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Russia's Debt Crisis and the Unofficial Economy
Buch, Claudia M.; Heinrich, Ralph P.; Lusinyan, Lusine; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2000
Russia's foreign debt problems worsened substantially after the financial crisis of 1998. The paper focuses on the key role of the government in servicing foreign debt and promoting institution building by showing how foreign debt influences the choice between official and unofficial taxation....
Persistent link: https://www.econbiz.de/10004963622
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Ramifications of Debt Restructuring on the Euro Area: The Example of Large European Economies' Exposure to Greece
Belke, Ansgar; Dreger, Christian - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011
The Greek government budget situation plays a central role in the debt crisis in the euro area. The debt to GDP ratio is above 150 percent, while the deficit to GDP ratio exceeds 10 percent. To re-establish the Maastricht criteria, respectively, strong consolidation measures need to be...
Persistent link: https://www.econbiz.de/10009195631
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Sovereign Risk, Interbank Freezes, and Aggregate Fluctuations
Engler, Philipp; Steffen, Christoph Große - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014
This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank...
Persistent link: https://www.econbiz.de/10011128859
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On the International Spillovers of US Quantitative Easing
Fratzscher, Marcel; Duca, Marco Lo; Straub, Roland - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013
The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets in the US...
Persistent link: https://www.econbiz.de/10010662984
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A Simple Model of an Oil Based Global Savings Glut: The "China Factor" and the OPEC Cartel
Belke, Ansgar; Gros, Daniel - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
rates in the context of a simple model that takes into account the global external savings equilibrium. The simple model has … interesting implications for how one views the huge US current account deficit and how the emergence of China's savings surplus … from excess OPEC savings have facilitated the adjustment to the subprime crisis. …
Persistent link: https://www.econbiz.de/10005068691
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Global Liquidity, World Savings Glut and Global Policy Coordination
Belke, Ansgar; Gros, Daniel - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
The global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both originate in the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served as a transmission belt, both during the boom as during...
Persistent link: https://www.econbiz.de/10008636402
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The Determinants of Terrorist Shocks' Cross-Market Transmission
Drakos, Konstantinos - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
The determinants of the cross-market transmission mechanism for terrorist shocks are explored, focusing on two major terrorist events and 68 national stock markets. We generate daily abnormal returns from a three-factor world asset pricing model. Abnormal returns are then regressed on proxies of...
Persistent link: https://www.econbiz.de/10008519457
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Exchange Rate Uncertainty and International Portfolio Flows
Caporale, Guglielmo Maria; Ali, Faek Menla; Spagnolo, Nicola - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013
, the UK, Japan, Canada, the euro area, and Sweden over the period 1988:01- 2011:12. The results indicate that the effect of …
Persistent link: https://www.econbiz.de/10011128874
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The Role of Asset Markets for Private Consumption: Evidence from Paneleconometric Models
Dreger, Christian; Reimers, Hans-Eggert - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
We explore the long and short run relationship between private consumption, disposable income and housing and financial wealth approximated by price indices for a panel of industrialized countries. Consumption, income and wealth are cointegrated in their common, but not in their idiosyncratic...
Persistent link: https://www.econbiz.de/10005069068
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The European Debt Crisis and Fiscal Reaction Functions in Europe 2000-2012
Baldi, Guido; Staehr, Karsten - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013
After the global financial crisis, some governments in the EU experienced serious debt financing problems, while others were less affected. This paper seeks to shed light on the divergent fiscal performance by assessing the fiscal conduct in the EU countries before and after the outbreak of the...
Persistent link: https://www.econbiz.de/10010896193