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Jappelli, Tullio; Pagano, Marco - Directorate-General Economic and Financial Affairs, … - 2008

The European Monetary Union (EMU) has been the single most important policy-induced innovation in the international financial system since the collapse of the Bretton-Woods system. By eliminating exchange rate risk, EMU has eliminated a key obstacle to financial integration. But while a single...

Persistent link: https://www.econbiz.de/10008577531

The bonsai and the gardener: using flow data to better assess financial sector leverage

Burke, Javier Villar - Directorate-General Economic and Financial Affairs, … - 2013

This paper discusses the concept of leverage, its components and how to measure and monitor it. It proposes an innovative approach to assessing leverage based on flows using the concept of a marginal leverage ratio, which reveals the leverage related to new activities, as a valuable supplement...

Persistent link: https://www.econbiz.de/10010705889

Report on Financial Stability.

Directorate-General Economic and Financial Affairs, …; … - 2000

At the Informal Ecofin of 11 September 1999 in Turku, ministers and governors agreed to ask the Economic and Financial Committee to check whether the existing regulatory and supervisory structures in the EU can safeguard financial stability, particularly in the context of a rapidly changing...

Persistent link: https://www.econbiz.de/10005671683

The role of survey data in nowcasting euro area GDP growth

Girardi, Alessandro; Reuter, Andreas; Gayer, Christian - Directorate-General Economic and Financial Affairs, … - 2014

area GDP growth. We show that financial data are only essential for improving nowcasting in the first two months of a … just timeliness for the purpose of nowcasting GDP growth. The latter holds true for financial data only when restricting …This paper evaluates the impact of new releases of financial, real activity and survey data on the nowcasting of euro …

Persistent link: https://www.econbiz.de/10011150294

Labour mobility and labour market adjustment in the EU

Arpaia, Alfonso; Kiss, Aron; Palvolgyi, Balazs; … - Directorate-General Economic and Financial Affairs, … - 2014

This paper assesses the role of labour mobility in the EU as an adjustment mechanism. It presents stylised facts on mobility and migration at national and sub-national level, analyses the determinants of mobility flows by means of gravity equations, and studies the dynamic response of mobility...

Persistent link: https://www.econbiz.de/10011150296

Sovereign debt sustainability scenarios based on an estimated model for Spain

Jan in 't Veld; Pagano, Andrea; Ratto, Marco; Roeger, Werner - Directorate-General Economic and Financial Affairs, … - 2012

and tax bases, and thus capture the impact of changes in the composition of GDP which is pronounced during fiscal …

Persistent link: https://www.econbiz.de/10010617928

The performance of simple fiscal policy rules in monetary union

Vogel, Lukas; Roeger, Werner; Herz, Bernhard - Directorate-General Economic and Financial Affairs, … - 2012

The paper analyses the stabilising potential of simple fiscal policy rules for a small open economy in monetary union in a 2-region DSGE model with nominal and real rigidities. We consider simple fiscal instrument rules for government purchases, transfers, and consumption, labour and capital...

Persistent link: https://www.econbiz.de/10010595706

Stochastic debt simulation using VAR models and a panel fiscal reaction function – results for a selected number of countries

Medeiros, João - Directorate-General Economic and Financial Affairs, … - 2012

This study uses vector auto-regression (VAR) models and a panel fiscal reaction function (FRF) to simulate debt ratios for fifteen EU Member States according to four regimes which are the product of the type of errors (normal or bootstrapped) with the assumption on the structural primary balance...

Persistent link: https://www.econbiz.de/10010558438

The accuracy of the European Commission's forecasts re-examined

Cabanillas, Laura Gonzalez; Terzi, Alessio - Directorate-General Economic and Financial Affairs, … - 2012

deterioration of the accuracy of year-ahead projections is found. This applies in particular for the forecasts of GDP, investment …

Persistent link: https://www.econbiz.de/10010607325

The forecasting horizon of inflationary expectations and perceptions in the EU – Is it really 12 months?

Jonung, Lars; Linden, Staffan - Directorate-General Economic and Financial Affairs, … - 2010

We use survey based inflationary expectations to explore the forecasting horizons implicitly used by the respondents to questions about the expected rate of inflation during the coming 12 months. We examine the forecast errors, the mean error and the RMSEs, to study if the forecast horizon is...

Persistent link: https://www.econbiz.de/10008854217