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[...]This paper examines the benchmark role of the U.S.Treasury market and the features that make it an attractivebenchmark. In it, I examine the market’s recent performance,including yield changes relative to other fixed-income markets,changes in liquidity, repo market developments, and...
Persistent link: https://www.econbiz.de/10005870032
efficiency, equity, and administrative and compliance costs. This paper analyzes tax expenditures in Italy, considering the …
Persistent link: https://www.econbiz.de/10011123882
This paper explores the impact of fiscal decentralization on the efficiency of public service delivery. It uses a … stochastic frontier method to estimate time-varying efficiency coefficients and analyzes the impact of fiscal decentralization on … those efficiency coefficients. The findings indicate that fiscal decentralization can improve the efficiency of public …
Persistent link: https://www.econbiz.de/10011242349
We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest rate needs to fall to induce unconstrained agents to pick up the decline in aggregate demand....
Persistent link: https://www.econbiz.de/10010800974
One of the challenges of financial stability analysis and bank stress testing is how to establish scenarios with …€™ liquidity and capital positions. The outcome suggests that spillover effects have a highly non-linear impact on bank soundness …
Persistent link: https://www.econbiz.de/10011142079
By analysing data from January 2007 to December 2012 in a panel GLS error correction framework we find that European countries’ sovereign CDS spreads are largely driven by global investor sentiment, macroeconomic fundamentals and liquidity conditions in the CDS market. But the relative...
Persistent link: https://www.econbiz.de/10011142168
The SDN will assess the youth unemployment problem in advanced European countries, with a special focus on the euro area. It will document the main trends in youth and adult unemployment in 22 European countries before and after the global financial crisis. It will identify the main drivers of...
Persistent link: https://www.econbiz.de/10011142224
-à-vis the rest of the world –in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external …
Persistent link: https://www.econbiz.de/10011123828
We analyze determinants of sovereign bond yields in 22 advanced economies over the 1980-2010 period using panel cointegration techniques. The application of cointegration methodology allows distinguishing between long-run (debt-to-GDP ratio, potential growth) and short-run (inflation, short-term...
Persistent link: https://www.econbiz.de/10011123833
The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In … generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline …
Persistent link: https://www.econbiz.de/10011123879