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Early Warning System for Economic and Financial Risks in Kazakhstan
Bhattacharyay, Biswa N.; Dlugosch, Dennis; Kolb, Benedikt; … - CESifo - 2009
This paper proposes a macro-prudential financial soundness analysis that can be used by most developing and transformation countries with or without crisis experience as well as by developed countries with limited data. The objective is to detect economic and financial sector vulnerability,...
Persistent link: https://www.econbiz.de/10008534036
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Towards a Macroprudential Surveillance and Remedial Policy Formulation System for Monitoring Financial Crisis
Bhattacharyay, Biswa N. - CESifo - 2009
Several developing economies witnessed a large number of systemic financial and currency crises since the 1980s which resulted in severe economic, social, and political problems. The devastating impact of the 1982 and 1994-95 Mexican crises, the 1997-98 Asian financial crisis, the 1998 Russian...
Persistent link: https://www.econbiz.de/10008583704
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Financial Reform and Banking Crises
Shehzad, Choudhry Tanveer; Haan, Jakob de - CESifo - 2009
We examine the impact of various dimensions of financial reform on the likelihood of systemic and non-systemic banking crises. Using new financial reform measures for a large sample of developing and developed countries for the period 1973 to 2002, our multivariate probit modeling results...
Persistent link: https://www.econbiz.de/10008533993
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The 2008 Financial Crisis and Taxation Policy
Hemmelgarn, Thomas; Nicodème, Gaëtan J.A. - CESifo - 2010
The 2008 financial crisis is the worst economic crisis since the Great Depression of 1929. It has been characterised by a housing bubble in a context of rapid credit expansion, high risk-taking and exacerbated financial leverage, leading to deleveraging and credit crunch when the bubble burst....
Persistent link: https://www.econbiz.de/10008534034
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Analysis of Monetary Policy and Financial Stability: A New Paradigm
Goodhart, Charles A. E.; Osorio, Carolina; Tsomocos, … - CESifo - 2009
This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for a comprehensive assessment of regulatory and monetary policy, as well as welfare analysis in the different sectors of the economy. Due to liquidity and endogenous default, the...
Persistent link: https://www.econbiz.de/10008583683
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Long-Term Interest Rates and Public Debt Maturity
Sakalauskaite, Ieva; Beetsma, Roel; Giuliodori, Massimo - CESifo - 2013
For a sample of sixteen OECD countries over the period 1980-2007 we show that, for given debt-GDP ratio, an increase in … the maturity of the public debt by one year lowers its long-term interest rate by around 20-30 basis points. This effect … is stronger for countries with higher average inflation or debt. …
Persistent link: https://www.econbiz.de/10010697222
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Cyclical Fiscal Policy, Output Volatility, and Economic Growth
Badinger, Harald - CESifo - 2008
This paper provides a comprehensive empirical assessment of the relation between the cyclicality of fiscal policy, output volatility, and economic growth, using a large cross-section of 88 countries over the period 1960 to 2004. Identification of the effects of (endogenous) cyclical fiscal...
Persistent link: https://www.econbiz.de/10005765701
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Government Spending Shocks and the Multiplier: New Evidence from the U.S. Based on Natural Disasters
Yang, Weonho; Fidrmuc, Jan; Ghosh, Sugata - CESifo - 2012
The literature on estimating macroeconomic effects of fiscal policy requires suitable instruments to identify exogenous and unanticipated spending shocks. So far, the instrument of choice has been military build-ups. This instrument, however, largely limits the analysis to the US as few other...
Persistent link: https://www.econbiz.de/10010877863
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Debt Sustainability and Financial Crises: Evidence from the GIIPS
Legrenzi, Gabriella Deborah; Milas, Costas - CESifo - 2011
sustainability when debt gets “too high” relative to a threshold which is not necessarily fixed but varies with the level of debt … relative to its recent history and/or the occurrence of a financial crisis. However, the Greek and Italian debt … adds to international investors’ concerns, and as a result, raises the yields demanded for holding Greek and Italian debt …
Persistent link: https://www.econbiz.de/10009320775
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The Efficiency and Equity of the Tax and Transfer System in France
Egert, Balazs - CESifo - 2013
Taxes and cash transfers reduce income inequality more in France than elsewhere in the OECD, because of the large size of the flows involved. But the system is complex overall. Its effectiveness could be enhanced in many ways, for example so as to achieve the same amount of redistribution at...
Persistent link: https://www.econbiz.de/10010641417