Go to Top

Βιβλιοθήκη

Debt Limits and the Structure of Public Debt

 Pienkowski, Alex, (2017), "Debt Limits and the Structure of Public Debt", IMF, 22 Μαΐου This paper provides a tractable framework to assess how the structure of debt instruments—specifically by currency denomination and indexation to GDP—can raise the debt limit of a sovereign. By calibrating the model to different country fundamentals, it is clear that there is no one-size-fits-all approach to optimal instrument design. For instance, low income countries may find benefit …Read More

Financial integration in Europe

ECB, (2017), "Financial integration in Europe", ECB, Μάιος 2017 The ECB’s annual report on financial integration in Europe contributes to the advancement of the process of European financial integration by analysing its development and the related policies. For the ECB, the market for a given set of financial instruments and/or services is fully integrated if all potential market participants with the same relevant characteristics: (1) face a single set of rules …Read More

Determinants of FDI inflows in advanced economies: Does the quality of economic structures matter?

Dellis, Konstantinos, Sondermann, David, Vansteenkiste, Isabel, (2017), "Determinants of FDI inflows in advanced economies: Does the quality of economic structures matter?", ECB Working Paper Series No 2066, Mάιος This paper investigates the role of economic structures as determinants of FDI inflows. We expand on the existing literature by focusing on advanced economies, using a newly available measure of FDI which cleans the data from statistical artefacts, such as financial round tripping, …Read More

The importance of being special: repo markets during the crisis

Corradin, Stefano, Maddaloni, Angela, (2017), "The importance of being special: repo markets during the crisis", ECB, Μάιος 2017 Specialness - the premium of procuring a specific security in the repo market - increased in the second half of 2011 for Italian government bonds. We assess the impact on specialness of the outright purchase program of the Eurosystem during the same period. Bonds bought by the Eurosystem had higher specialness. The impact was …Read More

Does employment protection legislation affect credit access? Evidence from Europe

Moro, Andrea, Maresch, Daniela, Ferrando, Annalisa, Udell, Gregory F., (2017),  "Does employment protection legislation affect credit access? Evidence from Europe", ECB, Μάιος We investigate the impact of employment protection on firms’ credit access by looking at both credit obtained from banks and firms’ decision to apply for a loan. We find that greater flexibility in structuring the employees’ working hours and in dismissing employees increases the probability that firms obtain …Read More

What could a euro-area finance minister mean?

Wolff, Guntram B., (2017), "What could a euro-area finance minister mean?", Bruegel, 17 Μαΐου With the election of Emmanuel Macron as president of France, the idea of a euro-area treasury and finance minister is back in the limelight. The election programme of Emmanuel Macron calls for “a budget for the euro area voted by a euro-area parliament and executed by a euro-area finance minister” with the aim to “be able to …Read More

Labour market performance of refugees in the EU

Peschner, Jörg, (2017), "Labour market performance of refugees in the EU", Working Paper 1/2017, European Commission, Directorate-General for Employment, Social Affairs and Inclusion, 5 Μαϊου This paper analyses the individual and socio-demographic factors behind the low employment rate of refugees compared to individuals born in the EU but also compared to other migrants. It complements the 2016 Employment and Social Developments Review where a chapter was dedicated to the labour …Read More

Bank Solvency and Funding Cost : New Data and New Results

 Valderrama,, Laura, Sigmund, Michael, Schmitz, Stefan W., (2017), "Bank Solvency and Funding Cost : New Data and New Results", IMF, 15 Μαΐου This paper presents new evidence on the empirical relationship between bank solvency and funding costs. Building on a newly constructed dataset drawing on supervisory data for 54 large banks from six advanced countries over 2004–2013, we use a simultaneous equation approach to estimate the contemporaneous interaction between solvency and …Read More

Germany Will Lose if Macron Fails

 Kotz, Hans-Helmut, (2017), "Germany Will Lose if Macron Fails", Project Syndicate, 15 Μαΐου FRANKFURT – When Emmanuel Macron won the French presidential election, many Germans breathed a loud sigh of relief. A pro-European centrist had soundly defeated a far-right populist, the National Front’s Marine Le Pen. But if the nationalist threat to Europe is truly to be contained, Germany will have to work with Macron to address the economic challenges that …Read More

The Global Crisis watershed: Investment-less credit booms

Ohnsorge, Franziska, Yu, Shu, (2017), "The Global Crisis watershed: Investment-less credit booms", Vox Eu, 16 Μαΐου Credit booms have often financed rapid investment growth, with investment subsequently stalling (Mendoza and Terrones 2012, Gorton and Ordonez 2016). However, after the Global Crisis, the nature of the relationship between credit and investment has changed. Specifically, credit to the nonfinancial private sector has risen rapidly in several several emerging market and developing economies (EMDEs), …Read More

Page 1 of 21412345...102030...»»»