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a certain critical level. The sample covers during the period 2000–2007 commercial baking sector of Europe and USA. The …
Persistent link: https://www.econbiz.de/10013118499
exposure was such that it did not result in any abnormal fluctuations in bank values at the height of the crisis. When we … measure the sensitivity of bank returns to changes in the Greek CDS spread in an effort to measure banks' exposure to the … crisis, we find that changes in the Greek CDS spread provide no additional explanatory power for bank returns beyond what a U …
Persistent link: https://www.econbiz.de/10013025329
In recent contributions, Weizs cker (2014) and Summers (2014) maintain that mature economies accumulate too much capital. They suggest large and lasting public deficits as a remedy. This paper argues that overaccumulation cannot occur in an economy with land. It presents novel data of aggregate...
Persistent link: https://www.econbiz.de/10010485273
In this paper we document and examine unusual fluctuations in the G-Fund, which is one of five funds available in a voluntary federal government employee retirement savings vehicle called the Thrift Savings Plan. The G-Fund is managed as "internally" held debt by the United States Department of...
Persistent link: https://www.econbiz.de/10012514922
In the wake of the current crisis there has been an explosive rise in the level of the US public debt. These massive levels of public indebtedness are expected to keep growing unless there are drastic changes to existing budgetary policies. According to a recent series in the Financial Times,...
Persistent link: https://www.econbiz.de/10011653588
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A fiscal shock due to a shift in taxes or in government spending will, at some point in time, constrain the future path of taxes and spending, since the government’s intertemporal budget constraint will eventually have to be met. This simple fact is surprisingly overlooked in analyses of the...
Persistent link: https://www.econbiz.de/10003715720