Seasonalities in Eastern Foreign Exchange Markets: A Barrier to Euro Adoption
Autor(a) principal: | |
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Data de Publicação: | 2007 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10174/6038 https://doi.org/10.1007/s11300-007-0145-0 |
Resumo: | Plans for an early adoption of the euro by some new EU members are hanged up on political will and a set of nominal criteria. The focus, however, should be on the available adjustment mechanisms supporting a permanently fixed exchange rate. Efficient financial markets could provide stabilisation (following a shock), substituting the weakened array of traditional policy instruments. In order to assess the availability of such alternative, this paper presents a particular empirical analysis of efficiency in three recently acceded countries’ foreign exchange markets. The results suggest that some caution is needed in the transition towards full monetary integration, as the level of financial efficiency already attained may be insufficient to ensure an adequate source of stabilisation in economies affected by specific disturbances. |
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Seasonalities in Eastern Foreign Exchange Markets: A Barrier to Euro Adoptionforeign exchange marketscalendar effectsPlans for an early adoption of the euro by some new EU members are hanged up on political will and a set of nominal criteria. The focus, however, should be on the available adjustment mechanisms supporting a permanently fixed exchange rate. Efficient financial markets could provide stabilisation (following a shock), substituting the weakened array of traditional policy instruments. In order to assess the availability of such alternative, this paper presents a particular empirical analysis of efficiency in three recently acceded countries’ foreign exchange markets. The results suggest that some caution is needed in the transition towards full monetary integration, as the level of financial efficiency already attained may be insufficient to ensure an adequate source of stabilisation in economies affected by specific disturbances.Springer2012-11-27T17:49:47Z2012-11-272007-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://hdl.handle.net/10174/6038http://hdl.handle.net/10174/6038https://doi.org/10.1007/s11300-007-0145-0engVIEIRA, C. and VIEIRA, I. (2007) Seasonalities in Eastern Foreign Exchange Markets: A Barrier to Euro Adoption?, Transition Studies Review, 14(2), 283-294.cvieira@uevora.ptimpvv@uevora.pt649Vieira, CarlosVieira, Isabelinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-03T18:45:17Zoai:dspace.uevora.pt:10174/6038Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:00:57.109459Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Seasonalities in Eastern Foreign Exchange Markets: A Barrier to Euro Adoption |
title |
Seasonalities in Eastern Foreign Exchange Markets: A Barrier to Euro Adoption |
spellingShingle |
Seasonalities in Eastern Foreign Exchange Markets: A Barrier to Euro Adoption Vieira, Carlos foreign exchange markets calendar effects |
title_short |
Seasonalities in Eastern Foreign Exchange Markets: A Barrier to Euro Adoption |
title_full |
Seasonalities in Eastern Foreign Exchange Markets: A Barrier to Euro Adoption |
title_fullStr |
Seasonalities in Eastern Foreign Exchange Markets: A Barrier to Euro Adoption |
title_full_unstemmed |
Seasonalities in Eastern Foreign Exchange Markets: A Barrier to Euro Adoption |
title_sort |
Seasonalities in Eastern Foreign Exchange Markets: A Barrier to Euro Adoption |
author |
Vieira, Carlos |
author_facet |
Vieira, Carlos Vieira, Isabel |
author_role |
author |
author2 |
Vieira, Isabel |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Vieira, Carlos Vieira, Isabel |
dc.subject.por.fl_str_mv |
foreign exchange markets calendar effects |
topic |
foreign exchange markets calendar effects |
description |
Plans for an early adoption of the euro by some new EU members are hanged up on political will and a set of nominal criteria. The focus, however, should be on the available adjustment mechanisms supporting a permanently fixed exchange rate. Efficient financial markets could provide stabilisation (following a shock), substituting the weakened array of traditional policy instruments. In order to assess the availability of such alternative, this paper presents a particular empirical analysis of efficiency in three recently acceded countries’ foreign exchange markets. The results suggest that some caution is needed in the transition towards full monetary integration, as the level of financial efficiency already attained may be insufficient to ensure an adequate source of stabilisation in economies affected by specific disturbances. |
publishDate |
2007 |
dc.date.none.fl_str_mv |
2007-01-01T00:00:00Z 2012-11-27T17:49:47Z 2012-11-27 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10174/6038 http://hdl.handle.net/10174/6038 https://doi.org/10.1007/s11300-007-0145-0 |
url |
http://hdl.handle.net/10174/6038 https://doi.org/10.1007/s11300-007-0145-0 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
VIEIRA, C. and VIEIRA, I. (2007) Seasonalities in Eastern Foreign Exchange Markets: A Barrier to Euro Adoption?, Transition Studies Review, 14(2), 283-294. cvieira@uevora.pt impvv@uevora.pt 649 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Springer |
publisher.none.fl_str_mv |
Springer |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799136492607504384 |