In:
Gabriel Felbermayr, Meinhard Knoche, Ludger Wößmann (Hrsg.) ,
Hans-Werner Sinn und 25 Jahre deutsche Wirtschaftspolitik
München: Hanser
S. 198-199
| Marcel Fratzscher
In:
Alexandra Heath, Matthew Read (Eds.) ,
Financial Flows and Infrastructure Financing : Proceedings of a Conference Held in Sydney on 20-21 March 2014
Sydney: Reserve Bank of Australia
S. 7-38
| Marcel Fratzscher
We analyse the first twenty years of the euro both from an economic and an institutional perspective. We find that in particular during the period since the financial crisis, convergence as measured by a variety of indicators has not improved. Design flaws in the Eurozone institutional architecture have contributed importantly to this lack of convergence. This is why further reforms are urgently needed. ...
Bruxelles:
European Parliament,
2019,
30 S.
(In-depth Analysis)
| Kerstin Bernoth, Franziska Bremus, Geraldine Dany-Knedlik, Henrik Enderlein, Marcel Fratzscher, Lukas Guttenberg, Alexander Kriwoluzky, Rosa Lastra
Using data for the trades of 19 central banks intervening in currency markets, we show that leaning against the wind by individual central banks leads to "systematic intervention" in the aggregate central banking sector. This systematic intervention is driven by and impacts on the same factors that drive currency excess returns: carry, momentum, value, and a dollar factor. The sensitivity of an individual ...
SSRN,
2018,
48 S. : Anh.
(SSRN Papers)
| Marcel Fratzscher, Lukas Menkhoff, Lucio Sarno, Maik Schmeling, Tobias Stöhr
This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under somecriteria. The policy works well in terms of smoothing the path of exchange rates, and in stabilizing the exchange rate in countries with narrow band regimes. Moving ...
London:
CEPR,
2017,
64 S.
(Discussion Paper Series / Centre for Economic Policy Research ; 12510)
| Marcel Fratzscher, Oliver Gloede, Lukas Menkhoff, Lucio Sarno,Tobias Stöhr
Are capital controls and macroprudential measures related to international exposures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding to changes in variables that the CFMs are intended to influence. This paper addresses ...
Cambridge, Mass.:
National Bureau of Economic Research,
2015,
55 S.
(NBER Working Paper Series ; 20860)
| Kristin Forbes, Marcel Fratzscher, Roland Straub
The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms two-way causality between shocks to sovereign risk and bank risk, with the former being overall more important in explaining bank risk, than vice versa. The paper focuses specifically on the impact of non-standard ...
London:
CEPR,
2015,
49 S.
(Discussion Paper Series / Centre for Economic Policy Research ; 10370)
| Marcel Fratzscher, Malte Rieth