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What does European institutional integration tell us about trade integration?
Mongelli, Francesco Paolo; Dorrucci, Ettore; Agur, Itai - European Central Bank - 2005
The start of the European Economic and Monetary Union (EMU) has spurred a new interest in the debate on the effects of monetary unions on regional economic integration. This literature either investigates past episodes of monetary unions or attempts to gauge any effect with a few years of EMU...
Persistent link: https://www.econbiz.de/10005033407
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Government spending volatility and the size of nations
Furceri, Davide; Poplawski Ribeiro, Marcos - European Central Bank - 2008
This paper provides empirical evidence showing that smaller countries tend to have more volatile government spending for a sample of 160 countries from 1960 to 2000. We argue that the larger size of a country decreases the volatility of government spending because it acts as an insurance against...
Persistent link: https://www.econbiz.de/10005222361
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Public Pension, Pension Reform and Fiscal Policy.
Davis, E.P. - European Central Bank - 1996
This paper seeks to contribute to debate on the issue of reform of pension systems in the EU, in the context of the direct effects of such provisions on fiscal policy.
Persistent link: https://www.econbiz.de/10005780903
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Fiscal policy and growth: do financial crises make a difference?
Afonso, António; Grüner, Hans Peter; Kolerus, Christina - European Central Bank - 2010
In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...
Persistent link: https://www.econbiz.de/10008550451
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Fiscal behaviour in the European Union: rules, fiscal decentralization and government indebtedness
Afonso, António; Hauptmeier, Sebastian - European Central Bank - 2009
We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The resultsshow that the existence of effective fiscal rules, the degree of public spendingdecentralization, and the electoral cycle can...
Persistent link: https://www.econbiz.de/10005866594
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Economic reactions to public finance consolidation - a survey of the literature
Briotti, Maria Gabriella - European Central Bank - 2005
contractionary fiscal policy is effective in reducing debt and deficit, but does not have a negative effect on growth. The issue is …
Persistent link: https://www.econbiz.de/10005162870
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An Analysis of the Sectoral Balances in EY Countries.
Kennedy, N.O. - European Central Bank - 1996
This study addresses the issue of relations between the balances of individual sectors, applying standard statistical measures. A number of general observations were make. First, it is apparent that imbalances of the public, private and external sectors in most EU countries have tended to...
Persistent link: https://www.econbiz.de/10005486857
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Asset prices, exchange rates and the current account
Fratzscher, Marcel; Juvenal, Luciana; Sarno, Lucio - European Central Bank - 2007
This paper analyses the role of asset prices in comparison to other factors, in particular exchange rates, as a driver of the US trade balance. It employs a Bayesian structural VAR model that requires imposing only a minimum of economically meaningful sign restrictions. We find that equity...
Persistent link: https://www.econbiz.de/10005344873
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China's dominance hypothesis and the emergence of a tri-polar global currency system
Fratzscher, Marcel; Mehl, Arnaud - European Central Bank - 2011
This paper assesses whether the international monetary system is already tripolar and centred around the US dollar, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s “dominance hypothesis”, i.e. whether the renminbi is already the dominant currency in Asia,...
Persistent link: https://www.econbiz.de/10009367477
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Chronicle of currency collapses: re-examining the effects on output
Bussière, Matthieu; Saxena, Sweta C.; Tovar, Camilo E. - European Central Bank - 2010
growth and output trend. Our main finding is that currency collapses are associated with a permanent output loss relative to … output. More generally, we also find that the likelihood of a positive growth rate in the year of the collapse is over two … times more likely than a contraction, and that positive growth rates in the years that follow such episodes are the norm …
Persistent link: https://www.econbiz.de/10008597022