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Purchasing power parity and the European single currency: some new evidence
Christidou, Maria; Panagiotidis, Theodore - 2010
EU countries, vis a vis the US dollar, before and after the advent of the euro. Standard as well as nonlinear unit root …
Persistent link: https://www.econbiz.de/10010273678
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Equity capital, bankruptcy risk and the liquidity trap
Levintal, Oren - 2011
This paper explains the emergence of liquidity traps in the aftermath of large-scale financial crises, as happened in the US 1930s, Japan 1990s and recently in the US and Europe. The paper introduces a new balance sheet channel that links equity capital to the risk-free interest rate. When...
Persistent link: https://www.econbiz.de/10010335985
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The effects of the saving and banking glut on the U.S. economy
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2013
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...
Persistent link: https://www.econbiz.de/10010352184
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Towards a progressive EMU fiscal governance
Álvarez Peralta, Nacho; Feigl, Georg; Koratzanis, Nasos; … - 2019
policies. Starting from the view that the crises in the euro zone were basically triggered by financial markets and reinforced …
Persistent link: https://www.econbiz.de/10014565890
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Measuring the stability of a dynamic system: The case of the stock market turmoil 2007-2008
Bask, Mikael; Widerberg, Anna - 2010
The aim of this paper is to demonstrate how the change in actual and potential market risks in the Dow Jones Industrial Average (DJIA) during the two-year period 2007-2008 can be analyzed with the help of-analysis. In the empirical analysis, the average of the Lyapunov exponents for the dynamic...
Persistent link: https://www.econbiz.de/10010321428
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Fixed and flexible exchange rates and currency sovereignty
Sardoni, Claudio; Wray, L. Randall - 2007
suitable to its specific economic, social, and political context. Alternatively, the euro area will have to create a fiscal …
Persistent link: https://www.econbiz.de/10010266537
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Transmission of Sovereign Risk in the Euro Crisis
Brutti, Filippo; Sauré, Philip - 2012
We assess the role of financial linkages for the transmission of sovereign risk in the Euro Crisis. Building on the … debt in the Euro Crisis. …
Persistent link: https://www.econbiz.de/10011430097
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External and public debt crises
Arellano, Cristina; Atkeson, Andrew; Wright, Mark - 2015
The recent debt crises in Europe and the U.S. states feature similar sharp increases in spreads on government debt but also show important differences. In Europe, the crisis occurred at high government indebtedness levels and had spillovers to the private sector. In the United States, state...
Persistent link: https://www.econbiz.de/10011460678
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Bond pricing and the macroeconomy
Duffee, Gregory R. - 2012
This chapter reviews some of the academic literature that links nominal and real term structures with the macroeconomy. The main conclusion is that none of our models is consistent with basic properties of nominal yields. It is difficult to explain the average shape of the nominal yield curve,...
Persistent link: https://www.econbiz.de/10010397776
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Will the Euro Bring Economic Crisis to Europe?
Arestis, Philip; Sawyer, Malcolm - 2001
The initial introduction of the euro has, against many expectations, been accompanied by a decline in the value of the … euro (notably vis-à-vis the dollar and sterling). It has also been introduced at a time of high levels of unemployment … the euro, specifically from the policy and institutional arrangements within which the euro is embedded. It is the …
Persistent link: https://www.econbiz.de/10010263262