt : monetary experimentation and the Irish macroeconomic crisis of 1955-56

McLaughlin, Darragh; McLaughlin, Eoin; Kenny, Sean - 2025

The 1955-56 macroeconomic crisis is a central event in modern Irish history. Yet, despite this centrality, its causes are not clearly understood. In 1955-6, Ireland, which had previously followed British interest rates in lockstep as part of its fixed exchange with the latter, briefly...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015197091

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Taking a punt : monetary experimentation and the Irish macroeconomic crisis of 1955-56

McLaughlin, Darragh; McLaughlin, Eoin; Kenny, Sean - 2025

Book / Working Paper

Asset purchases in a monetary union with default and liquidity risks

Bi, Huixin; Foerster, Andrew; Traum, Nora - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015416332

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Asset purchases in a monetary union with default and liquidity risks

Bi, Huixin; Foerster, Andrew; Traum, Nora - 2024

Book / Working Paper

International currency dominance

Abadi, Joseph; Fernández-Villaverde, Jesús; Sanches, … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015420820

Is the UK Sterling-zone an optimal currency area? : comparisons with the Euro area and the rest of Europe using city and regional investment data

Daams, Michiel N.; McCann, Philip; Veneri, Paolo; … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015425119

West African Economic and Monetary Union : Selected Issues

2025

This Selected Issues paper analyzes domestic revenue mobilization (DRM) in the West African Economic and Monetary Union (WAEMU). DRM is critical for financing economic and social development and ensuring debt sustainability in WAEMU, especially in light of rising interest, high security...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015451926

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West African Economic and Monetary Union : Selected Issues

2024

Book / Working Paper

West African Economic and Monetary Union : Selected Issues

2023

Book / Working Paper

West African Economic and Monetary Union : selected issues

2021

Book / Working Paper

West African Economic and Monetary Union : selected issues

2019

Book / Working Paper

West African Economic and Monetary Union : Selected Issues

2015

Book / Working Paper

West African Economic and Monetary Union : Staff Report on Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the West African Economic and Monetary Union

2025

This paper presents IMF staff report on common policies for member countries of West African Economic and Monetary Union (WAEMU). Economic growth continues to be strong in the WAEMU. Inflation has fallen back to its target range, and recent improvements in regional external imbalances are...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015451927

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2024

Book / Working Paper

West African Economic and Monetary Union : staff report on common policies for member countries : press release; staff report; and statement by the Executive Director for the West African Economic and Monetary Union

2021

Book / Working Paper

Eastern Caribbean Currency Union : 2025 Staff Report for the 2025 Discussion on Common Policies of Member Countries-Press Release; and Staff Report

2025

This paper presents a detailed review report for the 2025 Discussion on Common Policies of Member Countries of the Easter Caribbean Currency Union (ECCU). The currency union has provided a strong anchor for macroeconomic stability. The ECCU has achieved a strong rebound from successive adverse...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015451959

Banking and monetary policy in a monetary union

Dia, Enzo; VanHoose, David D. - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015454593

Lessons for the European Central Bank from the 2021-2023 inflationary episode

Hernández de Cos, Pablo - 2025

Since mid-2021, the euro-area economy has gone through several shocks, leading to the highest inflation since the creation of the European Monetary Union. A forceful and persistent response from the European Central Bank, grounded in the monetary policy framework it agreed in 2021 ahead of the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015406655

Household heterogeneity across countries and optimal monetary policy in a monetary union

Schwanebeck, Benjamin; Thiel, Luzie - 2025

The financial situation of households differs substantially across countries, but the implications of this heterogeneity are still vastly understudied. We examine the implications of this asymmetry for optimal monetary policy in a currency union. We build a two-country monetary union model with...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015409048

Monetary policy in currency unions with unequal countries

Boehnert, Lukas; De Ferra, Sergio; Mitman, Kurt; Romei, … - 2025

We investigate how the composition of expenditure shapes the transmission of monetary policy in a currency union. European Monetary Union data reveal three facts: (1) higher inequality countries have larger service expenditure shares; (2) monetary policy has a weaker output impact in these...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015411641

Assessment of the relationship between central bank interest rate, inflation and growth in Central Africa countries with the new leading-lagging method

Djoukouo, Any Flore Djoumessi; Seip, Knut Lehre - 2025

This paper assesses the causal relationship between central bank interest rate, inflation and GDP growth in Central African countries using a new leading-lagging method over the period 1990-2019. The results show a short-term relationship between the three variables, with strong evidence of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015438640

Monetary regimes and regional economies : a counterfactual perspective from two euro opt-outs

Cho, Sang-wook; Wong, Sally - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015444017

The European Parliament, economic and monetary union, and the Maastricht Treaty

Maes, Ivo - 2025

Based on original archival research, interviews, media sources and wide ranging academic literature, this study focuses on the European Parliament's leading and agenda-setting role in the process of European monetary integration. Important initiatives included the 1962 Van Campen Report on the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015429457

Financial integration and the transmission of monetary policy in the euro area

Duarte, João; Pires, Mariana N. - 2025

We study how financial integration shapes the transmission of monetary policy to consumer prices and output in the euro area. Using local projections, we document that the effect of financial integration is continuous: greater integration systematically strengthens the pass-through of monetary...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015592324

Firms' inflation expectations in a monetary union

Baumann, Ursel; Ferrando, Annalisa; Gerogarakos, Dimitris; … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015555750

To cap or not to cap? : energy crises in a currency union

Komatsu, Momo - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015556366

Bonded together? : welfare and stability in a Monetary Union with core–periphery preference convergence

Boscá, José E.; Ferri, Javier; Rubio, Margarita - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015556456

Debt stabilisation and dynamic interaction between monetary authority and national fiscal authorities

Gori, Luca; Purificato, Francesco; Sodini, Mauro - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015589988

Currency pegs and volatility in West African Economic and Monetary Union during COVID-19

Zuoping, Xiao; Zonon, Babatounde Ifred Paterne; Wang, … - 2025

This study examines how the COVID-19 pandemic affected the CFA franc (XOF) compared to the euro (EUR) within the West African Economic and Monetary Union (WAEMU). It is among the first to assess both currencies under systemic stress by combining event studies, risk metrics, and ARDL regressions....

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015625322