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Gourinchas, Pierre-Olivier - 2020

We estimate the impact of the COVID-19 crisis on business failures among small and medium size enterprises (SMEs) in seventeen countries using a large representative firm-level database. We use a simple model of firm cost-minimization and measure each firm's liquidity shortfall during and after...

Persistent link: https://www.econbiz.de/10012481180

The Fiscal Consequences of Missing an Inflation Target

Andreolli, Michele; Rey, Hélène - National Bureau of Economic Research - 2023

The European Central Bank is unique in setting monetary policy for several sovereign states with heterogeneous debt levels and different maturity structures. The monetary-fiscal nexus is central to the functioning of the euro area. We focus on one particular aspect of that nexus, the effect the...

Persistent link: https://www.econbiz.de/10013537713

Union Work Rules and Efficiency in the Building Trades

Allen, Steven G. - 1985

This paper estimates the effect of union work rules in the building trades on employment and costs by comparing factor demand elasticities for union and nonunion contractors and subcontractors over micro data from two different types of construction. The results show that the elasticities of...

Persistent link: https://www.econbiz.de/10012477346

Italy : 2021 Article IV consultation : press release; staff report; and statement by the Executive Director for Italy

Internationaler Währungsfonds - 2021

The pandemic dealt a severe blow to the Italian people and their economy. GDP fell by nearly 9 percent in 2020, with much larger drops for contact-intensive services. Public and corporate debt increased strongly and preexisting vulnerabilities have likely worsened. The government is prioritizing...

Persistent link: https://www.econbiz.de/10012604038

Slovak Republic : selected issues

Internationaler Währungsfonds - 2021

Persistent link: https://www.econbiz.de/10012604213

Kicking the Can Down the Road : Government Interventions in the European Banking Sector

Acharya, Viral V. - 2020

We analyze the determinants and the long-run consequences of government interventions in the eurozone banking sector … their consequences. We find that forbearance caused undercapitalized banks to shift their assets from loans to risky … sovereign debt and engage in zombie lending, resulting in weaker credit supply, elevated risk in the banking sector, and …

Persistent link: https://www.econbiz.de/10012481392

Evidence of Regulatory Arbitrage in Cross-Border Mergers of Banks in the EU

Carbo-Valverde, Santiago - 2009

Banks are in the business of taking calculated risks. Expanding the geographic footprint of an organization's profit-making activities changes the geographic pattern of its exposure to loss in ways that are hard for regulators and supervisors to observe. This paper tests and confirms the...

Persistent link: https://www.econbiz.de/10012463202

A New Metric for Banking Integration in Europe

Gropp, Reint - 2009

taking place for retail banking. Data on cross-border retail bank flows, cross-border bank mergers and the law of one price … reveal no evidence of integration in retail banking. This paper shows that the previous tests of bank integration are weak in … role of an active market for corporate control and of competition in banking integration. European listed banks …

Persistent link: https://www.econbiz.de/10012463912

Banking System Stability : A Cross-Atlantic Perspective

Hartmann, Philipp - 2005

This paper derives indicators of the severity and structure of banking system risk from asymptotic interdependencies … United States and the euro area, we can also compare banking system stability between the two largest economies in the world …

Persistent link: https://www.econbiz.de/10012466974

Monopoly-Creating Bank Consolidation? The Merger of Fleet and BankBoston

Calomiris, Charles W. - 2005

The merger of Fleet and BankBoston in September 1999 resulted in a regional New England lending market in which only one large, universal bank remained. We explore the extent to which that merger resulted in monopoly rents for the combined entity in some niches within the regional loan market....

Persistent link: https://www.econbiz.de/10012467332