Search results for "moneta"

De las monedas nacionales al Sistema Monetario Europeo: la aportación de los servicios de la Comisión

2006

Desde mediados de los años ochenta hasta principios de los noventa, la Comisión Europea vivió uno de sus períodos de mayor esplendor en términos de propuestas concretas y de avances en el proceso de construcción europea, principalmente en el ámbito de las relaciones monetarias y financieras. Fueron también los años de preparación de la entrada de la peseta y el escudo en el Mecanismo de Tipos de Cambio del Sistema Monetario Europeo. En este artículo se revisa esta etapa desde la perspectiva de los servicios de la Comisión manuel.sanchis@uv.es

Aspetti dell'economia tardorepubblicana

2013

Nel capitolo sono indagati aspetti e problemi dell’economia e della società romana tardo-repubblicana, con riferimento a finanze, commerci, circolazione monetaria, economia agricola.

Global connectivity between commodity prices and national stock markets: A time‐varying MIDAS analysis

2021

Interest Rate Convergence, External Balances and the Euro Crisis

2016

Typically, the catching-up process between rich Northern Europe and poor Southern Europe and the diverging cost competitiveness between the two regions are considered alternative explanations for the widening current account imbalances in the euro area. This paper proposes a new explanation for the imbalances which led to the 2009 euro crisis i.e. large interest rate differentials among the EMU-12 countries which prevailed before the adoption of the euro. This finding suggests that the euro crisis was, at least to some extent, a consequence of the initial convergence shock.

The relationship between credit ratings and asset liquidity: Evidence from Western European banks

2020

This study examines the role of asset liquidity in Western European banks’ credit rating downgrades and upgrades over the 2005–2017 period. The results suggest that changes in bank credit ratings have been more favorable for banks that have a liquid asset portfolio. Furthermore, asset liquidity has a stronger effect on the credit rating of banks that already have an illiquid asset portfolio. In contrast, the effect is significantly smaller or nonexistent for the most liquid banks. These results imply that the new liquidity regulation introduced by the Basel III requirements will improve the stability and hence decrease the fragility of the European banking sector. Furthermore, the benefits …

Modeling foreign exchange market activity around macroeconomic news: Hawkes-process approach

2015

We present a Hawkes-model approach to the foreign exchange market in which the high-frequency price dynamics is affected by a self-exciting mechanism and an exogenous component, generated by the pre-announced arrival of macroeconomic news. By focusing on time windows around the news announcement, we find that the model is able to capture the increase of trading activity after the news, both when the news has a sizable effect on volatility and when this effect is negligible, either because the news in not important or because the announcement is in line with the forecast by analysts. We extend the model by considering noncausal effects, due to the fact that the existence of the news (but not…

Currency unions and trade : what is the impact of the euro on trade in the euro area?

2012

The aim of this study is to estimate the effect of the euro on trade within the euro area. This has been a relevant question for European politicians ever since the launch of the common currency was agreed on in the Maastricht Treaty in 1992. To analyse the topic the gravity model of international trade augmented with several dummy variables is employed using panel data of 29 developed countries between 1995 and 2010. The estimated aggregate trade effect on the euro zone reaches 10 % in the most preferred regression and is comparable with earlier estimates. However, there is considerable variation in the results when different sample sizes are used. This could be a sign of omitted variable …

Las desvergüenzas del capitalismo

2008

The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy

2020

The variables that contribute to explaining the major puzzles and paradoxes in macroeconomics and economic growth literature always appear related, directly or indirectly, to capital stock and depreciation. Depreciation defined in a narrow sense refers only to physical wear and tear, but in a broader sense, it also includes economic deterioration and obsolescence. In this study, we explore the link between these two depreciation concepts, the capital deepening and total factor productivity (TFP) growth. We propose a double growth accounting framework that allows us to establish a relationship between variables in statistical terms and variables in economic terms. Then, with Spanish data for…

El patrón oro y el euro. Una reflexión a partir de la lectura de A Tract on Monetary Reform

2017

This paper makes a comparison between the gold standard and the euro through a study of Keynes’s views on the need to manage the macroeconomic situation of an industrial economy. The essay centers on Keynes’s first relevant economic work of the post World War I years, A Tract on Monetary Reform, analyzing its theoretical and practical content. The situation of monetary instability and the choice of exchange regime (to return or not to the gold standard, with the parity prior to the war) were the factors that attracted Keynes’s attention in those years. Similarities between the gold standard and the present euro system bestow a certain interest on Keynes’s ideas and on the economic discussio…