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The European Central Bank and the Euro : The First Year

Feldstein, Martin - 2000

The creation of the euro and the European Central Bank is a remarkable and unprecedented event in economic and political history: creating a supranational central bank and leaving eleven countries without national currencies of their own. The experience of the first year confirms that one size...

Persistent link: https://www.econbiz.de/10012471257

U.S. Budget Deficits and the European Economies : Resolving the Political Economy Puzzle

Feldstein, Martin - 1986

This paper, prepared for the annual meetings of the American Economic Association, discusses how the increases in the U.S. budget deficits since 1980 have affected the economies of Western Europe. The analysis emphasizes that U.S. deficits have not only affected these economies directly but have...

Persistent link: https://www.econbiz.de/10012477287

The Fiscal Framework of Monetary Policy

Feldstein, Martin - 1982

This paper illustrates the importance of the fiscal framework for monetary analysis by discussing three separate issues. I begin by examining how the fiscal framework changes the macroeconomic equilibrium associated with different steady state rates of money growth. This includes a summary of...

Persistent link: https://www.econbiz.de/10012478139

Capital Taxation

Feldstein, Martin - 1982

This paper is an introductory chapter to a book that brings together 22 of my papers written between 1965 and 1981. The chapter provides a summary of each paper and a more general discussion of the role of taxation in influencing the process of capita1 accumulation. The four sections of the book...

Persistent link: https://www.econbiz.de/10012478234

Safety-Net Benefits Conferred on Difficult-to-Fail-and-Unwind Banks in the US and EU Before and During the Great Recession

Carbo-Valverde, Santiago - 2011

This paper models and estimates ex ante safety-net benefits at a sample of large banks in US and Europe during 2003-2008. Our results suggest that difficult-to-fail and unwind (DFU) banks enjoyed substantially higher ex ante benefits than other institutions. Safety-net benefits prove...

Persistent link: https://www.econbiz.de/10012461870

Evidence of Regulatory Arbitrage in Cross-Border Mergers of Banks in the EU

Carbo-Valverde, Santiago - 2009

banks in individual EU countries help to explain the nature of cross-border merger activity. If they wish to protect …

Persistent link: https://www.econbiz.de/10012463202

Evidence of Differences in the Effectiveness of Safety-Net Management in European Union Countries

Carbo-Valverde, Santiago - 2008

EU financial safety nets are social contracts that assign uncertain benefits and burdens to taxpayers in different … develops a way to estimate how well markets and regulators in 14 of the EU-15 countries have controlled deposit … safety-net benefits for individual EU financial institutions. For stockholder-owned banks, input data feature 1993-2004 data …

Persistent link: https://www.econbiz.de/10012464865

Incentive Conflict In Central-Bank Responses to Sectoral Turmoil in Financial Hub Countries

Kane, Edward J. - 2007

National safety nets are imbedded in country-specific regulatory cultures that encompass contradictory goals of nationalistic welfare maximization, merciful treatment of distressed institutions, and bureaucratic blame avoidance. Focusing on this goal conflict, this paper develops two hypotheses....

Persistent link: https://www.econbiz.de/10012465053

Inadequacy of Nation-Based and VaR-Based Safety Nets in the European Union

Kane, Edward J. - 2006

-at-risk and bank capital make it unlikely that the crisis-prevention and crisis-resolution schemes incorporated in Basel II and EU …

Persistent link: https://www.econbiz.de/10012466499

Can the European Community Afford to Neglect the Need for More Accountable Safety-Net Management?

Kane, Edward J. - 2005

As financial institutions and markets transact more and more cross-border business, gaps and flaws in national safety nets become more consequential. Because citizens of host (home) countries may be made to pay for mistakes made in the home (host) country, Basel's lead-regulator paradigm...

Persistent link: https://www.econbiz.de/10012466813