Schäfer, Larissa, (2016), “Forgive but not forget: the behaviour of relationship banks when firms are in distress”, European Bank for Reconstruction and Development, March A new EBRD Working Paper studies whether relationship banks help firms in financial distress. Combining a new and direct measure of relationship lending with unique credit registry data, I examine the effect of relationship lending on ex-post loan performance. My findings demonstrate that the same firm is …Read More
Labour Mobility of Migrants and Natives in the European Union: An Empirical Test of the ‘Greasing of the Wheels’ Effect of Migrants
Landesmann, Michael, Leitner, Sandra M., (2015), “Labour Mobility of Migrants and Natives in the European Union: An Empirical Test of the ‘Greasing of the Wheels’ Effect of Migrants”, The Vienna Institute for International Economic Studies, August In the context of current developments of large refugee movements across Europe, it is important to study the impact of migration flows in the European economy. One aspect of this is the impact on mobility patterns (i.e. …Read More
Study on structures of aggressive tax planning and indicators
Meldgaard, Henrik, Bundgaard, Jakob, Floristean, Alexandru, Dyppel Weber, Katja, (2016), “Study on structures of aggressive tax planning and indicators”, European Commission, Working Paper N. 61 – 2015. As a response to the increasing sophistication of tax planners in identifying and exploiting the legal arbitrage opportunities and the boundaries of acceptable tax planning, policymakers across OECD, G20 and EU countries have taken steps to ensure that taxation duly takes place where economic value is generated and where the economic …Read More
Unconventional Monetary Policy On Stilts
Roubini, Nouriel, (2016), “Unconventional Monetary Policy On Stilts”, Social Europe, 5 April With most advanced economies experiencing anemic recoveries from the 2008 financial crisis, their central banks have been forced to move from conventional monetary policy – reducing policy rates via open-market purchases of short-term government bonds – to a range of unconventional policies. Although the zero nominal bound on interest rates – previously only a theoretical possibility – had been …Read More
Library » EU » Economy » Opinion Articles
Government intervention reduces banking globalisation
Kleymenova, Anya, Rose, Andrew K, Wieladek, Tomasz, (2016), “Government intervention reduces banking globalisation”, Voxeu, 5 April Post-crisis banking is in trouble, with cross-border bank lending significantly slower than before. Many economists think that this is down to complications from government ownership. This column argues that although government ownership is not the only possible friction or reason for cross-border bank lending, it is an inhibitor of cross-border bank activity in both the UK and …Read More
Library » EU » Economy » Opinion Articles
The Digital Market for Local Services: A one-night stand for workers? An example from the on-demand economy
De Groen, Willem Pieter , Maselli, Ilaria, Fabo, Brian, (2016), “The Digital Market for Local Services: A one-night stand for workers? An example from the on-demand economy”, CEPS, 4 April This case study provides a snapshot of the dynamics in the digital market for locally provided personal services. Based on a case study for a Belgium platform with 14,113 identified workers and 9,459 posted tasks, the findings suggest that the current intermediation is …Read More
Monetary Policy, Bank Bailouts and the Sovereign-bank Risk Nexus in the Euro Area
Fratzscher, Marcel, Rieth, Malte, (2015), “Monetary Policy, Bank Bailouts and the Sovereign-bank Risk Nexus in the Euro Area”, European Commission Directorate-General for Economic and Financial Affairs, DISCUSSION PAPER 009, September 2015 The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms twoway causality between shocks to sovereign risk and bank risk, with the former …Read More
Drivers of Wealth Inequality in Euro-Area Countries The Effect of Inheritance and Gifts on Household Gross and Net Wealth Distribution Analysed by Applying the Shapley Value Approach to Decomposition
Leitner, Sebastian, (2016), “Drivers of Wealth Inequality in Euro-Area Countries The Effect of Inheritance and Gifts on Household Gross and Net Wealth Distribution Analysed by Applying the Shapley Value Approach to Decomposition”, The Vienna Institute for International Economic Studies, Working Paper 122, January This paper investigates the sources of inequality in household gross and net wealth across eight euroarea countries applying the Shapley value approach to decomposition. The research draws on micro data from …Read More
Library » EU » Economy » Scientific Articles
Start-up subsidies for the unemployed: Opportunities and limitations
Caliendo, Marco, (2016), “Start-up subsidies for the unemployed: Opportunities and limitations”, IZA World of Labor 2016: 200, March In order to curb unemployment, OECD countries have made enormous efforts and spent considerable sums on active labor market policies (0.6% of GDP in 2011). Governments have mainly relied on traditional measures such as job creation schemes, training programs, and wage subsidies which have often shown dissatisfactory impacts on income and employment prospects …Read More
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Deconstructing Theories of Overeducation in Europe: A Wage Decomposition Approach
McGuinness, Seamus, Pouliakas, Konstantinos, (2016), “Deconstructing Theories of Overeducation in Europe: A Wage Decomposition Approach “, IZA DP No. 9698, February Using a representative sample of adult employees from 28 EU countries, the analysis shows that job characteristics and the low skill content of their jobs account for an equal share of the wage penalty of overeducated workers as supply-side factors. Lack of information about skill needs and career prospects of jobs …Read More
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