Narrow search
Showing 1 - 10 of 92
Cover Image
What determines fiscal balances? An empirical investigation in determinants of changes in OECD budget balances
Tujula, Mika; Wolswijk, Guido - European Central Bank - 2004
Fiscal balances have deteriorated quickly in recent years, bringing back to the foreground the question what factors help explain such sharp changes. This paper takes a broad perspective at the issue regarding countries included, the range of explanatory variables tried, and the time-span. The...
Persistent link: https://www.econbiz.de/10005162932
Cover Image
Economic growth and budgetary components: a panel assessment for the EU
Afonso, António; González Alegre, Juan - European Central Bank - 2008
In this paper we test whether a reallocation of government budget items can enhance long-term GDP growth in a set of European countries. We apply modern panel data techniques to the period 1970-2006, and we use three alternative dependent variables in a growth regression: economic growth, total...
Persistent link: https://www.econbiz.de/10005033425
Cover Image
Government size, composition, volatility and economic growth
Afonso, António; Furceri, Davide - European Central Bank - 2008
This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking more closely at the effect of each component of government...
Persistent link: https://www.econbiz.de/10005530997
Cover Image
Debt and growth: new evidence for the euro area
Baum, Anja; Checherita-Westphal, Cristina; Rother, Philipp - European Central Bank - 2012
Against the background of the euro area sovereign debt crisis, our paper investigates the relationship between public debt and economic growth and adds to the existing literature in the following ways. First, we extend the threshold panel methodology by Hansen (1999) to a dynamic setting in...
Persistent link: https://www.econbiz.de/10010686872
Cover Image
The impact of high and growing government debt on economic growth: an empirical investigation for the euro area
Checherita-Westphal, Cristina; Rother, Philipp - European Central Bank - 2010
This paper investigates the average impact of government debt on per-capita GDP growth in twelve euro area countries over a period of about 40 years starting in 1970. It finds a non-linear impact of debt on growth with a turning point—beyond which the government debt-to-GDP ratio has a...
Persistent link: https://www.econbiz.de/10008484246
Cover Image
What do asset prices have to say about risk appetite and uncertainty?
Bekaert, Geert; Hoerova, Marie; Scheicher, Martin - European Central Bank - 2009
Implied volatility indices should have information about risk parameters, once they are cleansed of the influence of …, we uncover unobserved risk aversion and fundamental uncertainty from the observed time series of the VIX and the credit … amount of information regarding risk aversion whereas credit spreads have a lot to say about both risk aversion and …
Persistent link: https://www.econbiz.de/10005002796
Cover Image
The VIX, the variance premium and stock market volatility
Bekaert, Geert; Hoerova, Marie - European Central Bank - 2014
We decompose the squared VIX index, derived from US S&P500; options prices, into the conditional variance of stock returns and the equity variance premium. We evaluate a plethora of state-of-the-art volatility forecasting models to produce an accurate measure of the conditional variance. We then...
Persistent link: https://www.econbiz.de/10011067211
Cover Image
The rise of China and India: blessing or curse for the advanced countries?
Stracca, Livio - European Central Bank - 2013
This paper evaluates the impact of the rise of large emerging manufacturing exporters such as China and India on economic growth in advanced countries. After illustrating the possible theoretical channels, I estimate a growth regression based on 3-year average data augmented with...
Persistent link: https://www.econbiz.de/10010753735
Cover Image
Public and private inputs in aggregate production and growth: a cross-country efficiency approach
Afonso, António; St. Aubyn, Miguel - European Central Bank - 2010
In a cross section of OECD countries we replace the macroeconomic production function by a production possibility frontier, TFP being the composite effect of efficiency scores and possibility frontier changes. We consider, for the periods 1970, 1980, 1990, 2000, one output: GDP per worker; three...
Persistent link: https://www.econbiz.de/10008541284
Cover Image
Financial openness and growth: short-run gain, long-run pain?
Fratzscher, Marcel; Bussière, Matthieu - European Central Bank - 2004
No empirical evidence has yet emerged for the existence of a robust positive relationship between financial openness and economic growth. This paper argues that a key reason for the elusive evidence is the presence of a time-varying relationship between openness and growth over time: countries...
Persistent link: https://www.econbiz.de/10005070381