Marques‐Ibanez , David, (2016), “Securitization and Credit Quality”, IMF Working Paper 16/221, 16 Νοεμβρίου Banks are usually better informed on the loans they originate than other financial intermediaries. As a result, securitized loans might be of lower credit quality than otherwise similar nonsecuritized loans. We assess the effect of securitization activity on loans’ relative credit quality employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that, at …Read More

Caldera Sánchez, Aida, Röhn, Oliver, (2016), “How do policies influence GDP tail risks?”, OECD, 16 Νοεμβρίου This paper explores the relationship between policy settings and extreme positive and negative growth events, what we call GDP tail risks, using quantile regression methods. Conditioning on several country characteristics such as the size, stage of development and openness to trade as well as macroeconomic policies, the following findings for a panel of mostly …Read More

Cipriani, Gabriele, (2016), “Reforming the EU’s Budget Revenue: The case for a visible VAT-based resource”, CEPS, 14 Νοεμβρίου This paper finds that the long-awaited reform of the EU’s revenue arrangements can be pursued within the current legal framework, thus keeping member states’ fiscal sovereignty unaffected. In order to have a chance of approval by national parliaments, the author recommends that reform options should concentrate on known grounds and operational solutions. …Read More

A. Dias, Daniel, Robalo Marques, Carlos, Richmond, Christine, (2016), “A Tale of Two Sectors: Why is Misallocation Higher in Services than in Manufacturing?”, IMF Working Paper 16/220, 15 Νοεμβρίου Recent empirical studies document that the level of resource misallocation in the service sector is signicantly higher than in the manufacturing sector. We quantify the importance of this difference and study its sources. Conservative estimates for Portugal (2008) show that closing this …Read More

Asonuma, Tamon, Chamon, Marcos, Sasahara, Akira, (2016), “Trade Costs of Sovereign Debt Restructurings: Does a Market-Friendly Approach Improve the Outcome?”, IMF Working Paper 16/222, 16 Νοεμβρίου Sovereign debt restructurings have been shown to influence the dynamics of imports and exports. This paper shows that the impact can vary substantially depending on whether the restructuring takes place preemptively without missing payments to creditors, or whether it takes place after a default has …Read More

Belke, Ansgar, Domnick, Clemens, Gros, Daniel, (2016), “Business Cycle Synchronization in the EMU: Core vs. Periphery”, CEPS, 14 Νοεμβρίου This paper examines business cycle synchronization in the European Monetary Union with a special focus on the core-periphery pattern in the aftermath of the crisis.  Using  a  quarterly index for business cycle synchronization by Cerqueira (2013), our panel data estimates suggest that it is countries belonging to the core that  are …Read More

Caldera Sánchez, Aida, Gori, Filippo, (2016), “Can Reforms Promoting Growth Increase Financial Fragility? An Empirical Assessment”, OECD ECONOMICS DEPARTMENT WORKING PAPERS No. 1340, 16 Νοεμβρίου Certain growth-promoting policies can have negative side-effects by increasing the vulnerability of economies to financial crises. Typical examples are greater openness to financial flows or more liberalised financial markets. This paper investigates whether the growth benefits of policy reforms in these growthenhancing areas, and others such as …Read More