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Persistent link: https://www.econbiz.de/10011739236
Using dynamic factor models and state-space techniques we quantify financial cycles for twenty European countries over the period 1960Q1–2015Q4 capturing imbalances across credit, housing, bond and equity markets. The paper documents the existence of slow-moving and persistent financial cycles...
Persistent link: https://www.econbiz.de/10012153925
Persistent link: https://www.econbiz.de/10010211285
Despite the large output declines suffered by emerging Europe in 2008-09, a major currency and banking crisis was avoided. This paper argues that European economic and political integration was a mitigating factor in this. Cross-border banking groups, in particular, seem to have forestalled a...
Persistent link: https://www.econbiz.de/10013148962
Ansteckungseffekte zwischen Banken und Staaten, die Spannungen in der Eurozone aufgrund von divergierenden Entwicklungen der … und adressiert die internationale Dimension des Themas in der fiskalisch fragmentierten Eurozone. Die Rolle des … Ungleichgewichte in der Realwirtschaft aufgrund von undisziplinierter und unkoordinierter Lohnsetzung innerhalb der Eurozone untersucht …
Persistent link: https://www.econbiz.de/10011478440
The first decade of economic and monetary union in Europe (EMU) has been a huge success. EMU has significantly benefited its member countries and accelerated the European integration process. Imbalances within EMU — differences in growth, inflation, competitiveness, current account and budget...
Persistent link: https://www.econbiz.de/10013144793
eurozone economies. We find strong cross-country synchronization in both business cycles and financial cycles. Moreover …, financial synchronization dominates business cycle synchronization in the eurozone, especially after the introduction of the …
Persistent link: https://www.econbiz.de/10012010454
real convergence). The paper investigates these dangers or pitfalls. It argues that for some accession countries the costs …
Persistent link: https://www.econbiz.de/10012991282
real convergence). The paper investigates these dangers or pitfalls. It argues that for some accession countries the costs …
Persistent link: https://www.econbiz.de/10011431321
Persistent link: https://www.econbiz.de/10014279387