全球智库信息集成服务系统(G2TT): DP2447 Punitive Sanctions and the Transition Rate From Welfare to Work

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP2447
	DP2447 Punitive Sanctions and the Transition Rate From Welfare to Work
	Jan C. van Ours; Gerard Van den Berg; Bas van der Klaauw
发表日期	2000-05-30
出版年	2000
语种	英语
摘要	This paper provides a broad empirical examination of the major currencies' roles in international capital markets, with a special emphasis on the first year of the Euro. A contribution is made as to how to measure these roles, both for international financing as well as for international investment. The times series collected for these measures allow for the identification of changes in the role of the Euro during 1999 compared to the aggregate of Euro predecessor currencies, net of intra-Euro area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of international portfolio investments, such as relative market liquidity and relative risk characteristics of assets, are also examined empirically. It turns out that for almost all important market segments for which data are available, the Euro immediately became the second most widely used currency for international financing and investment. For the flow of international bond and note issuance it experienced significant growth in 1999 even slightly overtaking the US dollar in the second half of the year. The Euro's international investment role appears more static though, since most of the early external asset supply in Euro is actually absorbed by Euro area residents.
主题	Financial Economics ; International Macroeconomics
关键词	Bank lending Bond markets Yen Capital flows Dollar Emu Equity markets Euro International capital markets International currencies
URL	https://cepr.org/publications/dp2447
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/531528
推荐引用方式 GB/T 7714	Jan C. van Ours,Gerard Van den Berg,Bas van der Klaauw. DP2447 Punitive Sanctions and the Transition Rate From Welfare to Work. 2000.