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The distribution of households consumption-expenditure budget shares
Barigozzi, Matteo; Alessi, Lucia; Capasso, Marco; … - European Central Bank - 2009
This paper explores the statistical properties of household consumption-expenditurebudget share distributions —defined … as the share of household total expenditure spentfor purchasing a specific category of commodities— for a large sample of … Italianhouseholds in the period 1989-2004. We find that household budget share distributionsare fairly stable over time for each …
Persistent link: https://www.econbiz.de/10005866522
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Household's portfolio structure in Germany - analysis of financial accounts data 1959-2009
Ramb, Fred; Scharnagl, Michael - European Central Bank - 2011
Based on a Financial Almost Ideal Demand System (FAIDS), this paper investigates the wealth structure of German households. The long-run wealth elasticities and interestrate elasticities were calculated using a unique new quarterly financial accounts macrodata set which covers the period from...
Persistent link: https://www.econbiz.de/10009149022
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The immigrant/native wealth gap in Germany, Italy and Luxembourg
Mathä, Thomas Y.; Porpiglia, Alessandro; Sierminska, Eva - European Central Bank - 2011
This paper analyses the existence of an immigrant/native wealth gap by using household survey data for Luxembourg …
Persistent link: https://www.econbiz.de/10008854651
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The euro plus pact: cost competitiveness and external capital flows in the EU countries
Gabrisch, Hubert; Staehr, Karsten - European Central Bank - 2014
The Euro Plus Pact was approved by 23 EU countries in March 2011 and came into force shortly afterwards. The Pact stipulates a range of quantitative targets meant to strengthen cost competitiveness with the aim of preventing the accumulation of external financial imbalances. This paper uses...
Persistent link: https://www.econbiz.de/10010753760
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Asset price misalignments and the role of money and credit
Gerdesmeier, Dieter; Reimers, Hans-Eggert; Roffia, Barbara - European Central Bank - 2009
This paper contributes to the literature on the properties of money and creditindicators for detecting asset price misalignments. After a review of the evidence inthe literature on this issue, the paper discusses the approaches that can be consideredto detect asset price busts. Considering a...
Persistent link: https://www.econbiz.de/10005866513
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What explains global exchange rate movements during the financial crisis?
Fratzscher, Marcel - European Central Bank - 2009
A striking and unexpected feature of the financial crisis has been the sharpappreciation of the US dollar against virtually all currencies globally. The paper findsthat negative US-specific macroeconomic shocks during the crisis have triggered asignificant strengthening of the US dollar, rather...
Persistent link: https://www.econbiz.de/10005866568
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Bidding behaviour in the ECB’s main refinancing operations during the financial crisis
Eisenschmidt, Jens; Hirsch, Astrid; Linzert, Tobias - European Central Bank - 2009
Liquidity provision through its repo auctions has been one of the main instrumentsof the European Central Bank (ECB) to address the recent tensions infinancial markets since summer 2007. In this paper, we analyse banks’ biddingbehaviour in the ECB’s main refinancing operations (MROs) during...
Persistent link: https://www.econbiz.de/10005866598
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Securitization and lending standards: evidence from the wholesale loan market
Kara, Alper; Marqués-Ibáñez, David; Ongena, Steven - European Central Bank - 2011
We investigate the effect of securitization activity on banks’ lending standards using evidence from pricing behavior on the syndicated loan market. We find that banks more active at originating asset-backed securities are also more aggressive on their loan pricing practices. This suggests...
Persistent link: https://www.econbiz.de/10009216682
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Global crises and equity market contagion
Bekaert, Geert; Ehrmann, Michael; Fratzscher, Marcel; … - European Central Bank - 2011
Using the 2007-2009 financial crisis as a laboratory, we analyze the transmission of crises to country-industry equity portfolios in 55 countries. We use an asset pricing framework with global and local factors to predict crisis returns, defining unexplained increases in factor loadings as...
Persistent link: https://www.econbiz.de/10009293721
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Some lessons from the financial crisis for the economic analysis
Kenny, Geoff; Morgan, Julian - European Central Bank - 2011
The economics profession in general, and economic forecasters in particular, have faced some understandable criticism for their failure to predict the timing and severity of the recent economic crisis. In this paper, we offer some assessment of the performance of the Economic Analysis conducted...
Persistent link: https://www.econbiz.de/10009327807