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Financial fragility, sovereign default risk and the limits to commercial bank bail-outs
Wijnbergen, Sweder van; Kwaak, Christiaan van der - 2013
We analyse the poisonous interaction between bank rescues, financial fragility and sovereign debt discounts. In our model balance sheet constrained financial intermediaries finance both capital expenditure of intermediate goods producers and government deficits. The financial intermediaries face...
Persistent link: https://www.econbiz.de/10010224776
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Financial fragility and the fiscal multiplier
Wijnbergen, Sweder van; Kwaak, Christiaan van der - 2014
We investigate the effectiveness of "Keynesian" fiscal stimuli when government deficits and debt rollovers are (possibly partially) financed by balance sheet constrained financial intermediaries. Because financial intermediaries operate under a leverage constraint, deficit financing of fiscal...
Persistent link: https://www.econbiz.de/10010226967
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Sovereign risk and macroeconomic fluctuations in an emerging market economy
Kirchner, Markus; Rieth, Malte - 2010
This paper assesses the role of sovereign risk in explaining macroeconomic fluctuations in Turkey. We estimate two versions of a simple New Keynesian small open economy model on quarterly data for the period 1994Q3-2008Q2: A basic version and a version augmented by a default premium on...
Persistent link: https://www.econbiz.de/10011382024
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Long-term government debt, financial fragility and sovereign default risk
Kwaak, Christiaan van der; Wijnbergen, Sweder van - 2013
Persistent link: https://www.econbiz.de/10010191409
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Education, growth and income inequality
Teulings, Coen N.; Rens, Thijs van - 2001
Persistent link: https://www.econbiz.de/10001639506
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Education, growth and income inequality
Teulings, Coen N.; Rens, Thijs van - 2003 - This version: February 2003
-biased technological progress and use cross-country panel data on inequality and GDP to test these ideas. A one-year increase in the level …
Persistent link: https://www.econbiz.de/10011325967
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Income satisfaction inequality and its causes
Ferrer-i-Carbonell, Ada; Praag, Bernard M. S. van - 2001
In this paper, the concept of Income Satisfaction Inequality is operationalized on the basis of individual responses to … analogue of the objective income concept and includes objective income inequality as a special case. The paper introduces a … method to decompose Income Satisfaction Inequality according to the contributions from variables such as income, education …
Persistent link: https://www.econbiz.de/10011326418
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From first-release to ex-post fiscal data : exploring the sources of revision errors in the EU
Beetsma, Roel; Bluhm, Benjamin; Giuliodori, Massimo; … - 2011 - This version: May 2011
This paper explores the determinants of deviations of ex-post budget outcomes from first-release outcomes published towards the end of the year of budget implementation. The predictive content of the first-release outcomes is important, because these figures are an input for the next budget and...
Persistent link: https://www.econbiz.de/10011386471
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National and international income dispersion and aggregate expenditures
Fillat Castejón, Carmen; Francois, Joseph F. - 2004
consumption-pattern based inequality index that summarizes the projection of inequality through expenditure patterns. Estimation …
Persistent link: https://www.econbiz.de/10011338007
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Sovereign risk and macroeconomic fluctuations in an emerging market economy
Kirchner, Markus; Rieth, Malte - 2010
Persistent link: https://www.econbiz.de/10008670040