Search results for "Monetary"
showing 10 items of 502 documents
New Alliances in Post-Brexit Europe: Does the New Hanseatic League Revive Nordic Political Cooperation?
2020
As Brexit removes the Nordic countries’ most powerful ally from the EU, what does this imply for their approach to European affairs? The literature on small states within the EU suggests that they can counterbalance limited bargaining capacities by entering two types of alliances: strategic partnerships with bigger member states and institutionalised cooperation on a regional basis. Against this backdrop we ask whether, by significantly raising the costs of non-cooperation for Nordic governments, the Brexit referendum has triggered a revival of Nordic political cooperation. We scrutinise this conjecture by analysing Nordic strategies of coalition-building on EU financial and budgetary polic…
Rethinking Monetary Policy in the Framework of Inclusive and Sustainable Growth
2021
The 2030 Agenda for Sustainable Development places equality and sustainability at the centre of policy agendas. Nowadays, socially inclusive and environmentally sustainable economic growth is a central priority of public policy for most governments worldwide. Based on the theoretical and conceptual frameworks of inclusive growth and sustainable growth, we focus on monetary policy as a powerful macroeconomic policy tool connected with distributional and environmental issues. We deal with how high levels in income and wealth inequality, on the one hand, and shocks related to environmental degradation and climate change, on the other hand, it might have substantial implications for the conduct…
The Case of “EMU-Outsiders”: Economic and Political Considerations
2016
Our paper discusses the option of three EU countries – United Kingdom, Sweden and Denmark – of not joining the EMU and analyses whether besides their subjective option of staying out of the EMU there is also an economic reason behind this decision, based on existing literature in the field. The three “EMU-outsiders” are different in terms of economic power, financial market attributes, monetary policy rules employed and political decisions. In each case, the choice to remain outside EMU was based on economic reasons, as well as political and sometimes nationalist arguments. Of the three countries under scrutiny, Denmark is by far the one which has the best prospects of joining EMU, given it…
L’erraticità della centralità. Valori simbolici e valori monetari nella città di Palermo
2017
The center of the city could be considered as the urban meta-sign from which each part of the city takes his urban monetary significance, and it can also be joined to the isomorphic chain linking Zero, Vanishing Point and Money. The center of the city is naturally erratic and follows the urban transformation, producing monetary differentials corresponding to differentials of quality of the localization. The case study of Palermo is analyzed showing the creation of the center of the city, its translation and its (monetary) evaluation in the contemporaneous city.
Do Exchange-Rate Regimes Matter for Monetary-Policy Autonomy? The Experiences of 11 Small, Open European Economies in the 1980s and 1990s
2003
We investigate monetary-policy autonomy under different exchange-rate regimes in small, open European economies during the 1980s and 1990s. We find no systematic difference in the degree of nominal monetary-policy autonomy enjoyed by those countries that pursue flexible exchange-rate regimes as compared to those that have kept their exchange rates fixed. Our interpretation of the results is that over the medium and long term following an 'independent' target for monetary policy, which does not deviate much from the targets of those countries to which one is closely financially integrated, is as constraining as locking the exchange rate to some particular level.
Monetary Policy Rules: From Adam Smith to John Taylor
2012
We describe, through the lenses of history, the intellectual origins of the Taylor rule. The Taylor rule was an important component of the transformation that swept through the monetary policy landascape in a remarkable few years following the abandonment of monetary targeting. In this long paper we provide an original overview of the long-dated debate on rules vs discretion in monetary policy, ever since Adam Smith and the monetary controversies of the XIX century. We then analyse in greater detail the debates in the interwar years (Wicksell, Keynes, Cassel, Simons, Fisher) and the debates in the 1950s and 1960s (Phillips, Friedman, the rational expectation hipothesis) and how these debate…
Trading in Other Financial Markets
2017
This chapter tests the profitability of various moving average trading rules in different financial markets: stocks, bonds, currencies, and commodities. The results of these tests allow us to better understand the properties of the moving average trading strategies and find out which trading rules are profitable in which markets. The chapter concludes with a few practical recommendations for traders testing the profitability of moving average trading rules. The analysis presented in this chapter also suggests a hypothesis about simultaneous existence, in the same financial market, of several trends with different durations.
Is the long-run underperformance of seasoned equity issues irrational? Evidence from Spain
2007
Abstract We investigate if the long-run underperformance in the year after the issue of a sample of Spanish SEO firms is related to behavioural biases that lead investors to slowly adjust their pre-issue overoptimism. We also examine the existence of arbitrage costs that preclude mispricing from being corrected rapidly by sophisticated investors who act as arbitrageurs. Our findings support the contention that small SEO firms are overpriced at the time of the issue and suggest that their post-underperformance is related to arbitrage costs, where transaction costs play an important role although holding costs do not.
The Effect of EMU on Tourism
2007
Abstract This paper estimates the effect of the euro on intra-EMU tourist flows by using a panel dataset of 20 OECD countries over the period 1995–2002. The results reveal that the euro has increased tourism, with an effect of around 6.5%. This is a noticeable impact given the early stage of the EMU analyzed. The robustness checks show that the evidence of a positive impact is quite widespread across EMU destinationcountries. 1. Introduction The aim of this paper is to analyze the impact of the euro on tourism among the 12members of the Economic and Monetary Union (EMU) in Europe. One of theexpected effects of the creation of the single European currency was the increase in trade of goods an…
An Empirical Analysis of the Lead Lag Relationship Between CDS and Stock Market
2018
This paper complements the recent literature providing a thorough research of the lead lag relationship between stock and sovereign CDS markets using a rolling VAR framework. We find that the transmission channel between the credit and stock market exist. This phenomenon is time varying, it seems to be related with the economic cycle and in general, it’s more intense in US than in Europe.