Abstract

http://ssrn.com/abstract=1966926
 
 

References (35)



 
 

Citations (1)



 
 

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Extreme Risks in Financial Markets and Monetary Policies of the Euro-Candidates


Hubert Gabrisch


Halle Institute for Economic Research

Lucjan T. Orlowski


Sacred Heart University - John F. Welch College of Business

December 2011

Comparative Economic Studies, Vol. 53, Issue 4, pp. 511-534, 2011

Abstract:     
This study investigates extreme tail risks in financial markets of the euro-candidate countries and their implications for monetary policies. Our empirical tests show the prevalence of extreme risks in the conditional volatility series of selected financial variables, that is, interbank rates, equity market indexes and exchange rates. We argue that excessive instability of key target and instrument variables should be mitigated by monetary policies. Central banks in these countries will be well-advised to use both standard and unorthodox (discretionary) tools of monetary policy while steering their economies out of the financial crisis and through the euro-convergence process.

Number of Pages in PDF File: 24

Accepted Paper Series


Date posted: December 1, 2011  

Suggested Citation

Gabrisch, Hubert and Orlowski, Lucjan T., Extreme Risks in Financial Markets and Monetary Policies of the Euro-Candidates (December 2011). Comparative Economic Studies, Vol. 53, Issue 4, pp. 511-534, 2011. Available at SSRN: http://ssrn.com/abstract=1966926 or http://dx.doi.org/10.1057/ces.2011.9

Contact Information

Hubert Gabrisch (Contact Author)
Halle Institute for Economic Research ( email )
P.O. Box 11 03 61
Kleine Maerkerstrasse 8
D-06017 Halle, 06108
Germany
Lucjan T. Orlowski
Sacred Heart University - John F. Welch College of Business ( email )
5151 Park Avenue
Fairfield, CT 06825
United States
203-371-7858 (Phone)
HOME PAGE: http://www.sacredheart.edu/ltorlowski.cfm
Feedback to SSRN


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References:  35
Citations:  1
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