Search results for "euro-zone"
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Euroizacja – pomiędzy zróżnicowaniem a pogłębioną integracją europejską
2022
Euroization, understood as the expansion of the euro, the currency performing most or all functions of money in international trade, raises many questions and controversies both in the public debate and in the scienti!c discourse. The objective of this paper is to reach beyond the above-mentioned narrow de!- nition of euroisation, limiting itself to the process of absorbing new members (territories, economies, etc.). The scope of euroisation develops subjectively – embracing new states, as well as objectively – new markets, instruments, etc. (e.g. rising share of deposits denominated in euro, outside of the euro-zone). It is important to notice that this process evolves both o#cially and un…
The Euro-Dollar Exchange Rate: Is it Fundamental?
2002
In this paper we have applied two approaches to the study of the dollar real exchange rate in relation with the Euro-area currencies. First, using dynamic panel techniques, we estimate an error correction model for the dollar real exchange rate versus seven developed countries, four of them Euro-area members. Second, we aggregate the European variables and estimate a model for the Euro-dollar real exchange rate using time series techniques. After identification and model selection, the same specification can be adopted in the two cases, in an eclectic model including real interest rate and productivity differentials, together with relative fiscal policy and net foreign asset positions. This…