Showing 1 - 10 of 104
The paper developes a VAR macrofinance model of the Czech economy. It shows that yield misalignments from the yields implied by the macrofinance model partially determine subsequent yield changes over three to nine months. These yield misalignments tend to persist for a number of months. This...
Persistent link: https://www.econbiz.de/10014396906
In this paper we identify some of the main factors behind systemic risk in a set of international large-scale complex banks using the novel CoVaR approach. We find that short-term wholesale funding is a key determinant in triggering systemic risk episodes. In contrast, we find no evidence that a...
Persistent link: https://www.econbiz.de/10014396950
The introduction of inflation targeting in 2006, together with important economic developments such as dedollarization, marked the beginning of a new macroeconomic framework in Armenia, which is likely to have changed the effectiveness of monetary policy. This paper is the first attempt to...
Persistent link: https://www.econbiz.de/10014403230
Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including …Part I. The frontiers of monetary policymaking. 1. An overview of inflation-forecast targeting -- Part II. Principles … and practices of inflation-forecast targeting. 2. First principles -- 3. Managing expectations -- 4. Nuts and bolts of a …
Persistent link: https://www.econbiz.de/10011874333
This paper reviews the long-term growth performance of the major industrial countries and discusses some of the many factors that have been identified as possible sources of the marked slowdown in growth since the early 1970s. According to the view of different demographic developments across...
Persistent link: https://www.econbiz.de/10014400806
This paper reviews the financial implications of aging for the pension system in Belgium during 1995-2050. Our simulations indicate a strong rise in pension expenditure over the next half century, as is the case in other industrialized countries. In Belgium, the problem is particularly acute in...
Persistent link: https://www.econbiz.de/10014396528
borrowing agreement (the 'Agreement') with the Bank of Italy (hereafter, Italy or Purchaser), by which Italy will provide new …
Persistent link: https://www.econbiz.de/10014408708
agreement (the 'Agreement') with the Bank of Italy, by which Italy will provide new loan resources of up to SDR 800 million (see …
Persistent link: https://www.econbiz.de/10014410251
Italy’s 2008 Article IV Consultation describes the country's economic developments and policies. Output has been …
Persistent link: https://www.econbiz.de/10014406036
This 2002 Article IV Consultation highlights that the economic slowdown in Italy in 2001 has been followed by only a …
Persistent link: https://www.econbiz.de/10014406357