EMU, Financial Markets and the World Economy

EMU, Financial Markets and the World Economy PDF Author: Thomas Moser
Publisher: Springer Science & Business Media
ISBN: 9780792379928
Category : Business & Economics
Languages : en
Pages : 342
Book Description
This book is based on the conference "EMU and the Outside World", held at the Swiss Federal Institute of Technology (ETH), December 11, 1998. The conference was organized by the Swiss Institute for Business Cycle Research (KOF), which is supported jointly by the ETH and the Swiss Society for Business Cycle Research (SGK), an organization comprising representatives from private industry, the Swiss National Bank and public authorities. On the eve of the final stage of European Economic and Mone­ tary Union (EMU), Zurich seemed to be a particularly appropriate place for such a conference. On the one hand, given its location and economic and financial links with the euro area, Switzerland is one of the "outside coun­ tries" most affected by EMU. On the other hand, it was nowhere else than in Zurich where the vision of "a United States of Europe" was expressed for the first time by Winston Churchill in his speech on September 19, 1946. For many EMU is a step in that direction, whether welcome or not. Most of the papers appearing in this volume were presented at the con­ ference and have been revised and updated. Three contributions, chapter 11- 13, were commissioned specially for this publication. Besides the authors of the chapters, special thanks are due to Guido Boller, Robert McCauley, Umberto Schwarz, and Charles Wyplosz.

EMU, Financial Markets and the World Economy

EMU, Financial Markets and the World Economy PDF Author: Thomas Moser
Publisher: Springer Science & Business Media
ISBN: 1475751311
Category : Business & Economics
Languages : en
Pages : 326
Book Description
This book is based on the conference "EMU and the Outside World", held at the Swiss Federal Institute of Technology (ETH), December 11, 1998. The conference was organized by the Swiss Institute for Business Cycle Research (KOF), which is supported jointly by the ETH and the Swiss Society for Business Cycle Research (SGK), an organization comprising representatives from private industry, the Swiss National Bank and public authorities. On the eve of the final stage of European Economic and Mone tary Union (EMU), Zurich seemed to be a particularly appropriate place for such a conference. On the one hand, given its location and economic and financial links with the euro area, Switzerland is one of the "outside coun tries" most affected by EMU. On the other hand, it was nowhere else than in Zurich where the vision of "a United States of Europe" was expressed for the first time by Winston Churchill in his speech on September 19, 1946. For many EMU is a step in that direction, whether welcome or not. Most of the papers appearing in this volume were presented at the con ference and have been revised and updated. Three contributions, chapter 11- 13, were commissioned specially for this publication. Besides the authors of the chapters, special thanks are due to Guido Boller, Robert McCauley, Umberto Schwarz, and Charles Wyplosz.

The Economic and Business Consequences of the EMU

The Economic and Business Consequences of the EMU PDF Author: Hubert Ooghe
Publisher: Springer Science & Business Media
ISBN: 9780792379645
Category : Business & Economics
Languages : en
Pages : 456
Book Description
The European Monetary Union (EMU) got under way on 1 January 1999. Since then 11 European countries share a common currency, the Euro, and pursue a common monetary policy managed by the European Central Bank (ECB). After forty years of economic integration, Europe has the wherewithal with which to enter the 21st century. However monetary union has implications for nearly all areas of economic activity and decision-making. Throughout the academic world researchers are fully occupied with the theoretical analysis of the impact of the Euro and the effects of incorporating the new operational framework into their economic models. Businesses and government departments are concerned primarily with the practical implementation of the single currency. For all those who play a part in the economy, it is a question of making the most of the macro and microeconomic opportunities offered by the Euro and minimizing any threats. The Economic and Business Consequences of the EMU describes the economic consequences of the introduction of the EMU and the Euro for governments, financial institutions and firms. The volume,s aims are threefold: To make a first assessment after about a year=s experience with Economic and Monetary Union; To examine the impact of EMU and the introduction of the Euro in various areas of economic policy, involving both government and the corporate sector including the banking industry; To provide an insight into the challenges that the Euro offers for the coming years with respect both to macro-economic policy and the development of the financial markets and with respect to business management.

Implications of EMU for Global Macroeconomic and Financial Stability

Implications of EMU for Global Macroeconomic and Financial Stability PDF Author: Björn Döhring
Publisher:
ISBN:
Category : European Economic Community countries
Languages : en
Pages : 58
Book Description
This paper assesses the implications of EMU for world macroeconomic and financial stability. After reviewing the predictions made by the literature, it looks at the evidence of the first ten years of EMU. In so doing, it distinguishes the effect of EMU from global factors at work since the 1980s, often referred to as zthe Great Moderationy. The paper concludes that EMU is on the whole having a stabilising effect on the world economy, particularly in neighbouring countries. By helping to stabilise interest rates, inflation and GDP growth in the euro area, EMU has contributed to greater stability of those variables in other advanced countries. There is also evidence that EMU is facilitating international risk sharing and consumption smoothing. Predictions that EMU would increase exchange rate volatility are, in general, not confirmed by the data. However, the amplitude of mediumterm exchange rate swings has increased for some currency pairs. Moreover, there is little evidence so far that EMU has facilitated international policy coordination, partly reflecting the still fragmented representation of the euro area in multilateral fora. -- EU Bookshop.

The Euro Capital Market

The Euro Capital Market PDF Author: Daniel Gros
Publisher: John Wiley & Sons
ISBN: 0470842768
Category : Business & Economics
Languages : en
Pages : 216
Book Description
The authors predict that the impact will be far-reaching, leading to a more liquid, mature and efficient capital market. The structure of capital markets in Europe and the behaviour of actors in these markets will be fundamentally affected, leading to a more integrated market. For monetary union to achieve its real objective, policy makers will need to address a wide variety of outstanding issues, in particular the taxation of savings income, accounting standards, capital market regulation and financial supervision. The start of monetary union on 1 January 1999 launched a process of radical change in the structure of capital markets in Europe. Whereas previously, Europe had been fragmented into many diverse national markets, a single Euro capital market is now emerging. This book focuses on the long-term impact that the introduction of the euro will have on European capital markets and spells out implications for the financial sector and the wider economy. It discusses what further steps need to be taken to achieve a fully integrated market. In particular, the book examines: * The institutional and regulatory framework for European capital markets * The structure of European capital markets on the eve of EMU * The regional differences and the contrasts with the US capital market * The central role played by banks in European capital markets and the likelihood that a more market-based system may emerge * The implications of EMU for organised securities markets * The consequences for governance and policy, and more in particular for the taxation of savings income, securities market regulation and financial supervision

The Effects of EMU on European Capital Markets

The Effects of EMU on European Capital Markets PDF Author: Ulrich Machold
Publisher: GRIN Verlag
ISBN: 3638161501
Category : Business & Economics
Languages : en
Pages : 15
Book Description
Seminar paper from the year 2001 in the subject Economics - Monetary theory and policy, grade: 1.2 (A), Technical University of Berlin (European Center), course: The EU as a common economy, 7 entries in the bibliography, language: English, abstract: Within the last three years, the European financial landscape has undergone a rapid transformation that continues to astonish observers and market participants alike: Corporate and public euro bond markets have emerged whose issuing activities rival those of respective US dollar markets. Europe-wide indices have been firmly established. Institutional portfolios are being traded along pan-European sectoral rather than national lines. Cross-border mergers of banks and financial institutions on an unprecedented scale are drastically changing national banking landscapes as well as international financial structures and underlying all of this is the revolutionary emergence of a genuine European equity culture. Quite naturally, not all of these developments can be attributed to the eventual arrival of European Economic and Monetary Union (EMU). Many trends have had their precursors in the continuing liberalisation and de-regulation processes of the 1990s, as manifested in the 1992 Maastricht Treaty. However, historical data makes it difficult not to account for EMU as one major factor behind many of the most recent changes. In this paper, I will therefore argue that at least some of the above changes can best be explained by the effects of EMU. In several ways, the advent of the single currency has triggered an equilibrium shift in more than one field that would otherwise not have occurred. In order to do so, I shall first put EMU into perspective by briefly sketching its position within the wider framework of the process of European capital market integration by means of liberalisation. Second, I shall illustrate whether and to what extent the intended direct effects of EMU did in fact materialise, but also how further indirect effects go beyond these and contribute to explaining some seemingly less related developments. Last, I shall evaluate how integrated European capital markets in fact are compared to national markets, using the U.S. as a benchmark, and close with a brief discussion of potential normative implications.

EMU and the International Monetary System

EMU and the International Monetary System PDF Author: Mr.Thomas Krueger
Publisher: International Monetary Fund
ISBN: 9781557756640
Category : Business & Economics
Languages : en
Pages : 580
Book Description
This book, edited by Paul R. Masson, Thomas Krueger, and Bart G. Turtelboom, contains the proceedings of the seminar held in Washington, D.C. on March 17-18, 1997, cosponsored by the IMF and Fondation Camille Gutt. Conference participants discussed implications of European Economic and Monetary Union (EMU) on exchange and financial markets, and consequently on the activities of market participants and private and official institutions. The five main themes of the seminar were the characteristics of the euro and its potential role as an international currency; EMU and international policy coordination; EMU and the relationship between the IMF and its EMU members; lessons of European monetary integration for the international monetary system; and the transitioin to EMU.

Financial Market Integration Under EMU

Financial Market Integration Under EMU PDF Author: Tullio Jappelli
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 42
Book Description
"The European Monetary Union (EMU) has been the single most important policy-induced innovation in the international financial system since the collapse of the Bretton-Woods system. By eliminating exchange rate risk, EMU has eliminated a key obstacle to financial integration. But while a single currency is a necessary condition for the emergence of pan-European capital markets, it is not a sufficient one. Other frictions may still stand in the way of full integration: persistent differences in regulations applying to financial intermediaries, tax treatment, standard contractual clauses and business conventions, issuance policy, security trading systems, settlement systems, availability of information, and judicial enforcement may still segment financial markets along national borders. In the process that preceded and accompanied the introduction of the euro, however, monetary unification triggered a sequence of policy actions and private sector responses that swept aside many other regulatory barriers to financial integration. To what extent has this process of regulatory reform led to actual financial integration? And if European financial markets have actually become more integrated, to what extent have these changes spurred growth and investment in Europe? Will financial integration affect also the ability of households to shoulder risks, or the ability of European economies to adjust to macroeconomic shocks? Which policy lessons can we draw for the future of European financial markets?"--Publication information page.

Monetary and Fiscal Strategies in the World Economy

Monetary and Fiscal Strategies in the World Economy PDF Author: Michael Carlberg
Publisher: Springer Science & Business Media
ISBN: 3642104762
Category : Business & Economics
Languages : en
Pages : 306
Book Description
This book studies the strategic interactions between monetary and fiscal policies in the world economy. The world economy consists of two regions, say Europe and America. The policy makers are the central banks and the governments. The policy targets are low inflation, low unemployment, and low structural deficits. There are demand shocks, supply shocks, and mixed shocks. There are regional shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples. The present book is part of a larger research project on European Monetary Union, see the references given at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Göttingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, at the Research Seminar on Economics in Kassel, and at the Passau Workshop on International Economics.

Euroland and the World Economy

Euroland and the World Economy PDF Author: Jörg Bibow
Publisher: Springer
ISBN: 0230377556
Category : Business & Economics
Languages : en
Pages : 311
Book Description
This book takes a broad perspective to challenge orthodox views about the role of Euroland in the world economy, providing a comprehensive framework to address important questions for the future of the Euro, including the key question: will the single currency contribute to world economic dynamism or be driven by the vigour and vitality of others?