Emu And Long Interest Rates In Germany

Author : Mr.Jeronimo Zettelmeyer
Publisher : International Monetary Fund
ISBN 13 : 1451855443
Total Pages : 40 pages
Book Rating : 4.49/5 ( download)

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Download or read book EMU and Long Interest Rates in Germany written by Mr.Jeronimo Zettelmeyer and published by International Monetary Fund. This book was released on 1996-12-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The presence of an “EMU premium” in German long rates is tested by examining the co-movement of German and other European yields, as well as the exchange rate of the private ECU, in reaction to EMU-related events. If German yields incorporate an “EMU premium” while other European currencies expect lower interest rates from EMU, then German and other European long yields should react in opposite directions to events affecting the probability of EMU. In fact, they typically react in the same direction. Similarly, events which lead to an appreciation of the private ECU are associated with a decline in German yields.

Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
ISBN 13 : 364259039X
Total Pages : 463 pages
Book Rating : 4.99/5 ( download)

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Download or read book European Monetary Union written by Paul J.J. Welfens and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 463 pages. Available in PDF, EPUB and Kindle. Book excerpt: Paul J. J. Welfens European monetary union has been discussed for more than three decades and is likely to be realized in 1999. One may anticipate generous interpretations of the fiscal convergence criteria. Such generosity consistent with the Maastricht Treaty might impair the credibility of the ECB and the stability of the Euro, respectively, despite the fact that inflation is a monetary phenomenon and has little to do with government deficits, unless they were financed via the printing press, which is excluded in the Maastricht Treaty. The European Commission's forecast of spring 1997 suggests that Italy will have problems in joining the EMU starter group as the is expected to be 3. 2% in 1997 and even 3. 9% in 1998. A Italian deficitlGDP ratio fully developed EMU group (with all 15 cowltries included) would represent 38% of the OECD GDP, slightly higher than the U. S. with 33% (Japan 21%). The exports/GDP ratio of EU countries is 30%, the ratio with respect to exports outside the EU would be 10% (Japan, U. S. 8%). The share of the U. S. dollar in international currency reserves fell from 67% to 40% in 1995, while the share of European currencies increased from 13% to 37%. Prior to the EMU, market participants have to anticipate whether a transition to 1999 will bring windfall losses or gains in various bond markets.

Author : Marco Buti
Publisher : Oxford University Press
ISBN 13 : 9780198294771
Total Pages : 280 pages
Book Rating : 4.78/5 ( download)

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Download or read book Economic Policy in EMU written by Marco Buti and published by Oxford University Press. This book was released on 1998 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the advent of the third and final phase of European and Monetary Union (EMU), the debate over European monetary unification is at the top of the political and economic agenda. Much has been written over the past five years about whether EMU is justified given the various expected benefitsand prospective costs, but there has been little detailed material on how EMU will work and what the practical implications of it will be for Europe as a whole. Economic Policy in EMU is a comprehensive look at the mechanisms involved, likely effects on monetary and budgetary policy, and the ways in which monetary union will deal with and affect business cycles and regional differences. It combines rigorous analysis of how the European economy works withan insider view of how this will change after 1999: as such, it is vital reading for all involved in the most important topic facing Europe today.

Author : J. Hölscher
Publisher : Springer
ISBN 13 : 0230374476
Total Pages : 263 pages
Book Rating : 4.78/5 ( download)

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Download or read book Germany's Economic Performance written by J. Hölscher and published by Springer. This book was released on 2016-01-22 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive understanding of Germany's economic performance at the turn of the twenty-first century. The period under observation and analysis stretches from Germany's unification in 1990 over the death of the German Mark to first experiences with the Euro, with particular attention given to East Germany.

Author : Ian D. Davidson
Publisher : Springer
ISBN 13 : 1349248258
Total Pages : 367 pages
Book Rating : 4.54/5 ( download)

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Download or read book European Monetary Union: The Kingsdown Enquiry written by Ian D. Davidson and published by Springer. This book was released on 2016-07-27 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the next few years, Britain will face a momentous choice in Europe. Should it join a single currency in the European Union? Or should it stay outside? This report is the result of an intensive enquiry into the implications of that choice, led by Lord Kingsdown, former Governor of the Bank of England. It examines the pros and cons of British participation; the likely consequences for the British economy, including inflation, interest rates and foreign investment; and the broader political implications of the choice. It makes an essential, non-party contribution to the clarification of the British debate on Europe.

Author : Jeffrey Anderson
Publisher : Cambridge University Press
ISBN 13 : 9780521643900
Total Pages : 244 pages
Book Rating : 4.02/5 ( download)

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Download or read book German Unification and the Union of Europe written by Jeffrey Anderson and published by Cambridge University Press. This book was released on 1999-06-10 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the effects of Germany's unification in 1990 on its policies toward the European Union.

Author : Christian Müller
Publisher : Springer Science & Business Media
ISBN 13 : 9783790800647
Total Pages : 260 pages
Book Rating : 4.43/5 ( download)

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Download or read book Money Demand in Europe written by Christian Müller and published by Springer Science & Business Media. This book was released on 2003-06-23 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EURO has now been in place for more than two years, but only the future will tell if the ECB policy proves successful in the long-term. Whether the monetary authorities have sufficient information, and more important, the right information to manage the EURO currency, has been an open question and will remain so for some time to come. This book discusses the economic principals underlying the demand for money as a potentially useful relationship for policy makers, and the possibilities to recover its properties by means of multivariate time series analysis. It applies the outcome of these considerations to the whole EURO area as well as to France. While for the aggregate, a money demand function can be specified and be shown to have good forecasting properties, this fails in the French case. This book puts forth economic arguments that attempt to explain this. At various steps of the analysis, special attention is given to breaks in time series data. The presentation carefully outlines all means that have been used to cope with shifts in coefficients of the cointegration relations. A separate chapter is dedicated to testing for unit roots in time series with level shifts. This includes detection of break points, provision of test statistics, graphical evaluation of the empirical models and illustration of the procedure with a large set of international macroeconomic data.

Author : Volker Clausen
Publisher : Springer Science & Business Media
ISBN 13 : 3642595650
Total Pages : 213 pages
Book Rating : 4.53/5 ( download)

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Download or read book Asymmetric Monetary Transmission in Europe written by Volker Clausen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro and the ESCB have started in January 1999 and there is naturally a wide-ranging interest in academia and among policymakers in OECD coun tries, how successful European Monetary Union will and can be. EMU has started with 11 countries and experienced a rapid depreciation of the cur rency. With so many EU countries joining for a historical monetary union in a period of economic globalization, international financial market changes and ongoing EU enlargement the problem of monetary policy efficiency becomes crucial; especially as so many countries in the EU still have high unemploy ment rates and the euro has just started at the beginning of a cyclical upswing in the euro zone. Monetary policy is also quite crucial, because the Maastricht convergence criteria severely restrict the scope of national fiscal policy. With a very limited stock of valuable European monetary experience which could be usefully exploited by the ECB and the ESCB respectively, one naturally will appreciate advanced economic modeling of the main issues. This book takes an analytical look at the problem of asymmetric monetary transmission in Euroland. Facing the ECB's monetary policy, individual mem ber countries are likely to experience different policy effects. Countries differ in their financial structure -a well-known argument in the literature -but also in the characteristics of goods and labor markets. The latter fields have been somewhat neglected in the literature but receive broad analytical attention here.

Author : Malcolm Crawford
Publisher : Springer
ISBN 13 : 134925035X
Total Pages : 390 pages
Book Rating : 4.56/5 ( download)

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Download or read book One Money for Europe? written by Malcolm Crawford and published by Springer. This book was released on 2016-07-27 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe is on the road to monetary union (EMU) even if there may be delays and diversions on the way. The focal point of EMU will be its single currency, valid throughout all participating countries, and replacing the national currencies. There will be considerable transitional pain and stress, most of all for member states with very high public debts. For the rest, the road ahead will not be smooth, but should be assisted by easier monetary policy in Germany since 1993. For some countries at least, the pain will be aggravated unnecessarily by design defects in the transitional rules for entry - which there is still time to remedy. The author - no admirer of a federal Europe - describes how EMU could actually work better in a confederal Europe with no federal chief executive and with a relatively weak Parliament. The independent Eurofed would be responsible for managing economic policy on an EC-wide basis, while national governments could use fiscal policies to mitigate local deviations. Weak regions and poor peripheral countries would require more flexible assistance from EC resources, however.

Author : Martin Heipertz
Publisher : Cambridge University Press
ISBN 13 : 1139484354
Total Pages : 333 pages
Book Rating : 4.50/5 ( download)

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Download or read book Ruling Europe written by Martin Heipertz and published by Cambridge University Press. This book was released on 2010-03-18 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Stability and Growth Pact (SGP) is central to Economic and Monetary Union (EMU) in Europe. Initiated by Germany in 1995 and adopted in 1997, it regulates the fiscal policies of European Union Member States. Following numerous violations of its deficit reference value, the Pact's Excessive Deficit Procedure was suspended in 2003. The decision to suspend was brought before the European Court of Justice in 2004 and the SGP then underwent painstaking reform in 2005. After a period of economic prosperity and falling budgetary deficits, the global economic crisis put the system under renewed stress. Ruling Europe presents a comprehensive analysis of the political history of the SGP as the cornerstone of EMU. It examines the SGP through different theoretical lenses, offering a fascinating study of European integration and institutional design. One cannot understand the Euro without first understanding the SGP.