Browsing by Subject "Monetary unions."

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    An evaluation of the European Economic and Monetary Union in the light of Delors Report
    (1990) Şen, Ahmet Cem
    This research analyzes the European Econosic and Monetary Union in the light of Delors Report and it consists of two main parts. The first part of the thesis summarizes the Delors Report . In the first section ,in Part I, the past and present developments in the economic and monetary integration of the European Community is briefly discussed in chronological order. In the second section the principle features of both an economic and monetary union is studied separetely and finally the points of the Delors three stage plan is given in the third section. In Part II, an evaluation of European Economic and Monetary Union is given in the light of Delors Stages and it is concluded that it is inappropriate to schedule the later phases of European Economic and Monetary Union prior to gaining experience from implementation of the previous phases.
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    Measurement of financial integration : theory review and a new approach to Euler test
    (2009) Er, Hakan
    An extension of the Euler test in which the real interest rate differential is explained by the growth rate of real consumption of the domestic and the foreign country, and new proxies developed to measure real interest rate differential instead of ex post real interest rate constitute the backbone of this paper. The proxies are obtained directly from the real economic variables that try to overcome the difficulty of measuring unobservable ex post real interest rates, which, by nature, may contain monetary shocks, and varies considerably according to the reference nominal interest rates and baskets that measures the price developments. In one of the abovementioned proxies, a new factor trying to capture the effect of human capital growth developments on real interest rates has been included. After constructing these new proxies, the validity of the extended Euler test has been checked for 11 OECD countries and the level of these countries’ integration to the world has been tested by taking United States as the foreign country.