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| Registros recuperados: 11 | |
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| Krawczyk, Mariusz K.. |
| The politically and legally complicated character of the EU Eastern Enlargement heavily influenced the conflict between the legal and economic rationality underlying the construction of the EMR-II. This makes the ERM-II vulnerable to currency crises and creates conditions for a widespread currency and asset substitution in the accession countries. As a result, the required participation of all accession countries in the ERM-II imposes unnecessary costs on the whole enlargement process. The costs could be avoided if the EU adopted a more flexible approach to the enlargement of its monetary union, allowing for an individual path of adopting the euro in each accession country depending on the country's economic conditions. |
| Tipo: Working or Discussion Paper |
Palavras-chave: EU enlargement; Monetary integration; Currency crisis; Asset substitution; Financial Economics; F32; F33; F36. |
| Ano: 2004 |
URL: http://purl.umn.edu/26309 |
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| Sin, Lew Yuen; Asam Tuan Lorik, Ku. |
| Intra-trade among ASEAN countries have remained around 20% over the period 1993 until 2001 (ASEAN Secretariat). With this significant amount of trade being conducted between members of ASEAN countries, businesses were faced with exchange rate exposure due to the volatility of the exchange rate within the regions as was experienced during the Asian Financial Crisis of 1997-98. Members of the European Union overcome this exchange rate exposure by agreeing to form a monetary union and adopting Euro as their common currency in 1999. This paper examines the feasibility of a Optimum Currency Area (OCA) for ASEAN 9 to adopt a common currency, especially after the 1997-98 Asian Financial Crisis. Using macro-economic data for 9 ASEAN countries over the 15 years... |
| Tipo: Journal Article |
Palavras-chave: Monetary union; Optimum currency area; SVAR; Financial Economics; E52; F31; F36. |
| Ano: 2006 |
URL: http://purl.umn.edu/50151 |
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| Antzoulatos, Angelos A.. |
| With the elimination of foreign exchange risk among the E.M.U.-member countries, the yield of, say, French benchmark government bonds (henceforth, the yield) should be equal to that of German bonds, plus some credit and liquidity premia. Since both premia are not likely to change substantially from one day to the other, the yield should move in tandem with the German one and the corresponding spread should remain relatively stable. Yet, the yield exhibits a small but economically and statistically significant undershooting in response to changes in the German one, as a result of which the spread tends to decline when the latter increases, and vice-versa. We propose that the undershooting is the product of lagged adjustment in the European bond portfolios... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Benchmark Government Bonds; E.M.U.; Credit and Liquidity Premia; Bid/Ask Spread; Financial Economics; E43; F36; G11; G15. |
| Ano: 2002 |
URL: http://purl.umn.edu/26207 |
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| Kang, Sammo; Kim, Soyoung; Wang, Yunjong; Yoon, Deok Ryong. |
| Japan and Korea are close countries in terms of economic interaction as well as geography. To quantify the impact of changes in the yen-dollar exchange rate on the Korean economy before and after the crisis in 1997, the sample period has been divided into two sub-periods and the causal relationships examined by using vector autoregression analysis. Our estimates show that while the response of Korean industrial production to changes in the yen-dollar exchange rate was not significant during the pre-crisis period, it became significant during the post-crisis period. The forecast error variance decomposition also confirms that the yen-dollar exchange rate shocks have almost negligible explanatory power with regards to Korean industrial production during the... |
| Tipo: Working or Discussion Paper |
Palavras-chave: International Relations/Trade; E32; F36; F41. |
| Ano: 2003 |
URL: http://purl.umn.edu/26297 |
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| Volz, Ulrich. |
| This paper argues that, in contrast to the popular bipolar view on exchange rate choices, intermediate regimes in general and regional exchange rate systems such as the European Monetary System (EMS) in particular should not be ruled out per se even in today's world of highly mobile capital. The paper highlights that the 1992/93 crisis of the EMS' Exchange Rate Mechanism was a crisis of an exchange rate system and not just the collapse of unilateral pegs pursued by individual countries. Based on an assessment of credibility of the EMS before and during the crisis, the paper discusses distinct features that add to the credibility of regional exchange rate systems. It reasons that a system that is built around well-defined rules, and which is managed very... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Exchange rate regimes; Regional monetary systems; EMS crisis; Policy credibility; Financial Economics; F02; F33; F36; F42. |
| Ano: 2005 |
URL: http://purl.umn.edu/26238 |
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| Taing, Siv; Worthington, Andrew. |
| This paper examines return interrelationships between numbers of equity sectors across several European markets. The markets comprise six Member States of the European Union (EU): namely, Belgium, Finland, France, Germany, Ireland and Italy. The five sectors include the consumer discretionary, consumer staples, financial, industrials and materials sectors. Generalised Autoregressive Conditional Heteroskedasticity in Mean (GARCHM) models are used to consider the impact of returns in other European markets on the returns in each market across each sector. The results indicate that there are relatively few significant interrelationships between sectors in different markets, with most of these accounted for by the larger markets in France, Germany and Italy.... |
| Tipo: Journal Article |
Palavras-chave: Risk and return; Volatility; Autoregressive conditional heteroskedasticity; C32; F36; G15. |
| Ano: 2005 |
URL: http://purl.umn.edu/37160 |
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| Clark, Gordon L.; Monk, Ashby H.B.. |
| As representatives of nation-states in global financial markets, sovereign wealth funds (SWFs) share a common form and many functions. Arguably their form and functions owe as much to a shared (global) moment of institutional formation as they owe their form and functions to the hegemony of Anglo-American finance over the late 20th and early 21st centuries. We distinguish between the immediate future for SWFs in the aftermath of the global financial crisis, and two possible long-term scenarios; one of which sees SWFs becoming financial goliaths dominating global markets, while the other sees SWFs morphing into nation-state development institutions that intermediate between financial markets and the long-term commitments of the nation-state sponsors. If... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Sovereign Wealth Funds; Crisis; Market Performance; Long-term Investment; Financial Economics; D02; F36; G15. |
| Ano: 2010 |
URL: http://purl.umn.edu/98098 |
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| Registros recuperados: 11 | |
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