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The Germany Illusion
Europe is in a period of transition and there is great uncertainty about its direction. No country plays a greater role in influencing Europe's future path than Germany, which is either seen as overbearing or indecisive in its imposition of policies-and sometimes is seen as both at once. In The Germany Illusion, Marcel Fratzscher provides a distinctive corrective to common misunderstandings of Germany's domestic political economy and how it affects its European and global roles. Fratzscher's trenchant analysis sheds light on the true state of Germany's economy, which is neither as rosy as optimists believe nor as hidebound as pessimists fear. He covers the breadth of the German economy, from...
Do China and Oil Exporters Influence Major Currency Configurations?
This is a print on demand edition of a hard to find publication. Analyzes the impact of the shift away from a U.S. dollar focus of systemically important emerging market economies (EMEs) on configurations between the U.S. dollar, the euro and the yen. The report analyzes the market impact on major currency pairs of official statements made by EME policy-makers about their exchange rate regime and reserve composition. Such statements have an economically significant impact on the euro, and to a lesser extent the yen against the U.S. dollar. Communication hinting at a weakening of EMEs¿ U.S. dollar focus contributed to the appreciation of the euro against the U.S. dollar in recent years. Overall, the results underscore the growing systemic importance of EMEs for global exchange rate configurations. Ill.
How Successful Is the G7 in Managing Exchange Rates?
Assesses the extent to which the Group of Seven (G7) has been successful in its management of major currencies since the 1970s. The G7 has been effective in moving the U.S. dollar, yen and euro in the intended direction at horizons of up to three months after G7 meetings, but not at longer horizons. The findings indicate that the reputation and credibility of the G7, as well as its ability to form and communicate a consensus among individual G7 members, are important determinants for the G7¿s ability to manage major currencies. This paper concludes by analyzing the factors that help the G7 build reputation and consensus, and by discussing the implications for global economic governance. Charts and tables.
Happy Birthday? The Euro at 20
We analyse the first twenty years of the euro both from an economic and an institutional perspective. We find that in particular during the period since the financial crisis, convergence as measured by a variety of indicators has not improved. Design flaws in the Eurozone institutional architecture have contributed importantly to this lack of convergence. This is why further reforms are urgently needed.
Planetary Economics
How well do our assumptions about the global challenges of energy, environment and economic development fit the facts? Energy prices have varied hugely between countries and over time, yet the share of national income spent on energy has remained surprisingly constant. The foundational theories of economic growth account for only about half the growth observed in practice. Despite escalating warnings for more than two decades about the planetary risks of rising greenhouse gas emissions, most governments have seemed powerless to change course. Planetary Economics shows the surprising links between these seemingly unconnected facts. It argues that tackling the energy and environmental problems...
Forecasting ECB Monetary Policy
Monetary policy in the euro area is conducted within a multicountry, multicultural, and multilingual context involving multiple central banking traditions. How does this heterogeneity affect the ability of economic agents to understand and to anticipate monetary policy by the European Central Bank (ECB)? Using a database of surveys of professional ECB policy forecasters in 24 countries, we find remarkable differences in forecast accuracy, and show that they are partly related to geography and clustering around informational hubs, as well as to country-specific economic conditions and traditions of independent central banking in the past. In large part, this heterogeneity can be traced to differences in forecasting models. While some systematic differences between analysts have been transitional and are indicative of learning, others are more persistent.
Monetary Policy, Bank Bailouts and the Sovereign-bank Risk Nexus in the Euro Area
The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms two-way causality between shocks to sovereign risk and bank risk, with the former being overall more important in explaining bank risk, than vice versa. The paper focuses specifically on the impact of non-standard monetary policy measures by the European Central Bank and on the effects of bank bailout policies by national governments. Testing specific hypotheses formulated in the literature, we find that bank bailout policies have reduced solvency risk in the banking sector, but partly at the expense of raising the credit risk of sovereigns. By contrast, monetary policy was in most, but not all cases effective in lowering credit risk among both sovereigns and banks. Finally, we find spillover effects in particular from sovereigns in the euro area periphery to the core countries.
The Oxford Handbook of the Economics of Central Banking
"The Handbook reflects the state of the art in the theory and practice of central banking. It covers all the essential areas that have come under scrutiny since the global financial crisis of 2007-9"--
Transparency, Disclosure, and the Federal Reserve - Scholar's Choice Edition
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
