European Monetary Union — the Theory
In: The Economics of Europe, S. 255-268
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In: The Economics of Europe, S. 255-268
In: The international spectator: journal of the Istituto Affari Internazionali, Band 34, Heft 3, S. 29-44
ISSN: 1751-9721
In: Contemporary economic policy: a journal of Western Economic Association International, Band 9, Heft 1, S. 72-80
ISSN: 1465-7287
In: Swiss political science review: SPSR = Schweizerische Zeitschrift für Politikwissenschaft : SZPW = Revue suisse de science politique : RSSP, Band 18, Heft 4, S. 508-513
ISSN: 1662-6370
In: Journal of institutional and theoretical economics: JITE, Band 134, Heft 3, S. 563-565
ISSN: 0932-4569
This contribution to the panel on the future to EMU discusses the tensions that arise from the fact that banks are, on the one hand, an essential element of the monetary transmission mechanism and, on the other hand, an integral part of local, regional or national polities. Banking union can eliminate or at least reduce some of the procrastination that has allowed maintained bank weaknesses to persist and harmed the transmission of monetary policy but, whereas the SSM has been fairly successful, resolution is still not working properly and needs further reforms. At the same time, banking union suffers from the problem that interventions from Brussels or Frankfurt are seen as infringements of national sovereignty that lack political legitimacy. The conflict between supranational and national interests is ultimately irresolvable but, if EMU is to survive, measures must be taken to limit its impact.
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In: Essays in international finance 178
World Affairs Online
In: Untersuchungen zur Wirtschaftspolitik 135
In: Journal of Social Science Studies, Band 4, Heft 2, S. 42
ISSN: 2329-9150
Monetary transmission mechanism is the mechanism which shows in what ways and what extent interaction between the real economy-monetary policy, impacts aggregate demand and production. While transmission channels or mechanisms traditionally classified they divided into three categories; interest rates, Exchange rates and other asset prices.In this study to test the existence of the European debt crisis by the monetary transmission mechanism, 15 members of European Union country by using annual (2002-2014) data set were included into study. We use panel unit root tests to analyze whether the variables in the model are stationary or not. For the countries included in the study, panel causality tests developed by Granger is applied. Panel Vector Autoregressive Model has been estimated and results of Impulse-Response Analysis and Variance Decomposition have been interpreted.
This paper aims at empirically assessing the effect of the adoption of the euro on the ability of euro area member states to smooth consumption and share risk. With the objective of evaluating the economic performance of euro area countries in the scenario where the euro had not been adopted, we construct a counterfactual dataset of macroeconomic variables via the Synthetic Control Method. In order to get some preliminary measures of risk sharing, we compute correlations between consumption and GDP within a country, bilateral consumption correlations, and Brandt-Cochrane-Santa Clara indices across euro area member states. We then decompose risk sharing in different channels by means of the Asdrubali, Sorensen and Yosha (1996) output variance decomposition. Our difference in difference estimates show that the euro has not affected the level of international risk sharing across euro area countries, but has partially reduced the ability of member states to smooth consumption. We attribute this change to the higher GDP growth generated by the adoption of the euro, which has been accompanied by a greater output volatility. We also report differential effects for euro area core and periphery countries, showing that the former have not suffered any negative effect from the adoption of the euro in terms of risk sharing whereas the latter are now less able to smooth consumption. ; The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
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In: Research and Documentation Papers / Economic Series, No. 3
World Affairs Online
In: Journal of international economics, Band 34, Heft 3-4, S. 389
ISSN: 0022-1996
World Affairs Online