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Displaying results 1 to 11 of 11.

  1. Assessing the advantages of EMU enlargement for the EU and the accession countries
    a comparative indicator approach
    Author: Schweickert, Rainer
    Published: 2001
    Publisher:  Inst. of World Economics, Kiel

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  2. Public support for the euro and trust in the ECB
    the first two decades of the common currency
    Author: Roth, Felix; Jonung, Lars
    Published: 2019
    Publisher:  University of Hamburg, Chair of International Economics, Hamburg

    This paper examines the evolution of public support for the euro since its introduction as a virtual currency in 1999 , using a unique set of data not available for any other currency. We focus on the role of economic factors in... more

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    This paper examines the evolution of public support for the euro since its introduction as a virtual currency in 1999 , using a unique set of data not available for any other currency. We focus on the role of economic factors in determining the popularity o f the euro. We find that a majority of citizens support the e uro in each individual member country of the e uro a rea (EA) . T he economic crisis in the EA following the Great Recession led to a slight decline in public support, but the recent economic recovery h as strengthened that support , which is now approaching historical ly high levels after two decades of its existence. We detect a s imilar , but less pronounced upturn in trust in the ECB during the recovery . Our econometric work demonstrates that unemployment is a key driver of support behind the euro. Given these developments, w e discuss whether t he large and persistent majority support enjoyed by the euro equip s the currency to weather populist challenges du ring its third decade.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/193172
    Series: Hamburg discussion papers in international economics ; no. 2
    Subjects: Euro; Zentralbank; Öffentliche Meinung; Vertrauen; Eurozone; EU-Staaten; Euro; public support; trust; unemployment; optimum currency area; monetary union; ECB
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  3. A new optimum currency area index for the euro area
    Author: Kunovac, Davor; Rodriguez Palenzuela, Diego; Sun, Yiqiao
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We propose a new and time-varying optimum currency area (OCA) index for the euro area in assessing the evolution of the OCA properties of the monetary union from an international business cycle perspective. It is derived from the relative importance... more

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    DS 534
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    We propose a new and time-varying optimum currency area (OCA) index for the euro area in assessing the evolution of the OCA properties of the monetary union from an international business cycle perspective. It is derived from the relative importance of symmetric vs. asymmetric shocks that result from a sign and zero restricted open-economy structural vector autoregression (VAR) model. We argue that the euro area is more appropriate through the lens of empirical OCA properties when the relative importance of common symmetric shocks is high, but, at the same time, is not overly dispersed across euro area member countries. We find that symmetric shocks have been the dominant drivers of business cycles across euro area countries. Our OCA index, nevertheless, shows that cyclical convergence among euro area members is not a steady process as it tends to be disrupted by crises, especially those not primarily triggered by common external shocks. In the aftermath of a crisis the OCA index embarks on a recovery trajectory catching up with its pre-crisis level. Our OCA index is slow-moving and a good reflection of changing underlying economic structures across the euro area and, therefore, informative about the ability of monetary policy to stabilise the euro area economy in the medium run.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289953177
    Other identifier:
    hdl: 10419/269137
    Series: Working paper series / European Central Bank ; no 2730 (September 2022)
    Subjects: Economic convergence; optimum currency area; symmetric and asymmetric shocks
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  4. Relative price dynamics in the Euro area
    where do we stand?
    Author: Cova, Pietro; Rodano, Lisa
    Published: [2019]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Temi di discussione / Banca d'Italia ; number 1226 (June 2019)
    Subjects: euro area inflation and unit labour costs; EMU; optimum currency area; risksharing; current account balance
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  5. Public support for the euro and trust in the ECB
    the first two decades of the common currency
    Author: Roth, Felix; Jonung, Lars
    Published: June 2019
    Publisher:  Department of Economics, School of Economics and Management, Lund University, Lund

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/260280
    Series: Working paper / Department of Economics, Lund University ; 2019, 10
    Subjects: Euro; Zentralbank; Öffentliche Meinung; Vertrauen; Eurozone; EU-Staaten; Euro; public support; trust; unemployment; optimum currency area; monetary union; ECB; EU
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  6. On optimal currency areas and common cycles
    are the acceding countries ready to join the euro?
    Author: Grimm, Louisa; Steinkamp, Sven; Westermann, Frank
    Published: April 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    The former EU president Jean-Claude Junker has proposed that all countries of the European Union should also adopt the euro as their currency and recent research has shown that countries currently pursuing this goal indeed fulfill the classical... more

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    The former EU president Jean-Claude Junker has proposed that all countries of the European Union should also adopt the euro as their currency and recent research has shown that countries currently pursuing this goal indeed fulfill the classical Optimal Currency Area (OCA) criterion of positively correlated shocks with the European Monetary Union (EMU). We illustrate, however, that not only the correlation of shocks but also a common impulse response pattern over time is needed for a currency area to be optimal. We test this additional OCA criterion using the concept of a common serial correlation test. The test clearly rejects the notion that the potentially acceding countries share a common cyclical response pattern with the EMU aggregate – except for Sweden. Instead, the business cycles in most of the other countries exhibit only a very weak form of codependence.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/235386
    Series: CESifo working paper ; no. 9016 (2021)
    Subjects: codependent business cycles; serial correlation; common feature; European monetary integration; seasonality; optimum currency area
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  7. Cross-country unemployment insurance, transfers, and trade-offs in international risk sharing
    Author: Enders, Zeno; Vespermann, David
    Published: March 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We assess to which degree an international transfer mechanism can enhance consumption risk sharing as well as allocative efficiency and apply our results to the implicit transfers generated by a potential European unemployment benefit scheme (EUBS).... more

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    We assess to which degree an international transfer mechanism can enhance consumption risk sharing as well as allocative efficiency and apply our results to the implicit transfers generated by a potential European unemployment benefit scheme (EUBS). Specifically, we first develop a simple model with nominal rigidities to build intuition by deriving analytical results. We then use a rich DSGE model, calibrated to the Core and the Periphery of the euro area, to quantitatively analyze the changing dynamics that a EUBS brings about. We find that a EUBS can provide risk sharing by stabilizing relative consumption as well as unemployment differentials. Following supply shocks, however, the cross-country transfer embodied in the unemployment benefits is spent to a large degree on relatively inefficiently produced goods in the receiving countries. This renders the allocation even more inefficient by opening country-specific labor wedges further, also after government-spending shocks. Yet, since this trade-off between allocative efficiency and consumption risk sharing does not exist after certain demand shocks, the welfare effects of a EUBS depend on the cause for international unemployment differentials. A EUBS that is only active after specific shocks would therefore maximize overall welfare. Even without this feature, a EUBS would raise Core’s welfare in the quantitative model, leaving Periphery’s welfare almost unchanged.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/235335
    Series: CESifo working paper ; no. 8965 (2021)
    Subjects: cross-country transfers; international unemployment insurance; EMU European business cycles; optimum currency area; structural reforms
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  8. Assessing the advantages of EMU-enlargement for the EU and the accession countries : a comparative indicator approach
    Author: Schweickert, Rainer
    Published: 2001
    Publisher:  Kiel Institute for the World Economy (IfW), Kiel

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  9. The impact of diverging economic structure on current account imbalances in the euro area
    Author: Ehmer, Philipp
    Published: 2014
    Publisher:  Univ. Witten, Herdecke, Wirtschaftswiss. Fak., Witten

    The measures implemented to reduce current account deficits within several euro area econ-omies are aimed at boosting competitiveness to raise exports. Due to low industrial capacities in Greece, Portugal and Spain, for instance, it is questionable,... more

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    The measures implemented to reduce current account deficits within several euro area econ-omies are aimed at boosting competitiveness to raise exports. Due to low industrial capacities in Greece, Portugal and Spain, for instance, it is questionable, however, whether exports can contribute much to the required turnaround of the current account. The existing literature on current account determinants ignores the impact of economic structure. However, as industrial goods are more tradable than services, a specialisation on manufacturing industries should ceteris paribus lead to an improved current account. The empirical analysis of this paper con-firms a significant impact of the sectoral focus on the current account within the euro area. Hence, the turnaround in crisis-hit economies has to be accomplished mostly through imports. As can be observed, this brings about severe recessions - more severe than in manufacturing-based economies which use the exports channel to a larger extent. Within a currency union where there is no depreciation which facilitates the adjustment economies should aim at har-monising their economic structure regarding export capacity.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/104636
    Series: Diskussionspapiere / Wirtschaftwissenschaftliche Fakultät, Universität Witten, Herdecke ; N.S., 27/2014
    Subjects: euro area; current account imbalances; current account determinants; savings rate, economic structure; sectoral focus; optimum currency area
    Scope: Online-Ressource (49 S.), graph. Darst.
  10. The effect of asymmetries in fiscal policy conducts on business cycle correlation in the EU
    Author: Rozmahel, Petr; Grochová, Ladislava Issever; Litzman, Marek
    Published: 2014
    Publisher:  WWWforEurope, Vienna

    The paper examines the effects of asymmetries in fiscal policy conduct upon the correlation of business cycles in the European Union. In particular the paper estimates the effects of fiscal indiscipline and dissimilarity on business cycle correlation... more

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    The paper examines the effects of asymmetries in fiscal policy conduct upon the correlation of business cycles in the European Union. In particular the paper estimates the effects of fiscal indiscipline and dissimilarity on business cycle correlation in the period 1996-2012 using a panel of 27 EU countries. The paper pays special attention to Central and Eastern European countries and examines the effects of interactions between fiscal policy measures and the fact that the country has not yet adopted the Euro. The results show a significant and robust negative effect of fiscal indiscipline and dissimilarity upon business cycle correlation in the EU. The paper also provides some evidence for the significance of intra-industry trade as well as of the interactions between fiscal measures and non-Euro area membership. The study provides arguments for fiscal policy harmonisation and fiscal discipline of the Euro area member as well as acceding countries, as undisciplined and dissimilar fiscal policies are shown as sources of business cycle deviations from the average European cycle.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/125717
    Series: Working paper / WWWforEurope WelfareWealthWork ; 62
    Subjects: European integration; Euro area; business cycle correlation; fiscal divergence; fiscal irresponsibility; optimum currency area
    Scope: Online-Ressource ([5], 28 S.), graph. Darst.
  11. Doomsday for the euro area
    causes, variants and consequences of breakup
    Author: Belke, Ansgar; Verheyen, Florian
    Published: 2013
    Publisher:  ROME, Düsseldorf

    In this paper we describe the genesis of a doomsday scenario and discuss potential causes and motivations for a breakup of the euro area. For this purpose, we differentiate between the departure of weak and strong countries, and examine the impact of... more

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    DS 426 (2013,11)
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    In this paper we describe the genesis of a doomsday scenario and discuss potential causes and motivations for a breakup of the euro area. For this purpose, we differentiate between the departure of weak and strong countries, and examine the impact of the reintroduction of a national currency on domestic debt, the domestic banking sector, EU membership and the freedom of trade. We also briefly analyze the social and political costs of the accompanying social disorder.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/98646
    Series: ROME discussion paper series ; 13-11
    Subjects: banking crisis; debt crisis; exchange rates; euro; optimum currency area; secession
    Scope: Online-Ressource (17 S.)