Similar Search Results

Financial integration of new EU Member States

Cappiello, Lorenzo; Gérard, Bruno; Kadareja, Arjan; … - European Central Bank - 2006

This study assesses the degree of financial integration for a selected number of new EU member states between … themselves and with the euro zone. Within the framework of a factor model for market returns, we measure integration as the … amount of variance explained by the common factor relative to the local components. We show that this measure of integration …

Persistent link: https://www.econbiz.de/10005344949

Stocks, bonds, money markets and exchange rates: measuring international financial transmission

Ehrmann, Michael; Fratzscher, Marcel; Rigobon, Roberto - European Central Bank - 2005

The paper presents a framework for analyzing the degree of financial transmission between money, bond and equity markets and exchange rates within and between the United States and the euro area. We find that asset prices react strongest to other domestic asset price shocks, and that there are...

Persistent link: https://www.econbiz.de/10005162913

Global value chains during the great trade collapse: a bullwhip effect?

Altomonte, Carlo; di Mauro, Filippo; Ottaviano, Gianmarco; … - European Central Bank - 2012

This paper analyzes the performance of global value chains during the trade collapse. To do so, it exploits a unique transaction-level dataset on French firms containing information on cross-border monthly transactions matched with data on worldwide intrafirm linkages as defined by property...

Persistent link: https://www.econbiz.de/10010686732

Developing statistical indicators of the integration of the euro area banking system

Manna, Michele - European Central Bank - 2004

This paper discusses a wide range of indicators of the degree of integration of the euro area banking system. It is …

Persistent link: https://www.econbiz.de/10005222362

Real wages and local unemployment in the euro area

Sanz de Galdeano, Anna; Turunen, Jarkko - European Central Bank - 2005

We present empirical evidence of the extent of wage rigidity in the euro area and European countries derived from longitudinal data on individuals. Wage rigidity is measured by the elasticity of individual real wages with respect to local unemployment. The results suggest that the elasticity is...

Persistent link: https://www.econbiz.de/10005025572

Current account benchmarks for central and eastern Europe: a desperate search?

Ca' Zorzi, Michele; Chudik, Alexander; Dieppe, Alistair - European Central Bank - 2009

This paper examines two competing approaches for calculating current account benchmarks, i.e. the external sustainability approach á la Lane and Milesi-Ferretti (LM) versus the structural current accounts literature (SCA) based on panel econometric techniques. The aim is to gauge the medium...

Persistent link: https://www.econbiz.de/10005344844

Panel data estimates of the production function and product and labor market imperfections

Dobbelaere, Sabien; Mairesse, Jacques - European Central Bank - 2007

Embedding the efficient bargaining model into the Hall (1988) approach for estimating price-cost margins shows that both imperfections in the product and labor markets generate a wedge between factor elasticities in the production function and their corresponding shares in revenue. This article...

Persistent link: https://www.econbiz.de/10005344920

Credit channel and investment behaviour in Austria: a micro-econometric approach

Valderrama, Maria Teresa - European Central Bank - 2001

Using individual firm data, this study analyzes the credit channel in Austria. The estimation is based on an accelerator specification of investment demand augmented by the liquidity ratio and a firm specific user cost of capital. The results show that there is a credit channel in Austria...

Persistent link: https://www.econbiz.de/10005344928

The euro as invoicing currency in international trade

Kamps, Annette - European Central Bank - 2006

This paper investigates the determinants of currency invoicing in international trade. Although the currency of invoicing is central for the transmission of monetary policy, empirical research on this topic is scarce due to a lack of data. With a new extensive invoicing dataset and a panel model...

Persistent link: https://www.econbiz.de/10005344942

The impact of supply constraints on bank lending in the euro area - crisis induced crunching?

Hempell, Hannah Sabine; Kok, Christoffer - European Central Bank - 2010

Aggregate loan development typically hinges on a combination of factors that impact simultaneously on the demand and the supply side of bank lending. The financial turmoil starting in mid-2007 had detrimental consequences for banks’ balance-sheets, cost of funds and profitability, thus...

Persistent link: https://www.econbiz.de/10008694055