首页 | 本学科首页   官方微博 | 高级检索  
相似文献
 共查询到20条相似文献,搜索用时 15 毫秒
1.
This paper considers some accounting problems in the period leading up to the introduction of the European single currency, the euro. Taking into account two different scenarios regarding the economic and monetary union (EMU) from its first stage, different aspects concerning the area of accounting have been revised. These include exchange differences, financial states comparison, financial states conversion, increase in capital, discriminatory treatment of active and passive monetary and nonmonetary assets, accounting records, annual accounts or rounding. This paper will point out some of the problematic areas that may arise from the introduction of the euro. Although several aspects have been taken into account, as the EMU approaches, many other issues will need to be discussed.  相似文献   

2.
The effect of the single currency on the Purchasing Power Parity (PPP) hypothesis is examined in this study for the 15 EU countries, vis a vis the US dollar, before and after the advent of the euro. Standard as well as nonlinear unit root tests are employed on the time series dimension. Unit root tests reject PPP and the highest half-lives are observed after the introduction of the single currency. Panel unit root (Pesaran, 2007) and stationarity tests (Hadri and Kurozumi, 2008) that take into account cross-sectional dependence are also estimated. The results remain inconclusive as panel stationarity tests fail to support PPP whereas panel unit root tests fail to reject PPP for the whole sample and for the period before the introduction of the single currency.  相似文献   

3.
Ilian Mihov 《Economic Policy》2001,16(33):369-406
I discuss possible problems engendered by loss of national monetary policies, and study them from three empirical perspectives. First, are business cycles sufficiently synchronized across EMU member countries? The evidence suggests that economic activity in those countries has become increasingly correlated in the 1990s, and that policy co–ordination has played a role in generating that outcome. Second, are there asymmetries in the mechanisms through which policy affects economic activity? The paper documents that policy transmission was indeed heterogeneous in the member countries, and that structural and financial factors were sensibly related to cross–country differences in the response of output to a monetary policy shock. Third, how is policy implemented in an environment of diverse business cycle fundamentals and transmission mechanisms? Estimation of monetary policy reaction functions finds that the European Central Bank is closer to an aggregate of the central banks in Germany, France, and Italy than to the Bundesbank alone.  相似文献   

4.
5.
Across nations or regions, the debate on optimum exchange rate cum monetary policies is not yet resolved on three levels. First is the optimum domain of fixed exchange rates versus keeping them flexible. Second is the subordinate debate on whether one needs full monetary union (as in continental Europe) to secure an optimum currency area's internal domain; or, whether virtually fixed exchange rates — where national currencies remain in circulation — can be sufficient. Third is whether a regional grouping of economies with close trade ties (as in East Asia) gain by collectively pegging to an outside currency such as the US dollar. Using an axiomatic approach, which limits the set of cross‐country financial claims to what is feasible, I analyse how best to both share and reduce macroeconomic risks on these three levels. JEL classification: F31, F36.  相似文献   

6.
7.
8.
The aim of this paper is to analyze the economic and social cohesion from the Spanish perspective. The hypothesis is that the economic and social cohesion in the European Union needs three requirements. First, the Structural Funds, European Regional Development Fund, European Social Fund and European Agricultural Guide, and Guarantee Fund, increase their weight in the community budget. Second, the resources of those funds must be concentrated on the lesser developed regions. Third, each region assigns its resources to the improvement of the factors that contribute to its backwardness (quality of human capital, innovation, development, and managerial initiative). The analysis is based on the first and second Community Support Framework [CSF 1989–93 and CSF 1994–99].An earlier version of this paper was presented at the Fifty-Third International Atlantic Economic Conference, March 13–17, 2002, Paris, France.  相似文献   

9.
We develop a small open economy general equilibrium model with sticky prices and partial dollarization – a situation where both domestic and foreign currencies coexist. We derive a tractable representation of the model in terms of domestic inflation and the output gap in which a trade-off, which depends on the degree of dollarization, arises endogenously due to the presence of foreign interest rate shocks. We use this framework to show analytically how higher degrees of dollarization induce larger volatilities of the output gap and inflation, thus hampering a central bank’s effectiveness to stabilize the economy. Our impulse response functions show that the transmission of such shocks has a positive (negative) effect on inflation and negative (positive) effect on the output gap when money aggregates and consumption are complements (substitutes).  相似文献   

10.
In this article the theory of optimum currency area is applied to post-Soviet and other selected countries. The study finds smaller exchange rate variability when the economies are closely linked by bilateral trade, are subject to similar shocks both on aggregate and at the industry level, have similar inflation rates, are open and smaller in economic size, and have higher labour migration as proxied by remittance flows. The estimation results also substantiate that the US dollar plays a dominant role as an anchor currency. Next, the study shows that economic fundamentals suggest limited prospects of a common currency for post-Soviet countries, particularly for the Eurasian Economic Union (EAEU). It is also found that Moldova, among the post-Soviet countries, better approximates an optimum currency area with Russia. Further, when the government debt-to-GDP ratio is taken into account, only Kazakhstan from the EAEU member countries stands out as having positive prospects for forming a common currency area with Russia.  相似文献   

11.
In this paper we examine the nature of currency crises. We ascertain whether the currency crises of the European Monetary System (EMS) were based either on fundamentals, or on self-fulfilling market expectations driven by extrinsic uncertainty. In particular, we extend previous work of Jeanne and Masson (J Int Econ 50:327–350, 2000) regarding the evaluation of currency crisis. We contribute to the existing literature proposing the use of Markov regime-switching with time-varying transition probability model. Our empirical results suggest that the currency crises of the EMS were not due only to market expectations driven by external uncertainty, or ‘sunspots’, but also to fundamental variables that help to explain the behavior of market expectations. We would like to thank Joseph Byrne, James Mitchell, Martin Weale and two anonymous referees for very useful comments and suggestions.  相似文献   

12.
I examine the implications of digital and fiat currency competition on optimal monetary policy according to the Friedman rule (a standard deflationary policy) in a Fernández-Villaverde and Sanches (2016) framework, with no search friction. Consistent with the existing literature, first, I find that monetary equilibrium under a purely private arrangement of digital currencies will not deliver a socially efficient allocation. Second, I place restrictions on the available supply of digital currencies and find that a socially efficient allocation is possible only if the upper bound on digital currency circulation is equal to the rate of time-preference, albeit some degree of government intervention is required to curb the profit-maximizing incentive of the miners. Third, I find that optimal monetary policy at the Friedman rule will be socially inefficient when digital currencies compete with government-issued fiat money. Finally, I show that the Friedman rule is a socially desirable policy only in a purely fiat monetary regime.  相似文献   

13.
In a number of countries a substantial proportion of mortgage loans is denominated in foreign currency. In this paper we demonstrate how their presence affects economic policy and agents’ welfare. To this end we construct a small open economy model with financial frictions, where housing loans can be denominated in domestic or foreign currency. The model is calibrated for Poland - a typical small open economy with a large share of foreign currency loans (FCL). We show that the presence of FCLs negatively affects the transmission of monetary policy and deteriorates the output-inflation volatility trade-off it faces. The trade-off can be improved with macroprudential policy but the outcomes are still worse than under this same policy mix applied to an economy with domestic currency debt. We also demonstrate that a high share of FCLs is harmful for social welfare, even if financial stability considerations are not taken into account. Finally, we show that regulatory policies that discriminate against FCLs may have a negative impact on economic activity and discuss the redistributive consequences of forced currency conversion of household debt.  相似文献   

14.
European countries do less research than Japan and the United States. But their lower level of research effort has more to do with the smaller markets facing European inventors than with lower research productivity. Europe has substantial research potential, in that increasing research effort in most European countries generates bigger income benefits there than increasing research effort in the United States and Japan by equivalent amounts. Research subsidies, enhanced patent protection, support for public research, higher educational achievement and increased integration are alternative routes towards exploiting this potential. These policies increase productivity not only in Europe, but also elsewhere. One problem with implementing such policies at the national level is the potential for free riding. A second possible problem with policies to promote research concerns their distributional consequences. While all countries within the European Union would benefit from increased research output, the countries that are already best at doing research, which tend to be the richer members, do best. The benefits of policies that facilitate the adoption of innovations are more evenly spread among richer and poorer countries.  相似文献   

15.
The aim of this article is to study the introduction of a new fiat currency within a dual-currency divisible goods search model. The government (using price control or legal tender laws) can affect the equilibrium price levels of two domestic currencies, with the goal of driving the old currency out of circulation and replacing it with a new one. It is shown that some equilibrium solutions that exist in a laissez-faire environment disappear with government monitoring. Additionally, when the old currency is made illegal, its equilibrium value is affected differently by public measures such as conversion, tax and redistribution policies. Finally, if the enforcement power of legal tender laws is strong enough, the old currency cannot be more valuable than the new one, and the probability that it changes hands in trade, when introducing lotteries, cannot be smaller than one.  相似文献   

16.
In markets populated by speculators, arbitrageurs and hedgers, it is shown that the conditions for non-reversed trading, which potentially combine investing (borrowing) with hedging must exist. Hence, forward exchange rates always contain an implicit risk premium. Non-reversed trading activity is necessary but not sufficient for all the other classes of trades to exist. If non-reversed traders are active and set arbitrage boundaries, no other type of riskless and profitable one-way arbitrage activity can exist. However, the activities of non-reversed traders cannot preclude rational pure forward speculative activity in the foreign exchange markets.  相似文献   

17.
One of the most common measures of carry trade attractiveness is the carry-to-risk ratio. On analysing the speculative activity, this ratio presents two issues: First, emerging market currencies could merit a legitimate risk premium in a carry trade strategy due to the sovereign risks involved. In order to correct the measure, we include the credit risk in the measure using credit default swaps. Second, we gather more information about potential volatility asymmetries including a directional speculation indicator known as the risk reversal. We prove that the enhanced measure for the Mexican peso (MXN) is well represented by an ARIMA model with appropriate features since 2009. Due to the output of the analysis, we deduce that the Bank of Mexico might use this measure or a similar indicator, not only to understand the attractiveness of the carry trade strategy but to curb destabilizing carry trade activities. The case is compelling for the Mexican peso due to its dual role as emerging market currency and full convertible currency. We conclude that this institution may effectively manage the enhanced carry-to-risk measures in order to achieve financial stability and proper exchange credibility, and recognize its potential utility for other central banks.  相似文献   

18.
It is quite often claimed by politicians that a common currency makes it beneficial to be also endowed with a common fiscal policy. However, if fiscal policy can reasonably be considered to be a source of shocks, national fiscal policies which are steered independently from each other are generally preferable because they allow the possibility to diversify macroeconomic risks. Abstracting from automatic stabilizers, this view is valid independent on whether the ECB targets money growth or interest rates.
Daniel GrosEmail:
  相似文献   

19.
This paper analyses the differences in reaction of domestic and foreign currency lending to monetary and exchange rate shocks, using a panel VAR model estimated for the three biggest Central and Eastern European countries (Poland, the Czech Republic and Hungary). Our results point toward a drop in domestic currency loans and an increase of foreign currency credit in reaction to monetary policy tightening in Poland and Hungary, suggesting that the presence of foreign currency debt weakens the transmission of monetary policy. A currency depreciation shock leads to an initial decline in foreign currency lending, but also in loans denominated in domestic currency as central banks react to a weaker exchange rate by increasing the interest rates. However, after several quarters, credit in foreign currency accelerates, indicating that borrowers start using it to substitute for depressed domestic currency lending.  相似文献   

20.
This paper studies the effects of financial policy in a model with heterogeneous agents, incomplete markets and portfolio restrictions. For an economy calibrated to replicate key aspects of the U.S. wealth distribution, we find that the quantitative effects of financial policy are relatively small. The reason is that the households determining aggregate behavior are relatively well insured and can therefore offset the actions of the firm by modifying their portfolio allocations. However, financial policy has important effects on asset prices. Whereas a higher level of debt in the capital structure of the firm introduces more risk into the economy by increasing the volatility of the equity return, it enhances the liquidity of households by increasing the supply of bonds. In an economy with a substantial amount of heterogeneity, this last effect dominates and leverage leads to a decrease in the equity premium. This is in contrast to the findings in representative agent models, in which leverage unambiguously increases the premium through a higher equity return volatility.  相似文献   

设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号