This paper investigates the effect of European Monetary Union on the integration of the financial services industry within European using data on the announcements of M&A’s within the industry. We find some evidence that EMU has helped financial integration within the euro area. In addition, financial institutions in EMU countries became more active in initiating integration between EMU and non...

Primary goal of stabilization policy in the Treaty of European Union is price stability. That goal may be in conflict with the goal of full employment in the member states, particularly, then the union is hit by an asymmetric shock. Assuming perfect capital mobility an initial adverse shock (Krugman 1993) may have permanent effects by releasing a self-reinforcing process, which will result in l...

1 Introduction The purpose of this study is to shed light on the likely impact of EMU on labor market performance and institutions. In particular, the following three broad questions are addressed: • In light of recent experience, theoretical insights, and institutional configurations, what is the likely impact of EMU on labor market outcomes? • How is EMU going to affect ongoing reforms of lab...

How will EMU influence the European political economy? This paper argues that most of the likely alternatives are unsustainable for at least some of the EMU member-states. As a result, the Stability Pact imposed by the Kohl government and the Bundesbank is likely to be rejected by other member-states. Additionally, EMU will most likely also have an effect on the relations within the German poli...

In this paper we investigate the implications of EMU enlargement from a political economy perspective. We argue that a high degree of convergence of the candidate countries prior to EMU accession is an important requisite. Otherwise, as a result of a sharp increase in economic dispersion, public support for European monetary policy is likely to decrease, and external pressure on the European Ce...

Rogoff, 1985, suggested that central bank independence would lead to lower inflation but greater output variability. Alesina and Gatti, 1995, demonstrated Rogoff’s work was partial by only considering economic sources of output variability. By including political factors, circumstances could be identified when making a central bank independent could reduce both inflation and output variability....

BACKGROUND Emu oil is a product of animal origin used for the treatment of inflammation, burns etc. as a part of aboriginal medicine in Australia. Crohn's disease is a common inflammatory manifestation in humans and other animal species relating to the ulceration and digestive disturbances in upper gastro-intestinal tract. Aloe vera is commonly used substance from plant sources for inflammation...

Both appropriate hydration and skin surface pH are fundamental in preventing baby skin barrier damage during transition from intrauterine to extrauterine life. However, effects of topical moisturizers on neonatal stratum corneum temperature, pH, hydration, and elasticity have not been scientifically evaluated in vivo. We checked 31 full-term breastfeeding neonates by non-invasive bioengineering...

The topic covered in this paper is the performance of di¤erent monetary policy rules used as guidelines in practical policymaking. To this end, di¤erent rules are evaluated using alternative econometrics techniques. A comparative analysis is made of the ability of the rules to correspond to the historical central bank behaviour and of the volatility of the output, in‡ation and interest rate cha...