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Cooperative banks are an important, and growing, part of many financial systems. This paper empirically analyzes the role of cooperative banks in financial stability. Contrary to some suggestions in the literature, we find that cooperative banks are more stable than commercial banks. This finding is due to the lower volatility of the cooperative banks' returns, which more than offsets their lower profitability and capitalization. This is most likely due to cooperative banks' ability to use customer surplus as a cushion in weaker periods. We also find that in systems with a high presence of cooperative banks, weak commercial banks are less stable than they would be otherwise. The overall impact of a higher cooperative presence on bank stability is positive on average but insignificant in some specifications.

Banks and banking, Cooperative. --- Credit unions -- Accounting. --- Economic stabilization. --- Finance --- Business & Economics --- Banking --- Adjustment, Economic --- Business stabilization --- Economic adjustment --- Stabilization, Economic --- Cooperative banks --- Credit cooperatives --- People's banks --- Economic policy --- Banks and banking --- Cooperative societies --- Banks and Banking --- Macroeconomics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Personal Income, Wealth, and Their Distributions --- Interest Rates: Determination, Term Structure, and Effects --- Commercial banks --- Personal income --- Long term interest rates --- Banks and banking, Cooperative --- Income --- Interest rates --- Germany

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This 2007 Article IV Consultation highlights that the economic downturn of New Zealand that commenced in 2005 has proved to be short lived. In early 2006, the economy appeared to be cooling quickly, with quarterly growth dropping to zero and confidence and demand indicators deteriorating. Some needed rebalancing of the economy took place. Over the last few months, the cycle has turned again. A range of indicators in late 2006 and early 2007 suggest that domestic demand has regained momentum. These include a resurgent housing market and improved business and consumer confidence.

Economic stabilization --- Adjustment, Economic --- Business stabilization --- Economic adjustment --- Stabilization, Economic --- Economic policy --- New Zealand --- Economic policy. --- Economic conditions --- Exports and Imports --- Foreign Exchange --- Inflation --- Public Finance --- Real Estate --- Price Level --- Deflation --- Housing Supply and Markets --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- Macroeconomics --- Currency --- Foreign exchange --- Property & real estate --- Public finance & taxation --- International economics --- Exchange rates --- Housing prices --- Fiscal policy --- Expenditure --- Prices --- Housing --- Expenditures, Public

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This work examines the political economy of exchange-rate policies in the context of the eastward enlargement of the eurozone. The analysis shows that prospective members of the EMU are likely to pass on some of the incurred Maastricht costs of convergence to the current EMU-members. The transmission mechanism is an altered exchange-rate policy that is carried out utilizing a "threaten-thy-neighbour"-strategy. The nature of the arising conflict between current and prospective EMU-members originates from both parties' admitted inclination to complete the enlargement process, complicated by their disinclination to bear the costs. The ensuing moral-hazard behaviour of the CEECs proves to be one of brinkmanship. The subsequent bargaining game results in a robust outcome most likely in terms of providing extra European funding. This may then ensure a stabilization of the CEECs' convergence toward the EMU, and a successful completion of eastward enlargement of the eurozone.

Foreign exchange rates --- Monetary policy --- Economic stabilization --- Government policy --- Fahrholz, Christian H. --- European Union countries --- Economic integration. --- Adjustment, Economic --- Business stabilization --- Economic adjustment --- Stabilization, Economic --- Economic policy --- Monetary management --- Currency boards --- Money supply --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Rates --- Economics. --- Macroeconomics. --- European Economic Community lite. --- Economic theory. --- Economic policy. --- Economics, general. --- Macroeconomics/Monetary Economics//Financial Economics. --- European Integration. --- Economic Theory/Quantitative Economics/Mathematical Methods. --- Economic Policy. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Economic theory --- Political economy --- Social sciences --- Economic man --- 334.151.27 --- 334.152.0 --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- 338.22 --- 339.743 <4> --- 339.92 --- 338.22 Economische organisatieleer. Economisch beleid. Economische politiek --- Economische organisatieleer. Economisch beleid. Economische politiek --- 339.92 Economische samenwerking en integratie. Tolunie--EU --- Economische samenwerking en integratie. Tolunie--EU --- 339.743 <4> Wisselkoersen. Wisselkoerspariteiten. Dubbele wisselkoers. Devaluatie. Revaluatie. Zwevende wisselkoers. Muntslang--Europa --- Wisselkoersen. Wisselkoerspariteiten. Dubbele wisselkoers. Devaluatie. Revaluatie. Zwevende wisselkoers. Muntslang--Europa --- Europees monetair stelsel --- Betrekkingen tussen de Europese Gemeenschappen en de lidstaten: algemeenheden --- Management science. --- European Economic Community literature. --- Quantitative business analysis --- Management --- Problem solving --- Operations research --- Statistical decision