Three Essays On Imbalances In A Monetary Union
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Three Essays On Imbalances In A Monetary Union
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Author : Ida Maria Hjortsø
language : en
Publisher:
Release Date : 2012
Three Essays On Imbalances In A Monetary Union written by Ida Maria Hjortsø and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Europe categories.
This thesis investigates the implications of imbalances within a monetary union. In the first chapter, I study how international financial frictions lead to international imbalances and affect optimal fiscal policy in a two-country, two-good DSGE model of a monetary union. I show that the presence of international imbalances affects the optimal conduct of cooperative fiscal policies when the traded goods are complements. Government expenditures optimally play a cross-country risk sharing role which is in conflict with the domestic stabilization role: optimal fiscal policy consists in setting government expenditures such as to reduce international imbalances at the expense of higher domestic inefficiencies. In the second chapter, I assess the implications of strategic fiscal policy interactions in a two-country DSGE model of a monetary union with nominal rigidities and international financial frictions. I show that the fiscal policy makers face an incentive to set fiscal policy such as to switch the terms of trade in their favour. This incentive results in a Nash equilibrium characterized by excessive inflation differentials as well as sub-optimally high current account imbalances within the monetary union. There are thus non-negligeable welfare losses associated with strategic fiscal policy making in a monetary union. The third chapter investigates empirically the degree of risk sharing in the European Economic and Monetary Union (EMU), using two different methods. The first measure relates to the capacity of consumption smoothing. This measure indicates that risk sharing is rather low and that the introduction of the common currency did not lead to higher intra-EMU risk sharing. The second measure is based on the welfare losses associated with deviations from full risk sharing. These welfare losses have fallen since the introduction of the common currency. However, this is mostly due to changes in macroeconomic risk - not to changes in risk sharing per se.
Essays On Fiscal And Monetary Unions
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Author :
language : en
Publisher:
Release Date : 2015
Essays On Fiscal And Monetary Unions written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Fiscal policy categories.
Are we better together? Versions of this question have been heard repeatedly around Europe on the aftermath of the Great Recession. On the Eurozone, the suboptimal design of the monetary union has contributed to create imbalances before the crisis and slow recoveries after it. Meanwhile, tensions within fiscal unions, like the cases of Scotland in Great Britain or Catalonia in Spain, are arising. On this thesis, I discuss three topics on monetary and fiscal unions. The first chapter examines the effect of monetary unions on the competitiveness of its members. In this paper, I explore the effect of the robust increase in public wages following the introduction of the Euro on the overall loss of competitiveness of the economies of southern Europe during the past decade. To that end, I simulate the drop on interest rates (risk premium) that these countries experienced just before the introduction of the common currency within a DGSE model with search and matching frictions and two sectors. I find that around 15% of the total increase in private wages during the 1999-2007 period can be attributed to the public wage channel. Then, I turn my attention to fiscal unions. The second paper, joint with Reinhard Ellwanger, explores the relationship between fiscal decentralization and fiscal policy effects. We document a positive relationship between decentralization and the effectiveness of fiscal policy: on average, spending and in particular revenue multipliers tend to be larger in more decentralized countries. The second part of the paper includes a case study for the decentralization process in Spain. Using the narrative approach, we find that shocks to decentralization have a positive impact on subsequent output growth, particularly for the decentralization of direct taxation competences. Finally, the third chapter explores the relation between the degree of decentralization of a country and its level of debt. Contrary to the current literature and the prevailing public opinion, a panel data analysis of 31 European countries over a 12 year period shows higher levels of regional decentralization have no effect on the levels of debt, even though it affects their spending and taxation income.
Monetary Integration
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Author : Warner Max Corden
language : en
Publisher: Princeton, N.J. : International Finance Section, Princeton University
Release Date : 1972
Monetary Integration written by Warner Max Corden and has been published by Princeton, N.J. : International Finance Section, Princeton University this book supported file pdf, txt, epub, kindle and other format this book has been release on 1972 with Business & Economics categories.
The Handbook Of Historical Economics
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Author : Alberto Bisin
language : en
Publisher: Academic Press
Release Date : 2021-04-21
The Handbook Of Historical Economics written by Alberto Bisin and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-21 with Business & Economics categories.
The Handbook of Historical Economics guides students and researchers through a quantitative economic history that uses fully up-to-date econometric methods. The book's coverage of statistics applied to the social sciences makes it invaluable to a broad readership. As new sources and applications of data in every economic field are enabling economists to ask and answer new fundamental questions, this book presents an up-to-date reference on the topics at hand. Provides an historical outline of the two cliometric revolutions, highlighting the similarities and the differences between the two Surveys the issues and principal results of the "second cliometric revolution" Explores innovations in formulating hypotheses and statistical testing, relating them to wider trends in data-driven, empirical economics
The Euro Area And The Financial Crisis
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Author : Miroslav Beblavý
language : en
Publisher: Cambridge University Press
Release Date : 2011-10-06
The Euro Area And The Financial Crisis written by Miroslav Beblavý and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-06 with Business & Economics categories.
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.
Handbook Of The History Of Money And Currency
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Author : Stefano Battilossi
language : en
Publisher: Springer
Release Date : 2020-03-13
Handbook Of The History Of Money And Currency written by Stefano Battilossi and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-13 with Business & Economics categories.
This handbook provides a comprehensive overview of state-of-the-art research in the field of monetary and financial history. The authors comprise different generations of leading scholars from universities worldwide. Thanks to its unrivaled breadth both in time (from antiquity to the present) and geographical coverage (from Europe to the Americas and Asia), the volume is set to become a key reference for historians, economists, and social scientists with an interest in the subject. The handbook reflects the existing variety of scholarly approaches in the field, from theoretically driven macroeconomic history to the political economy of monetary institutions and the historical evolution of monetary policies. Its thematic sections cover a wide range of topics, including the historical origins of money; money, coinage, and the state; trade, money markets, and international currencies; money and metals; monetary experiments; Asian monetary systems; exchange rate regimes; monetary integration; central banking and monetary policy; and aggregate price shocks.
The Transition To Emu In The Maastricht Treaty
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Author : Lorenzo Bini Smaghi
language : en
Publisher:
Release Date : 1994
The Transition To Emu In The Maastricht Treaty written by Lorenzo Bini Smaghi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Monetary policy categories.
Economic Globalization And Governance
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Author : Luís Brites Pereira
language : en
Publisher: Springer Nature
Release Date : 2020-10-16
Economic Globalization And Governance written by Luís Brites Pereira and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-16 with Business & Economics categories.
Reflecting the diverse and profound changes triggered by the latest wave of economic globalization, this book highlights various governance responses at national, regional and global levels. The topics covered are wide-ranging and include economic history and development, European integration, exchange rate arrangements, industrial and labor economics, international cooperation and multilateralism, and public choice. The book is divided into three parts: The first part, which contains contributions by Barry Eichengreen and Marc Flandreau, is devoted to economic history. The second part examines open economy macroeconomics with a focus on Europe, including contributions by Jurgen von Hagen and Paul Krugman. The third part presents contributions to international political economy, and related interdisciplinary topics. This Festschrift is written in honor of Jorge Braga de Macedo, Professor Emeritus of Economics at the Nova School of Business and Economics and a distinguished Portuguese academic whose work has an impressive global reach. The contributions, written by a selection of international authors, deal with his oeuvre covering the wide range of topics broached in this book, as his publication record amply attests.
Financial Crisis And The Failure Of Economic Theory
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Author : Jorge Turmo Arnal
language : en
Publisher: Routledge
Release Date : 2015-10-06
Financial Crisis And The Failure Of Economic Theory written by Jorge Turmo Arnal and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-06 with Business & Economics categories.
The global financial crisis of 2008 was largely unpredicted. If economic theory has a role to play in predicting future catastrophes then the methods we rely on need to change. The authors of this study propose a new theory of economics based on more detailed understanding of how and why people behave as they do within their environment. This anthropological approach uses the strengths of many existing economic theories, including Keynesian and Austrian economics, to present a new framework for anticipating and averting the financial crises of the future.
Economics Of The Monetary Union
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Author : Paul De Grauwe
language : en
Publisher: Oxford University Press, USA
Release Date : 2020-03-19
Economics Of The Monetary Union written by Paul De Grauwe and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-19 with categories.
The thirteenth edition of this market-leading textbook provides an authoritative and concise analysis of the theories and policies relating to monetary union in which the author helps students to critically think about the sustainability of the Eurozone. Part One examines the implications of adopting a common currency by analysing Europe's experience and the issues faced by the European Central Bank. Part Two of the book looks at the problems of running a monetary union by analysing Europe's experience and the issues faced by the European Central Bank. Each chapter ends with a conclusion recapping the core issues, and a set of questions, which encourages students to test their knowledge and stretch their understanding further. This book is accompanied by the following online resources: For students: - Links to data sources - Essay questions - Web links - Paul De Grauwe on Twitter For Lecturers: - PowerPoint slides - Instructor's manual