Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download The Cost Of Heterogeneity In A Monetary Union full books in PDF, epub, and Kindle. Read online The Cost Of Heterogeneity In A Monetary Union ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : Andrew Hughes Hallett
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.X/5 (6 download)
Download or read book The Cost of Heterogeneity in a Monetary Union written by Andrew Hughes Hallett and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Séverine Menguy
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (118 download)
Download or read book Structural Heterogeneity and Partial Budgetary Cooperation in a Monetary Union written by Séverine Menguy and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jürgen von Hagen
Publisher : Springer Science & Business Media
ISBN 13 : 1475763905
Total Pages : 331 pages
Book Rating : 4.4/5 (757 download)
Download or read book Regional Aspects of Monetary Policy in Europe written by Jürgen von Hagen and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary union has dawned in Europe. Now that the common currency is a reality, questions concerning the practical conduct of monetary policy in the European Monetary Union (EMU) are moving to the forefront of the policy debate. Among these, one of the most critical is how the new monetary union will cope with the large heterogeneity of its member economies. Given the large differences in economic and financial structures among the EMU member states, monetary policy is likely to affect different member economies in different ways. Regional Aspects of Monetary Policy in Europe collects the proceedings of an international conference held at the Center for European Integration Studies of the University of Bonn, dedicated to this issue. The contributions to this conference fall into two parts. The first part consists of empirical and theoretical studies of the regional effects of monetary policy in heterogeneous monetary unions. The second part consists of papers analyzing the political economy of monetary policy in a monetary union of heterogeneous regions or member states. The papers all support the conclusion that regional differences in the responses to a common monetary policy will make European monetary policy especially difficult in the years to come. Such differences arise from a variety of sources, and they cannot be expected to be mere teething troubles that will disappear after a while. Even if they were ignored in the run-up to the EMU, Europe's central bankers and economic policy makers will have to learn how to cope with such differences in the future.
Author : Michael Carlberg
Publisher :
ISBN 13 : 9783662044360
Total Pages : 276 pages
Book Rating : 4.0/5 (443 download)
Download or read book An Economic Analysis of Monetary Union written by Michael Carlberg and published by . This book was released on 2001-05-22 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the new economics of monetary union. It carefully discusses the effects of shocks and policies on output and prices. Shocks and policies are country-specific or common. They occur on the demand or supply side. Countries can differ in behavioural functions. Wages can be fixed, flexible, or slow. In addition, fixed wages and flexible wages can coexist. Take for instance fixed wages in Germany and flexible wages in France. Or take fixed wages in Europe and flexible wages in America. A special feature of this book is the numerical estimation of shock and policy multipliers. Further topics are inflation and disinflation. Take for instance inflation in Germany and price stability in France. Then what policy is needed for disinflation in the union? And what will be the dynamic effects on Germany and France?
Author : Margarita Rubio
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (59 download)
Download or read book Housing Market Heterogeneity in a Monetary Union written by Margarita Rubio and published by . This book was released on 2009 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lisa Lambertz
Publisher : GRIN Verlag
ISBN 13 : 366897411X
Total Pages : 21 pages
Book Rating : 4.6/5 (689 download)
Download or read book The Impact of Heterogeneity Costs on the European Integration Crisis written by Lisa Lambertz and published by GRIN Verlag. This book was released on 2019-07-08 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Academic Paper from the year 2017 in the subject Politics - Topic: European Union, grade: 8.0, Maastricht University (School of Business and Economics), course: Bachelor Kurs Jahr 3, language: English, abstract: After the first half of the 20th century, Europe had already witnessed two world wars, which were the result of frequent conflicts among European neighbours. At that point in time, political leaders such as Konrad Adenauer, Jean Monnet and Robert Schuman envision a united and peaceful European Union (hereafter called EU). European integration begins timid in 1950 with the European Coal and Steel Agreement to permanently consolidate European countries economically and politically. In 1957, the Treaty of Rome creates the foundation for the European Economic Community to establish the European Customs Union. In 1993, at the time of its third enlargement, the European States Community is grown to 12 member states and signs the Maastricht Treaty, which leads to the creation of a common currency for most of the European member states. Finally, the single market with "four freedoms of: movement of goods, services, people and money" is completed.
Author : Paul R. Bergin
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (695 download)
Download or read book The dynamic effects of currency union on trade written by Paul R. Bergin and published by . This book was released on 2010 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: A currency union's ability to increase international trade is one of the most debated questions in international macroeconomics. This paper studies the dynamics of these trade effects. First, an empirical study of the European Monetary Union finds that the extensive margin of trade (entry of new firms or goods) responds several years ahead of overall trade volume. This implies that the intensive margin (previously traded goods) falls in the run-up to EMU. The paper's theoretical contribution is to study the announcement of a future monetary union as a news shock to trade costs in the context of a dynamic stochastic general equilibrium trade model. Early entry of new firms in anticipation is explainable as a rational forward-looking response under certain conditions, where essential elements include sunk costs of exporting and heterogeneity among firms of a type known before entry. The findings help identify which types of trading frictions are reduced by a currency union. The important role of expectations also indicates that continued gains from EMU depend upon long-term credibility of the union.
Author : Mr.Itai Agur
Publisher : International Monetary Fund
ISBN 13 : 1513519883
Total Pages : 38 pages
Book Rating : 4.5/5 (135 download)
Download or read book Designing Central Bank Digital Currencies written by Mr.Itai Agur and published by International Monetary Fund. This book was released on 2019-11-18 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the optimal design of a central bank digital currency (CBDC) in an environment where agents sort into cash, CBDC and bank deposits according to their preferences over anonymity and security; and where network effects make the convenience of payment instruments dependent on the number of their users. CBDC can be designed with attributes similar to cash or deposits, and can be interest-bearing: a CBDC that closely competes with deposits depresses bank credit and output, while a cash-like CBDC may lead to the disappearance of cash. Then, the optimal CBDC design trades off bank intermediation against the social value of maintaining diverse payment instruments. When network effects matter, an interest-bearing CBDC alleviates the central bank's tradeoff.
Author : Margarita Rubio Sánchez
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (143 download)
Download or read book Housing Market Heterogeneity in a Monetary Union written by Margarita Rubio Sánchez and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the implications of cross-country housing market heterogeneity for a monetary union, also comparing the results with a flexible exchange rate and independent monetary policy setting. I develop a two-country new Keynesian general equilibrium model with housing and collateral constraints to explore this issue. Results show that in a monetary union, consumption reacts more strongly to monetary policy shocks in countries with high loan-to-value ratios (LTVs), a high proportion of borrowers or variable-rate mortgages. As for asymmetric technology shocks, output and house prices increase by more in the country receiving the shock if it can conduct monetary policy independently. I also find that after country-specific housing price shocks consumption does not only increase in the country where the shock takes place, there is an international transmission. From a normative perspective, I conclude that housing-market homogenization in a monetary union is not beneficial per se, only when it is towards low LTVs or predominantly fixed-rate mortgages. Furthermore, I show that when there are asymmetric shocks but identical housing markets, it is beneficial to form a monetary union with respect to having a flexible exchange rate regime. However, for the examples I consider, net benefits decrease substantially if there is LTV heterogeneity and are negative under different mortgage contracts. [Resumen de autor]
Author : Drew Fudenberg
Publisher : World Scientific
ISBN 13 : 9812818464
Total Pages : 417 pages
Book Rating : 4.8/5 (128 download)
Download or read book A Long-run Collaboration on Long-run Games written by Drew Fudenberg and published by World Scientific. This book was released on 2009 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together the joint work of Drew Fudenberg and David Levine (through 2008) on the closely connected topics of repeated games and reputation effects, along with related papers on more general issues in game theory and dynamic games. The unified presentation highlights the recurring themes of their work.
Author : Giancarlo Corsetti
Publisher : International Monetary Fund
ISBN 13 : 1475516800
Total Pages : 49 pages
Book Rating : 4.4/5 (755 download)
Download or read book Sovereign Risk and Belief-Driven Fluctuations in the Euro Area written by Giancarlo Corsetti and published by International Monetary Fund. This book was released on 2013-11-06 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this “sovereign risk channel.” The model is calibrated to the euro area as of mid-2012. We show that a combination of sovereign risk in one region and strongly procyclical fiscal policy at the aggregate level exacerbates the risk of belief-driven deflationary downturns. The model provides an argument in favor of coordinated, asymmetric fiscal stances as a way to prevent selffulfilling debt crises.
Author : Filippo Balestrieri
Publisher : International Monetary Fund
ISBN 13 : 1484376730
Total Pages : 66 pages
Book Rating : 4.4/5 (843 download)
Download or read book An Imperfect Financial Union With Heterogeneous Regions written by Filippo Balestrieri and published by International Monetary Fund. This book was released on 2018-09-11 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze a union of financially-integrated yet politically-sovereign countries, where households in the Northern core of the union lend to those in the Southern periphery in a unified debt market subject to a borrowing constraint. This constraint generates sudden stops throughout the South, depresses the intra-union interest rate, and reduces Northern welfare below its unconstrained level, while having ambiguous effects on Southern welfare. During sudden stops, Pareto improvements can be achieved using North-to-South governmental loans if Southern governments have the capacity to commit to repay, or using a combination of Southern debt relief and budget-neutral taxes and subsidies if they do not. From the pre-crisis perspective, it is Pareto-improving to allow loans and debt relief to be negotiated in later sudden-stop periods as long as the regions in the union are sufficiently heterogeneous to begin with. We show that our results are robust to production and to limited financial openness of the union.
Author : Hubert Kempf
Publisher : Springer Nature
ISBN 13 : 303093232X
Total Pages : 457 pages
Book Rating : 4.0/5 (39 download)
Download or read book Monetary Unions written by Hubert Kempf and published by Springer Nature. This book was released on 2022-04-22 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook explains the notion of monetary union, highlighting the key concepts, procedures, and challenges involved. The book is organized in three parts. In the first part, the reader learns about monetary issues, like definitions and typology of monetary unions, rationale of monetary unions, monetary policy, monetary institutional matters. The second part is devoted to fiscal matters and the interplay between fiscal and monetary policies, such as deficits, transfers, public debt sustainability issues, fiscal policy, policy mix. The last part focuses on other distinct but related issues, necessary to complete the union: banking and fiscal unions, structural adjustments in a monetary union. It ends with a chapter on the fate of monetary unions: how they develop, mature and sometimes dissolve. The book addresses students at undergraduate and graduate level, interested in a better understanding of international macroeconomics and monetary unions, as well as policy-makers, practitioners and economists in central banks, ministries of economics, economic institutions and banks.
Author : Patrick A. Imam
Publisher : International Monetary Fund
ISBN 13 : 1484348222
Total Pages : 46 pages
Book Rating : 4.4/5 (843 download)
Download or read book West African Economic and Monetary Union written by Patrick A. Imam and published by International Monetary Fund. This book was released on 2013-10-22 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial system in the WAEMU remains largely bank-based. The banking sector comprises 106 banks and 13 financial institutions, which together hold more than 90 percent of the financial system’s assets (about 54 percent of GDP at end-2011). Five banks account for 50 percent of banking assets. The ownership structure of the sector is changing fast, with the rapid rise of foreign-owned (pan-African) banks. This contributes to higher competition but also rising heterogeneity in the banking system, with large and profitable cross-country groups competing with often weaker country-based (and sometime government-owned) banks. Nonbank financial institutions are developing quickly, notably insurance companies, but remain overall small. This paper presents a detailed analysis of the banking system.
Author : Ms.Ruo Chen
Publisher : International Monetary Fund
ISBN 13 : 1475512120
Total Pages : 76 pages
Book Rating : 4.4/5 (755 download)
Download or read book External Imbalances in the Euro Area written by Ms.Ruo Chen and published by International Monetary Fund. This book was released on 2012-10-09 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world –in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions’ securities, and cross-border interbank lending) which permitted external imbalances to grow over time.
Author : Miroslav Beblavý
Publisher : Cambridge University Press
ISBN 13 : 1139503634
Total Pages : 373 pages
Book Rating : 4.1/5 (395 download)
Download or read book The Euro Area and the Financial Crisis written by Miroslav Beblavý and published by Cambridge University Press. This book was released on 2011-10-06 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2007–10 has presented a number of key policy challenges for those concerned with the long-term stability of the euro area. It has shown that price stability as provided by the European Central Bank is not enough to guarantee financial stability, and exposed fault lines in governance and deficiencies in the architecture of the financial supervisory and regulatory framework. This book addresses these and other issues, including why the crisis affected some countries more than others, whether the euro is still attractive for new EU states, and what policy changes and structural reforms, both macro and micro, should be undertaken to ensure its future viability. Written by a team of leading academic and central bank economists, the book also includes chapters on the cross-country incidence of the crisis, the Irish crisis and ECB monetary policy during the crisis, and studies on Spain, the Baltics, Slovakia and Slovenia.
Author : Giorgia Giovannetti
Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.F/5 ( download)
Download or read book A Monetary Union for a Heterogeneous Europe written by Giorgia Giovannetti and published by . This book was released on 1995 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
