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Fiscal Divergence and Current Account Imbalances in Europe
Schnabl, Gunther; Wollmershäuser, Timo - CESifo - 2013
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10010877801
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Sovereigns versus Banks: Credit, Crises, and Consequences
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2013
Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and...
Persistent link: https://www.econbiz.de/10010877944
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International Trade, Risk and the Role of Banks
Niepmann, Friederike; Schmidt-Eisenlohr, Tim - CESifo - 2014
Banks play a critical role in international trade by providing trade finance products that reduce the risk of exporting …
Persistent link: https://www.econbiz.de/10010948821
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Bank Bailouts, International Linkages and Cooperation
Niepmann, Friederike; Schmidt-Eisenlohr, Tim - CESifo - 2011
Financial institutions are increasingly linked internationally. As a result, financial crisis and government intervention have stronger effects beyond borders. We provide a model of international contagion allowing for bank bailouts. While a social planner trades off tax distortions, liquidation...
Persistent link: https://www.econbiz.de/10008872219
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Fiscal Spillovers in the Euro Area
Caporale, Guglielmo Maria; Girardi, Alessandro - CESifo - 2011
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...
Persistent link: https://www.econbiz.de/10009391724
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International Fiscal Policy Coordination and GDP Comovement
Sly, Nicholas; Weber, Caroline - CESifo - 2013
Economic shocks often permeate borders generating comovement in nations’ business cycles over time. We highlight the fact that fiscal policy coordination is an important avenue by which national economies become more integrated, influencing the transmission of macroeconomic shocks between...
Persistent link: https://www.econbiz.de/10010690374
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The Greek Debt Crisis: Likely Causes, Mechanics and Outcomes
Arghyrou, Michael G.; Tsoukalas, John D. - CESifo - 2010
fiscal guarantees, respectively occurring in November 2009 and February/March 2010. We argue that the risk of contagion to …
Persistent link: https://www.econbiz.de/10008799726
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Pegging the Renminbi to a Basket - Facts, Prospects and Consequences
Oksanen, Heikki - CESifo - 2010
On 19 June 2010 the Chinese authorities announced that the renminbi (RMB) was henceforth to be pegged to a currency basket. Yet, it has quite closely followed the USD, though having appreciated by 2.7 % by the time of writing. At the G20 Seoul Summit on 11-12 November 2010, China committed to...
Persistent link: https://www.econbiz.de/10008799734
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Climate Policies: A Burden or a Gain?
Bréchet, Thierry; Tulkens, Henry - CESifo - 2013
That climate policies are costly is evident and therefore often creates major fears. But the alternative (no action) also has a cost. Mitigation costs and damages incurred depend on what the climate policies are; moreover, they are substitutes. This brings climate policies naturally in the realm...
Persistent link: https://www.econbiz.de/10010627557
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Estimating the Effects of Coordinated Fiscal Actions in the Euro Area
Hebous, Shafik; Zimmermann, Tom - CESifo - 2012
We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the … members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a … similar size area-wide shock expressed as a weighted average of the fiscal shocks across all member countries. According to …
Persistent link: https://www.econbiz.de/10010568610