Focus on European Economic Integration Q1/05

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• Focus on European Economic Integration 1/05 (PDF, 1.4 MB) March 2005.

Studies and Analyses

• Developments in Selected Countries (PDF, 435 kB) Barisitz, Égert, Hildebrandt, Kirova, Reininger, Walko - Focus on European Economic Integration 1/05 en Mar 31, 2005, 12:00:00 AM

• The Euro Changeover in the New Member States - A Preview (PDF, 386 kB) Gruber, Ritzberger-Grünwald. Gruber, Ritzberger-Grünwald - Focus on European Economic Integration 1/05 This study discusses issues that can be expected to arise in the context of preparations for the euro changeover in the new Member States. In doing so, it draws on the experiences of those 12 countries that have already introduced the single European currency, with a specific focus on the case of Austria. This experience can be a useful signpost for new Member States, even though their starting conditions differ because the euro already exists and most of the countries in question are on a catching-up route. The paper makes reference to the two main dimensions of the process, namely the noncash and cash changeover. The study stresses the crucial importance of timely preparations and well-devised information for ensuring a smooth changeover. In conclusion, the paper expresses confidence that the new Member States will manage the changeover process successfully when the time has come. en Mar 31, 2005, 12:00:00 AM

• Exchange Rate Regimes, Foreign Exchange Volatility and Export Performance in Central and Eastern Europe (PDF, 347 kB) Égert, Morales-Zumaquero. Égert, Morales-Zumaquero - Focus on European Economic Integration 1/05 This paper attempts to analyze the direct impact of exchange rate volatility on the export performance of ten Central and Eastern European transition economies as well as its indirect impact via changes in exchange rate regimes. Not only aggregate but also bilateral and sectoral export flows are studied. To this end, we first analyze shifts in exchange rate volatility linked to changes in the exchange rate regimes and second, use these changes to construct dummy variables we include in our export function. The results suggest that the size and the direction of the impact of forex volatility and of regime changes on exports vary considerably across sectors and countries and that they may be related to specific periods. en Mar 31, 2005, 12:00:00 AM

• Financial Globalization, Capital Account Liberalization and International Consumption Risk-Sharing (PDF, 257 kB) Moser, Pointner. Moser, Pointner, Scharler - Focus on European Economic Integration 1/05 This paper analyzes whether international risk-sharing has improved along the same lines as the process of financial globalization. International financial markets allow investors to efficiently diversify their risks. Agents can protect themselves against fluctuations in their incomes through trading in assets with appropriate payoff structures. However, the usual finding in the literature is that international risk-sharing is quite limited. We argue that despite the liberalization of capital accounts and the removal of various legal barriers to capital mobility, international risk-sharing still appears to be rather limited. en Mar 31, 2005, 12:00:00 AM

• Albania: Country Profile and Recent Economic Developments (PDF, 348 kB) Schautzer. Schautzer - Focus on European Economic Integration 1/05 en Mar 31, 2005, 12:00:00 AM

• The CEEC Website (PDF, 288 kB) Kirova - Focus on European Economic Integration 1/2005 en Mar 31, 2005, 12:00:00 AM

• Selected Abstracts (PDF, 141 kB) Reininger, Walko, Fidrmuc - Focus on European Economic Integration 1/05 en Mar 31, 2005, 12:00:00 AM

• Democracy in Southeastern Europe (PDF, 157 kB) Focus on European Economic Integration 1/05 en Mar 31, 2005, 12:00:00 AM

• The "East Jour Fixe" of the Oesterreichische Nationalbank (PDF, 122 kB) Focus on European Economic Integration 1/05 en Mar 31, 2005, 12:00:00 AM

• Olga Radzyner Award for Scientific Work on European Economic Integration (PDF, 118 kB) Focus on European Economic Integration 1/05 en Mar 31, 2005, 12:00:00 AM

• Statistical Annex (PDF, 179 kB) Focus on European Economic Integration 1/05 en Mar 31, 2005, 12:00:00 AM