Дисертації з теми "Economic and monetary unions"
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Damaskopoulos, Panagiotis. "European Economic and Monetary Union, global finance, states and strategic concepts of monetary sovereignty." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp02/NQ59126.pdf.
Повний текст джерелаErlandsson, Mattias. "On monetary integration and macroeconomic policy." Göteborg : Dept. of Economics, School of Economics and Commercial Law, [Nationalekonomiska institutionen, Handelshögsk.], Univ, 2003. http://www.handels.gu.se/epc/archive/00002715/01/Erlandsson.avhandl.pdf.
Повний текст джерелаMavrikiou, Petros Andreas. "Aspects of European economic integration : the single market and the single currency." Thesis, McGill University, 1995. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=23724.
Повний текст джерелаOuedraogo, Daniel. "Economic issues in a monetary union : the case of the West African Economic and Monetary Union." Thesis, Paris Sciences et Lettres (ComUE), 2018. http://www.theses.fr/2018PSLED004.
Повний текст джерелаThe creation of a monetary union deprives the member States of the unilateral use of the monetary instrument. Therefore, an effective orientation of economic policies is required through (i) a hierarchy of macroeconomic targets, (ii) identification of appropriate instruments, and (iii) appropriate implementation. This PhD thesis provides answers to this orientation in order to ensure greater effectiveness of economic policies through a theoretical and empirical analysis applied to the case of the WAEMU which constitutes a singular analytical laboratory through which to study the economic policy of a monetary union
Kimbrough, Karin Janel. "Monetary union, real exchange rates and trade in the West African Economic and Monetary Union." Thesis, University of Oxford, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.313551.
Повний текст джерелаKasparova, Diana. "Economic and monetary union and its housing consequences." Thesis, University of Glasgow, 2004. http://theses.gla.ac.uk/3899/.
Повний текст джерелаMokoena, Motshidisi Suzan. "The feasibility of forming a monetary union in SADC : meeting convergence and optimum currency area criteria and evaluating fiscal sustainability." Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1007743.
Повний текст джерелаBoumediene, Farid Jimmy. "Determinacy and learning stability of economic policy in asymmetric monetary union models." Thesis, University of St Andrews, 2010. http://hdl.handle.net/10023/972.
Повний текст джерелаJohns, Michael Ryan. "Macroeconomic convergence within SADC : implications for the formation of a regional monetary union." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1002758.
Повний текст джерелаMarkakis, Menelaos. "Political and legal accountability in economic and monetary union." Thesis, University of Oxford, 2017. https://ora.ox.ac.uk/objects/uuid:5a9a0090-1dca-4461-8733-e09dd617d183.
Повний текст джерелаAlouini, Olfa. "Country size, growth and the economic and monetary union." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2012. http://dx.doi.org/10.18452/16609.
Повний текст джерелаThe purpose of this dissertation is to investigate the relationship between country size and growth at the international level and comparatively in the Economic and Monetary Union, and to draw up its consequences for the conduct of growth-orientated fiscal policies. To further a global understanding of the link between country size and growth in the EMU, we follow an interdisciplinary approach, including macro-economic modelling (DSGE), econometrics and political economy analysis. Combining these analyses, we conclude that country size has an incidence on the economic structures of nations, the effects of their policies and therefore on their pace of growth. For this reason there is a need to reinstate the importance of country size and its consequences for the EMU.
Mykhaylova, Olena. "Essays in international monetary economics." Connect to Electronic Thesis (CONTENTdm), 2008. http://worldcat.org/oclc/454250002/viewonline.
Повний текст джерелаGiorgioni, Gianluigi. "Essays on a monetary union : the case of the CFA Franc zone." Thesis, Liverpool John Moores University, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.299056.
Повний текст джерелаBuigut, Steven K. "Feasibility of Proposed Monetary Unions in the Eastern and Southern Africa Region." Digital Archive @ GSU, 2007. http://digitalarchive.gsu.edu/econ_diss/20.
Повний текст джерелаSeiter, Corina. "Vergleich historischer Währungsunionen und Zentralbankensysteme als Lehrstück für die Europäische Wirtschafts- und Währungsunion /." Berlin : Dissertation.de, 2002. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009800656&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
Повний текст джерелаBumtaia, Ahmed Jassim. "GCC monetary union prospective effects on trade and economic growth." Thesis, Kingston University, 2014. http://eprints.kingston.ac.uk/30593/.
Повний текст джерелаShpitontsev, Leonid. "Dealing with potential break up of Economic and Monetary Union." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-114044.
Повний текст джерелаMather, Sandra. "Monetary union in Africa : using trade patterns to create interim country groupings." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/8327.
Повний текст джерелаENGLISH ABSTRACT: The ultimate goal of the African Union is full political and economic integration, which includes a monetary union with a common currency for all member states of the African Union. This monetary integration is proposed to take place in two stages: firstly, through five regions, and secondly, through complete integration. This report examines current trade data for member states of the African Union using k means duster analysis to group countries according to trade patterns. Analysis was performed for the actual US dollar value of trade, as well as considering only the presence or absence of trade. There are limitations to the data collected: firstly, they are annual data, which masks fluctuations in trade due to economic conditions or political developments. Secondly, they are subject to missing or under-reported values. The focus of this research report was to consider trade figures for the first time, and the limitations were considered acceptable in view of the aim of achieving a first approximation of results. When considering all solutions, there are overlaps between clusters, but no definite patterns emerge that are common to all analyses. Considering the F and Euclidean distances of all solutions, the best appears to be that for clusters derived from analysing trade figures between Africa and its trading partners outside Africa. Further analysis of this solution failed to demonstrate viable clusters. The final conclusion to be made from this analysis is that k means clustering of trade figures for member states of the African Union does not generate viable clusters that could be used as steps towards full monetary integration in Africa. Given this conclusion it is recommended that the stepwise progression towards full monetary integration be considered by utilising existing economic arrangements, i.e. by using the five Regional Economic Communities proposed by the African Union.
AFRIKAANSE OPSOMMING: Die uiteindelike doel van die Afrika-unie is volledige politieke en ekonomiese integrasie, wat 'n monetere unie met 'n gemeenskaplike geldeenheid vir al die lidstate van die Afrika-unie insluit. Hierdie monetere integrasie word in twee stadiums beoog: eers deur vyf streke, en daarna deur volledige integrasie. Hierdie verslag ondersoek die huidige handelsdata vir lidstate van die Afrika-unie deur k gemiddelde trosanalise te gebruik om lande volgens handelspatrone te groepeer. 'n Analise is ook gedoen van die werklike VS-dollarwaarde van handel, en deur die aanwesigheid of afwesigheid van handel in aanmerking te neem. Daar is beperkings op die data wat ingesamel is: eerstens is dit jaarlikse data, wat skommelings in handel as gevolg van ekonomiese toestande of politieke ontwikkelings verberg. Tweedens is hulle onderworpe aan ontbrekende of ondergerapporteerde waardes. Die fokus van hierdie navorsingsverslag was dus om handelsyfers vir die eerste keer te oorweeg, en die beperkings is aanvaarbaar beskou in die lig van die doel om 'n eerste benadering van resultate te verkry. Wanneer aile oplossings oorweeg word, is daar oorvleueling tussen trosse, maar geen definitiewe patrone ontstaan wat vir alle analises geld nie. Wanneer die F- en Euklidiese afstande van alle oplossings oorweeg word, lyk dit asof die beste die trosse is wat verkry is uit die analise van handelsyfers tussen Afrika en sy handelsvennote buite Afrika. Verdere analise van hierdie oplossing het nie lewensvatbare trosse aangedui nie. Die finale gevolgtrekking wat uit hierdie analise gemaak kan word, is dat k gemidderde trosvorming van handelsyfers vir lidstate van die Afrika-unie nie lewensvatbare trosse genereer wat gebruik kan word as stappe in die rigting van volledige monetere integrasie in Afrika nie. Met die oog op hierdie gevolgtrekking word daar aanbeveel dat die stapsgewyse vordering na volledige monetere integrasie oorweeg moet word deur bestaande ekonomiese reelings te gebruik, d.w.s. deur die vyf Streeksekonomiese Gemeenskappe te gebruik wat deur die Afrika-unie voorgestel is.
Bouchoucha, Meriem. "The single currency effects on a heterogeneous economic and monetary union." Thesis, Sorbonne Paris Cité, 2015. http://www.theses.fr/2015USPCD089.
Повний текст джерелаThe Eurozone pattern has evolved over time and that before the experience of the unique money. Since the beginning of the crisis, the heterogenity of the Eurozone is more than ever highlighted. Actually, the Eurozone economies converge and diverge according to the conjuncture. The crisis placed the euro behavior and role at the core of the economic debate.The disconnection between the evolution of its exchange rate and those of its determinants is showed in the thesis as well as its impact on exports. Our findings suggest that even the exchange rate is an important determinant of exports, the role of structural competitiveness is increasingly important
Quaglia, Lucia. "Italy and economic and monetary union : domestic politics and European union policy-making." Thesis, University of Sussex, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.390828.
Повний текст джерелаJones, Basil Morris. "Growth, convergence and economic integration in West Africa : the case of the Economic Community of West African States (ECOWAS)." Thesis, University of Hull, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.342964.
Повний текст джерелаTalia, Krim. "The Scandinavian Currency Union 1873-1924 : studies in monetary integration and disintegration." Doctoral thesis, Stockholm : EFI, 2004. http://web.hhs.se/efi/summary/643.htm.
Повний текст джерелаNicklasson, Henric, and Måns Ekström. "Monetary Policy Determination: A Taylor Rule Based Approach : A study of the West African Economic and Monetary Union." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-44368.
Повний текст джерелаSingh, Manish Kumar. "Bank and Sovereign Risk: The Case of European Economic and Monetary Union." Doctoral thesis, Universitat de Barcelona, 2018. http://hdl.handle.net/10803/672653.
Повний текст джерелаTjirongo, Meshack Tunee. "Exchange rate policy options for Namibia." Thesis, University of Oxford, 1998. http://ora.ox.ac.uk/objects/uuid:fdb75211-db30-4393-a6f7-61d46ff4b9b7.
Повний текст джерелаFuss, Catherine. "Contributions to the empirical analysis of convergence in the European Union." Doctoral thesis, Universite Libre de Bruxelles, 1997. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/212156.
Повний текст джерелаMonteiro, Albertino Paulo Vila Maior Guimarães. "Economic and Monetary Union : can this form of federalism survive without 'fiscal federalism'?" Thesis, University of Sussex, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.408088.
Повний текст джерелаKamkhaji, Jonathan Camillo. "Regime and learning shifts in fiscal policy coordination under economic and monetary union." Thesis, University of Exeter, 2017. http://hdl.handle.net/10871/30017.
Повний текст джерелаJurák, Jan. "The European Economic and Monetary Union and the Theory of Optimum Currency Areas." Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-1181.
Повний текст джерелаBlessing, Jochen [Verfasser]. "Monetary and fiscal policy interaction in the enlarging European Economic and Monetary Union : Essays on business cycles and welfare / Jochen Blessing." Berlin : Freie Universität Berlin, 2009. http://d-nb.info/1023496828/34.
Повний текст джерелаFasoula, Eleni. "European Monetary Union and an Analysis of Greece's Economic Efforts to Meet the Maastricht Criteria." Youngstown State University / OhioLINK, 2000. http://rave.ohiolink.edu/etdc/view?acc_num=ysu999622113.
Повний текст джерелаGérard, Marc. "Economic catching-up and monetary integration of Central and Eastern European countries." Thesis, Paris 10, 2011. http://www.theses.fr/2011PA100021.
Повний текст джерелаThis research investigates the challenges of price level catching-up for macroeconomic stability in Central and Eastern European transition countries seeking to enter the Euro area. In this respect, an equilibrium real exchange rate model suggests that the process of real appreciation observed along economic catching-up in these countries can be ascribed to different relative price developments, depending on the exchange rate regime, as exemplified by contrasted external debt trajectories. In flexible exchange rate economies, the increase in the nominal exchange rate fosters an endogenous appreciation of the terms of trade in the medium run, by channelling foreign direct investment and associated productivity gains to the exposed sector of the economy, thus appreciating the equilibrium real exchange rate and strengthening the current account over time. In fixed exchange rate economies, positive valuation effects associated with the increase in domestic relative prices tend to divert investment to the sheltered sector, thus undermining external competitiveness and bringing about higher external debt. Furthermore, monetary integration entails specific risks for macroeconomic stability in catching-up economies, because it implies a process of rapid convergence in the financing conditions across member States, which takes place as soon as the perspective of accession to the common monetary area appears credible. A dynamic, rational expectations model shows that the appreciation of the nominal exchange rate becomes crucial to curtail the economic overheating triggered by the demand shock associated with financial convergence. By contrast, diminishing country risk premia under fixed exchange rate regimes are likely to cause ‘boom bust’ cycles, with an increase in external indebtedness followed by deflationary developments once in the monetary union
Wang'ombe, Wangari. "An empirical investigation of measures to enhance intra-Africa trade." Thesis, Loughborough University, 2013. https://dspace.lboro.ac.uk/2134/12448.
Повний текст джерелаKar, Anirban. "Is the European Economic and Monetary Union (EMU) detrimental to the Euro-area firms' performance?" Thesis, Lethbridge, Alta. : University of Lethbridge, Faculty of Management, c2012, 2012. http://hdl.handle.net/10133/3361.
Повний текст джерелаviii, 68 leaves : ill. ; 29 cm
Murorua, Martha. "SADC macro-economic convergence targets beyond 2008 : challenges, gains and opportunities for Namibia." Thesis, Stellenbosch : University of Stellenbosch, 2009. http://hdl.handle.net/10019.1/6413.
Повний текст джерелаKhajeh-Hosseiny, Hosein. "The determination of medium term macroeconometric policy rules in a dynamic stochastic economic and monetary union." Thesis, University of Cambridge, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.264128.
Повний текст джерелаAkinrinsola-Salami, Iwaleso Omosalewa. "Legal and institutional framework for monetary union in Anglophone West Africa : the Nigerian perspective." Thesis, Queen Mary, University of London, 2006. http://qmro.qmul.ac.uk/xmlui/handle/123456789/28567.
Повний текст джерелаСавченко, Тарас Григорович, Тарас Григорьевич Савченко, and Taras Hryhorovych Savchenko. "Countercyclical monetary policy in major economies of the former Soviet Union." Thesis, Ukrainian Academy of Banking of the National Bank of Ukraine, 2012. http://essuir.sumdu.edu.ua/handle/123456789/63434.
Повний текст джерелаLenza, Michèle. "Essays on monetary policy, saving and investment." Doctoral thesis, Universite Libre de Bruxelles, 2007. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210659.
Повний текст джерелаCentral Banks behave so cautiously compared to optimal theoretical
benchmarks, (ii) do monetary variables add information about
future Euro Area inflation to a large amount of non monetary
variables and (iii) why national saving and investment are so
correlated in OECD countries in spite of the high degree of
integration of international financial markets.
The process of innovation in the elaboration of economic theory
and statistical analysis of the data witnessed in the last thirty
years has greatly enriched the toolbox available to
macroeconomists. Two aspects of such a process are particularly
noteworthy for addressing the issues in this thesis: the
development of macroeconomic dynamic stochastic general
equilibrium models (see Woodford, 1999b for an historical
perspective) and of techniques that enable to handle large data
sets in a parsimonious and flexible manner (see Reichlin, 2002 for
an historical perspective).
Dynamic stochastic general equilibrium models (DSGE) provide the
appropriate tools to evaluate the macroeconomic consequences of
policy changes. These models, by exploiting modern intertemporal
general equilibrium theory, aggregate the optimal responses of
individual as consumers and firms in order to identify the
aggregate shocks and their propagation mechanisms by the
restrictions imposed by optimizing individual behavior. Such a
modelling strategy, uncovering economic relationships invariant to
a change in policy regimes, provides a framework to analyze the
effects of economic policy that is robust to the Lucas'critique
(see Lucas, 1976). The early attempts of explaining business
cycles by starting from microeconomic behavior suggested that
economic policy should play no role since business cycles
reflected the efficient response of economic agents to exogenous
sources of fluctuations (see the seminal paper by Kydland and Prescott, 1982}
and, more recently, King and Rebelo, 1999). This view was challenged by
several empirical studies showing that the adjustment mechanisms
of variables at the heart of macroeconomic propagation mechanisms
like prices and wages are not well represented by efficient
responses of individual agents in frictionless economies (see, for
example, Kashyap, 1999; Cecchetti, 1986; Bils and Klenow, 2004 and Dhyne et al. 2004). Hence, macroeconomic models currently incorporate
some sources of nominal and real rigidities in the DSGE framework
and allow the study of the optimal policy reactions to inefficient
fluctuations stemming from frictions in macroeconomic propagation
mechanisms.
Against this background, the first chapter of this thesis sets up
a DSGE model in order to analyze optimal monetary policy in an
economy with sectorial heterogeneity in the frequency of price
adjustments. Price setters are divided in two groups: those
subject to Calvo type nominal rigidities and those able to change
their prices at each period. Sectorial heterogeneity in price
setting behavior is a relevant feature in real economies (see, for
example, Bils and Klenow, 2004 for the US and Dhyne, 2004 for the Euro
Area). Hence, neglecting it would lead to an understatement of the
heterogeneity in the transmission mechanisms of economy wide
shocks. In this framework, Aoki (2001) shows that a Central
Bank maximizing social welfare should stabilize only inflation in
the sector where prices are sticky (hereafter, core inflation).
Since complete stabilization is the only true objective of the
policymaker in Aoki (2001) and, hence, is not only desirable
but also implementable, the equilibrium real interest rate in the
economy is equal to the natural interest rate irrespective of the
degree of heterogeneity that is assumed. This would lead to
conclude that stabilizing core inflation rather than overall
inflation does not imply any observable difference in the
aggressiveness of the policy behavior. While maintaining the
assumption of sectorial heterogeneity in the frequency of price
adjustments, this chapter adds non negligible transaction
frictions to the model economy in Aoki (2001). As a
consequence, the social welfare maximizing monetary policymaker
faces a trade-off among the stabilization of core inflation,
economy wide output gap and the nominal interest rate. This
feature reflects the trade-offs between conflicting objectives
faced by actual policymakers. The chapter shows that the existence
of this trade-off makes the aggressiveness of the monetary policy
reaction dependent on the degree of sectorial heterogeneity in the
economy. In particular, in presence of sectorial heterogeneity in
price adjustments, Central Banks are much more likely to behave
less aggressively than in an economy where all firms face nominal
rigidities. Hence, the chapter concludes that the excessive
caution in the conduct of monetary policy shown by actual Central
Banks (see, for example, Rudebusch and Svennsson, 1999 and Sack, 2000) might not
represent a sub-optimal behavior but, on the contrary, might be
the optimal monetary policy response in presence of a relevant
sectorial dispersion in the frequency of price adjustments.
DSGE models are proving useful also in empirical applications and
recently efforts have been made to incorporate large amounts of
information in their framework (see Boivin and Giannoni, 2006). However, the
typical DSGE model still relies on a handful of variables. Partly,
this reflects the fact that, increasing the number of variables,
the specification of a plausible set of theoretical restrictions
identifying aggregate shocks and their propagation mechanisms
becomes cumbersome. On the other hand, several questions in
macroeconomics require the study of a large amount of variables.
Among others, two examples related to the second and third chapter
of this thesis can help to understand why. First, policymakers
analyze a large quantity of information to assess the current and
future stance of their economies and, because of model
uncertainty, do not rely on a single modelling framework.
Consequently, macroeconomic policy can be better understood if the
econometrician relies on large set of variables without imposing
too much a priori structure on the relationships governing their
evolution (see, for example, Giannone et al. 2004 and Bernanke et al. 2005).
Moreover, the process of integration of good and financial markets
implies that the source of aggregate shocks is increasingly global
requiring, in turn, the study of their propagation through cross
country links (see, among others, Forni and Reichlin, 2001 and Kose et al. 2003). A
priori, country specific behavior cannot be ruled out and many of
the homogeneity assumptions that are typically embodied in open
macroeconomic models for keeping them tractable are rejected by
the data. Summing up, in order to deal with such issues, we need
modelling frameworks able to treat a large amount of variables in
a flexible manner, i.e. without pre-committing on too many
a-priori restrictions more likely to be rejected by the data. The
large extent of comovement among wide cross sections of economic
variables suggests the existence of few common sources of
fluctuations (Forni et al. 2000 and Stock and Watson, 2002) around which
individual variables may display specific features: a shock to the
world price of oil, for example, hits oil exporters and importers
with different sign and intensity or global technological advances
can affect some countries before others (Giannone and Reichlin, 2004). Factor
models mainly rely on the identification assumption that the
dynamics of each variable can be decomposed into two orthogonal
components - common and idiosyncratic - and provide a parsimonious
tool allowing the analysis of the aggregate shocks and their
propagation mechanisms in a large cross section of variables. In
fact, while the idiosyncratic components are poorly
cross-sectionally correlated, driven by shocks specific of a
variable or a group of variables or measurement error, the common
components capture the bulk of cross-sectional correlation, and
are driven by few shocks that affect, through variable specific
factor loadings, all items in a panel of economic time series.
Focusing on the latter components allows useful insights on the
identity and propagation mechanisms of aggregate shocks underlying
a large amount of variables. The second and third chapter of this
thesis exploit this idea.
The second chapter deals with the issue whether monetary variables
help to forecast inflation in the Euro Area harmonized index of
consumer prices (HICP). Policymakers form their views on the
economic outlook by drawing on large amounts of potentially
relevant information. Indeed, the monetary policy strategy of the
European Central Bank acknowledges that many variables and models
can be informative about future Euro Area inflation. A peculiarity
of such strategy is that it assigns to monetary information the
role of providing insights for the medium - long term evolution of
prices while a wide range of alternative non monetary variables
and models are employed in order to form a view on the short term
and to cross-check the inference based on monetary information.
However, both the academic literature and the practice of the
leading Central Banks other than the ECB do not assign such a
special role to monetary variables (see Gali et al. 2004 and
references therein). Hence, the debate whether money really
provides relevant information for the inflation outlook in the
Euro Area is still open. Specifically, this chapter addresses the
issue whether money provides useful information about future
inflation beyond what contained in a large amount of non monetary
variables. It shows that a few aggregates of the data explain a
large amount of the fluctuations in a large cross section of Euro
Area variables. This allows to postulate a factor structure for
the large panel of variables at hand and to aggregate it in few
synthetic indexes that still retain the salient features of the
large cross section. The database is split in two big blocks of
variables: non monetary (baseline) and monetary variables. Results
show that baseline variables provide a satisfactory predictive
performance improving on the best univariate benchmarks in the
period 1997 - 2005 at all horizons between 6 and 36 months.
Remarkably, monetary variables provide a sensible improvement on
the performance of baseline variables at horizons above two years.
However, the analysis of the evolution of the forecast errors
reveals that most of the gains obtained relative to univariate
benchmarks of non forecastability with baseline and monetary
variables are realized in the first part of the prediction sample
up to the end of 2002, which casts doubts on the current
forecastability of inflation in the Euro Area.
The third chapter is based on a joint work with Domenico Giannone
and gives empirical foundation to the general equilibrium
explanation of the Feldstein - Horioka puzzle. Feldstein and Horioka (1980) found
that domestic saving and investment in OECD countries strongly
comove, contrary to the idea that high capital mobility should
allow countries to seek the highest returns in global financial
markets and, hence, imply a correlation among national saving and
investment closer to zero than one. Moreover, capital mobility has
strongly increased since the publication of Feldstein - Horioka's
seminal paper while the association between saving and investment
does not seem to comparably decrease. Through general equilibrium
mechanisms, the presence of global shocks might rationalize the
correlation between saving and investment. In fact, global shocks,
affecting all countries, tend to create imbalance on global
capital markets causing offsetting movements in the global
interest rate and can generate the observed correlation across
national saving and investment rates. However, previous empirical
studies (see Ventura, 2003) that have controlled for the effects
of global shocks in the context of saving-investment regressions
failed to give empirical foundation to this explanation. We show
that previous studies have neglected the fact that global shocks
may propagate heterogeneously across countries, failing to
properly isolate components of saving and investment that are
affected by non pervasive shocks. We propose a novel factor
augmented panel regression methodology that allows to isolate
idiosyncratic sources of fluctuations under the assumption of
heterogenous transmission mechanisms of global shocks. Remarkably,
by applying our methodology, the association between domestic
saving and investment decreases considerably over time,
consistently with the observed increase in international capital
mobility. In particular, in the last 25 years the correlation
between saving and investment disappears.
Doctorat en sciences économiques, Orientation économie
info:eu-repo/semantics/nonPublished
Jurák, Jan. "The Europen Economic and Monetary Union, the Czech republic and the Theory of Optimum Currency Areas." Master's thesis, Vysoká škola ekonomická v Praze, 2006. http://www.nusl.cz/ntk/nusl-14314.
Повний текст джерелаBolukbasi, H. Tolga. "From budgetary pressures to welfare state retrenchment? : economic and monetary union and the politics of welfare state reform." Thesis, McGill University, 2006. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=102789.
Повний текст джерелаRommerskirchen, Charlotte Sophie. "Fiscal policy coordination in times of economic and financial crises." Thesis, University of Edinburgh, 2014. http://hdl.handle.net/1842/9856.
Повний текст джерелаBesimi, Fatmir I. "Monetary and exchange rate policy in the Republic of Macedonia during the process of accession to the European Union." Thesis, Staffordshire University, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.486895.
Повний текст джерелаMerlingen, Michael. "From Westphalia to post-Westphalia, European integration and the debate about economic and monetary union, 1980-1991." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1997. http://www.collectionscanada.ca/obj/s4/f2/dsk3/ftp04/nq25115.pdf.
Повний текст джерелаAlouini, Olfa [Verfasser], Michael C. [Akademischer Betreuer] Burda, and Jean-Paul [Akademischer Betreuer] Fitoussi. "Country size, growth and the economic and monetary union / Olfa Alouini. Gutachter: Michael C. Burda ; Jean-Paul Fitoussi." Berlin : Humboldt Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2012. http://d-nb.info/1028289898/34.
Повний текст джерелаCardosa, Carla Isabel de Moura Pinto. "An analysis of the perceived effects of European Economic Monetary Union upon the hotel industry in the north of Portugal." Thesis, Bournemouth University, 2007. http://eprints.bournemouth.ac.uk/10302/.
Повний текст джерелаZimmermann, Claus D. "A contemporary concept of monetary sovereignty." Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:6ee49e71-ba23-4fe5-999c-ec0db325aaf4.
Повний текст джерелаHung, Cheung Tai. "The impacts of euroization on trade and FDI on the Euro area." HKBU Institutional Repository, 2003. http://repository.hkbu.edu.hk/etd_ra/474.
Повний текст джерелаO'Malley, Terence T. "The impact of participation in the European monetary union of the abnormal returns to U.S. target companies acquaired by European firms." Honors in the Major Thesis, University of Central Florida, 2002. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/291.
Повний текст джерелаBachelors
Business Administration
Finance
Bornefalk, Anders. "Essays on Social Conflict and Reform." Doctoral thesis, Stockholm : Stockholm Institute of Transition Economics and East European Economies, Stockholm School of Economics [Östekonomiska Institutet, Handelshögsk.] (SITE), 2000. http://www.hhs.se/efi/summary/528.htm.
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