Essays on the common currency, real financial market exchange rates and capital flows
Chapter 1 of this thesis studies the impact of the introduction of the euro on the volatility of industrial production growth and the characteristics of the optimal currency in the EU-12 countries (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain).Chapter 2 investigates the relationship between cross-border equity flows and relative international asset prices expressed in the same currency which can be considered as the Real Financial Market Exchange Rate (RFER). This chapter investigates cross-border equity flows between the US and a number of industrialized countries as well as a number of emerging markets. Chapter 3 is dedicated to the relationship between equity flows and the RFER between Canada and the US.
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