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Interest Rate Linkages Within The European Monetary System
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Book Synopsis Interest Rate Linkages Within the European Monetary System by : Costas I. Karfakis
Download or read book Interest Rate Linkages Within the European Monetary System written by Costas I. Karfakis and published by . This book was released on 1990 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Estudio sobre la conexion entre los tipos de interes de los paises miembros del SME. Utiliza para ello un analisis bivariante de los tipos de interes de seis paises del SME, entre ellos Alemania; investigando la informacion contenida en los tipos de interes de Alemania sobre los tipos de interes futuros de los otros estados miembros. Los resultados muestran la dependencia de los tipos de interes en los paises miembros del SME respecto a los de Alemania, siendo esta relacion solamente unidireccional, lo que resalta el papel dominante de Alemania en el SME sin necesidad de considerar para ello las restricciones a los movimientos de capital.
Book Synopsis Interest Rates Linkages Within the EMS by : Engin Kucukkaya
Download or read book Interest Rates Linkages Within the EMS written by Engin Kucukkaya and published by . This book was released on 2017 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies multi-equation cointegration methodology to the short-term interest rate series of European Monetary System (EMS) member countries during the period from March 1979 to July 1998. The objective of the paper is to measure the degree to which the interest rates of EMS member countries moved together and whether they exhibited different trends over the period. The behavior of the interest rates provides a test of the EMS' performance in coordinating member country interest rates. The results based on the performance of the EMS yield information about future prospects for the Euro and about the future impacts of the single European currency on member countries. Our results show that interest rates of EMS member countries conformed to a long-term equilibrium relationship between 1979 and 1998. The equilibrium relationship is stronger before the 1992 crisis, and loses its strength after 1992. Based on the lack of coordination of interest rates under the EMS system, the introduction of the Euro will impact the credit markets of ECU members differently and complicate, monetary policy decision-making by the European Central Bank.
Book Synopsis Additional Evidenceon Ems Interest Rate Linkages by : Mr.John Thornton
Download or read book Additional Evidenceon Ems Interest Rate Linkages written by Mr.John Thornton and published by International Monetary Fund. This book was released on 1996-10-01 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note examines interest rate linkages within the EMS. Cointegration tests suggest the existence of a long-run equilibrium relationship between German and other EMS interest rates. Bivariate VAR analysis finds that Granger-causality either stems from German to other European interest rates (Belgium, France, Spain, and the U.K.) or is bidirectional (Denmark and the Netherlands). When allowance is made for the influence of U.S. interest rates, the pattern of Granger causality is predominantly bidirectional.
Book Synopsis Additional Evidence on EMS Interest Rate Linkages by : Alicia García-Herrero
Download or read book Additional Evidence on EMS Interest Rate Linkages written by Alicia García-Herrero and published by . This book was released on 1996 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Linkage of Interest Rates Within the EMU by : Michael J. Artis
Download or read book The Linkage of Interest Rates Within the EMU written by Michael J. Artis and published by . This book was released on 1997 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Interest Rate Linkages in Europe Before and After the Introduction of the European Monetary System by : Gebhard Kirchgässner
Download or read book Interest Rate Linkages in Europe Before and After the Introduction of the European Monetary System written by Gebhard Kirchgässner and published by . This book was released on 1990 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dynamic Linkages of Interest Rates Within EMS by : Nikiforos T. Laopodis
Download or read book Dynamic Linkages of Interest Rates Within EMS written by Nikiforos T. Laopodis and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the nature of the interaction of short- and long-term interest rates within the European Monetary System for the period 1979-1999. The empirical examination centers on the 'German Dominance' hypothesis which purports that German interest rates should convey valuable information to the other EMS countries' interest rates behavior. In other words, it is assumed that there exist uni-directional volatility spillovers from the Bundesbank to the other countries' central banks. The methodology employed is the multivariate framework of the EGARCH model which is capable of capturing the potential asymmetries and other anomalies of the volatility transmission mechanism. The results do not support the dominance hypothesis, in a strict sense, since Germany's monetary policy is influenced by the actions of its partners, especially since 1990. Finally, the implications for a European Union monetary policy are highlighted.
Book Synopsis Asymmetries in the European Monetary System by : Costas I. Karfakis
Download or read book Asymmetries in the European Monetary System written by Costas I. Karfakis and published by . This book was released on 1990 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Interest Rate Linkage in Europe Before and After the Introduction of the European Monetary System by : Gebhard Kirchgässner
Download or read book Interest Rate Linkage in Europe Before and After the Introduction of the European Monetary System written by Gebhard Kirchgässner and published by . This book was released on 1995 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Interest rate linkages in Europe before and after the introduction of the European monetary system by : Gebhard Kirchgässner
Download or read book Interest rate linkages in Europe before and after the introduction of the European monetary system written by Gebhard Kirchgässner and published by . This book was released on 1991 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Interest Rate Relationships by : J. T. Kneeshaw
Download or read book International Interest Rate Relationships written by J. T. Kneeshaw and published by . This book was released on 1985 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Linkages Between Short-Term Real Interest Rates by : Mbodja Mougoue
Download or read book International Linkages Between Short-Term Real Interest Rates written by Mbodja Mougoue and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whereas previous studies have focused on the causal relation between nominal interest rates, this paper examines causal relationships between real rates for the United States and six other countries. Based on evidence from our full sample, we find that U.S. and foreign interest rates are not highly informative for one another. This would suggest that even if the United States is regarded as a large player in international financial markets, this does not necessarily translate into the transmission of U.S. real interest rates to other countries. However, an examination of various sub- periods of our sample reveals that this conclusion may be sensitive to the U.S. monetary policy regime. We also report results for linkages between European countries which indicate that Germany provides some information on real interest rates in France and the United Kingdom but not in Italy. An analysis of various sub-periods for the European countries show that the result for France is not robust, with German rates having an impact only in the first period through March 1983. This latter evidence does not provide strong support for the hypothesis that Germany's monetary policy plays a dominant role in the European Monetary System. In general, we would argue that domestic factors play a prominent role in determining real interest rates, quite independently from the influence of interest rates from abroad.
Book Synopsis Fiscal Policy and Interest Rates in the European Union by : Klaas Knot
Download or read book Fiscal Policy and Interest Rates in the European Union written by Klaas Knot and published by Edward Elgar Publishing. This book was released on 1996 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Klaas, who is with the monetary and economic policy department De Nederlandsche Bank in Amsterdam, explores the potential effects of fiscal policy on financial markets in the Union, taking into account the gradual liberalization of capital movements throughout Western Europe and the institutional framework of the European monetary system. He takes a new approach to the impact of budget deficits on interest rates, especially in relation to international financial integration. He concludes that budget deficits since the early 1970s have raised interest rates and recommends balanced budgets to keep money cheap. Annotation copyrighted by Book News, Inc., Portland, OR
Book Synopsis The Political Economy Of European Monetary Unification by : Barry Eichengreen
Download or read book The Political Economy Of European Monetary Unification written by Barry Eichengreen and published by Routledge. This book was released on 2018-03-08 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first edition of this book was published in 1994, as the future of monetary unification in Europe was very much in doubt. With Economic and Monetary Union now in place, it is appropriate to bring the scholarship on the topic up to date for the students of international political economics. To this effect, essayists Jeffry Frieden, Geoffrey Garrett, Lisa L. Martin, Benjamin J. Cohen revised four of the original chapters to reflect new conditions. Editors, Barry Eichengreen and Frieden completely rewrote the introductory essay. Three new chapters by Matthew Gabel, Charles Engel, and Paul De Grauwe et al cover public support for EMU, local currency pricing, and whether Europe is now better off? The updated volume's purpose remains that of bringing the latest in scholarship in Economics and Political Science to bear on the European monetary integration
Book Synopsis Following Germany's Lead by : Julian Di Giovanni
Download or read book Following Germany's Lead written by Julian Di Giovanni and published by International Monetary Fund. This book was released on 2005 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Forward-looking behavior on the part of the monetary authority leads least squares estimates to understate the true growth consequences of monetary policy interventions. We present instrumental variables estimates of the impact of interest rates on real output growth for several European countries, using German interest rates as the instrument. We show that the difference between least squares and instrumental variables estimates provides bounds for the degree of endogeneity in monetary policy. The results confirm a considerable downward bias of estimates that do not account for potential forward-looking monetary policy decisions. The bias is higher for countries whose monetary policy was more independent of Germany.
Author :Jacques van Ypersele Publisher :Brussels : Commission of the European Communities ISBN 13 :9789282534687 Total Pages :152 pages Book Rating :4.5/5 (346 download)
Book Synopsis The European Monetary System by : Jacques van Ypersele
Download or read book The European Monetary System written by Jacques van Ypersele and published by Brussels : Commission of the European Communities. This book was released on 1984 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The French-German Interest Rate Differential Since German Unification by : Jérôme Henry
Download or read book The French-German Interest Rate Differential Since German Unification written by Jérôme Henry and published by . This book was released on 1995 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
