Global Imbalances

The Euro as a Global Currency

• ECB (2003), Review of the International Role of the Euro. PDF.

• Meredith, Guy (2001), Why has the euro been so weak? IMF Working Paper

• Giancarlo Corsetti (CESifo forum 2000) , A perspective on the euro

• Green, John and Phillip L. Swagel December (1998), The Euro Area and the World Economy, Finance and Development

• Christian Noyer: The international impact of the euro speech delivered by the Vice-President during his visit to the United States in January 2000.

• ECB (1999), European Union balance of payments

• Eduardo Levy Yeyati and Federico Sturzenegger (1999), The euro and Latin America: Implications of the Euro for Latin America&rsquos Financial and Banking Systems

• Rajan R. S. (1999), What does the Euro mean for Asia?

The Euro and the Dollar...

• Corsetti, Giancarlo (2004), Productivity and the Euro-Dollar Exchange Rate, pdf.

• Thygesen, Niels (2000), The Relation between the Euro and the Dollar

• André Fourçans and Thierry Warin, Euro-Dollar Exchange Rate Strategies: A Game Theoretical Approach

• McCauley, Robert N. (1997), The Euro and the Dollar, BIS Working Paper No 50.

Exchange Rates and Inflation back to top

Euro-area Inflation Differentials and the euro dollar exchange rate

Euro area inflation differentials, by Ignazio Angeloni and Michael Ehrmann, September 2004

"Exchange Rates and Inflation under EMU: An Update" by Patrick Honohan and Phil Lane, July 2004.

Exchange rates and macroeconomic adjustment...

• Chari, V.V., Patrick J. Kehoe and Ellen McGrattan (2002), „Can Sticky Prices Generate Volatile and Real Exchange Rates?“ Review of Economic Studies, 69, 633-63.

• Corsetti, Giancarlo, Luca Dedola and Sylvain Leduc (2003), International Risk-Sharing and the Transmission of Productivity Shocks, mimeo.

International Monetary System back to top

Policy Coordination...

• Corsetti, Giancarlo and Paolo Pesenti (2003), International Dimensions of Optimal Monetary Policy, mimeo.

• Obstfeld, Maurice and Kenneth Rogoff (2002), Global Implications of Self-Oriented National Monetary Rules, Quarterly Journal of Economics 117, 503-36.

• Fischer, Stanley (1999), On the Need for an International Lender of Last Resort

• C. Wyplosz and O. Jeanne (2001), The International Lender of Last Resort: How Large Is Large Enough?

• Benigno, Pierpaolo (1998), A Simple Approach to International Monetary Policy Coordination

• Rogoff, Kenneth (1999), International Institutions for Reducing Global Financial Instability, NBER WP 7265.

Increasing Interdependence...

• White, William R. (1999), Evolving international financial markets: some implications for Central Banks, BIS Working paper 66

• Issing, Otmar (1999) The ECB's monetary policy in the context of globalisation

• Noyer, Christian (1999), Globally Liberalised Capital Markets and the Conduct of Monetary Policy

Excessive Exchange Rate Volatility back to top

• Artis M.J. and M.Ehrmann (2000) "The exchange rate - a shock-absorber or source of shocks?", CEPR Discussion Papers, No. 2550

•  Hviding, Ketil, Michael Nowak and Luca Antonio Ricci (2004), Can Higher Reserves Help Reduce Exchange Rate Volatility?, LLEE Working Document no. 13

Currency Crises back to top

Corsetti, Giancarlo, Paolo Pesenti and Nouriel Roubini (2001) The role of large players in currency crises, mimeo

The role of the IMF

• Corsetti, Giancarlo, Bernardo Guimaraes and Nouriel Roubini (2003), International Lender of Last Resort and Moral Hazard: a Model of IMF's catalytic finance, NBER Working Paper.

Contagion...

• Ciccarelli, Matteo and Alessandro Rebucci (2004), Measuring Contagion and Interdepende: An Application to the Chilean FX Market During the Argentine Crisis.