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Cross-Country Linkages in Europe; A Global VAR Analysis
Sun, Yan; Heinz, Frigyes F; Ho, Giang - International Monetary Fund (IMF) - 2013
countries with the advanced Europe countries. The results show strong co-movements in output growth and interest rates but … weaker linkages bewteen inflation and real credit growth within Europe. While the euro area is the dominant source of … small but notable impact of CESEE countries on the rest of the Europe. …
Persistent link: https://www.econbiz.de/10011242313
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Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out
Broner, Fernando; Erce, Aitor; Martin, Alberto; … - International Monetary Fund (IMF) - 2013
In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and,...
Persistent link: https://www.econbiz.de/10010790241
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Too Small to Fail? Subnational Spending Pressures in Europe
Eyraud, Luc; Badia, Marialuz Moreno - International Monetary Fund (IMF) - 2013
performance in Europe. Using a panel of EU15 countries for the period 1995-2011, we estimate three econometric models and ask the … evidence of spending duplication?; and (3) are soft budget constraints prevalent at the subnational level in Europe? Our …
Persistent link: https://www.econbiz.de/10010790279
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The Global Impact of the Systemic Economies and MENA Business Cycles
Cashin, Paul; Mohaddes, Kamiar; Raissi, Mehdi - International Monetary Fund (IMF) - 2012
This paper analyzes spillovers from macroeconomic shocks in systemic economies (China, the Euro Area, and the United States) to the Middle East and North Africa (MENA) region as well as outward spillovers from a GDP shock in the Gulf Cooperation Council (GCC) countries and MENA oil exporters to...
Persistent link: https://www.econbiz.de/10010790399
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Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies
Poghosyan, Tigran - International Monetary Fund (IMF) - 2012
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
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Sovereign CDS Spreads in Europe: The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers
Heinz, Frigyes F; Sun, Yan - International Monetary Fund (IMF) - 2014
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
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The Fundamental Determinants of Credit Default Risk for European Large Complex Financial Institutions
Podpiera, Jiri; Ötker, Inci - International Monetary Fund (IMF) - 2010
consistent with those of the literature on bank failure, where the determinants of the latter include the entire CAMELS structure …
Persistent link: https://www.econbiz.de/10008560441