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Sustainability and Solvency of Government Finances Under the Euro : Illustrations and Policy Options

Oksanen, Heikki - 2020

In this paper, sound public finances under the euro means sustainability in the long term instead of short- and medium-term fiscal discipline. The challenges to sustainability are identified for the four largest euro area member states, and several policy options for sustainability are...

Persistent link: https://www.econbiz.de/10012829317

Pension Systems (Un)Sustainability and Fiscal Constraints : A Comparative Analysis

Heer, Burkhard; Polito, Vito; Wickens, Michael - 2023

Using an overlapping generations model, two new indicators of public pension system sustainability are proposed: the pension space, which measures the capacity to pay for pension expenditures out of labour taxation, and the pension space exhaustion probability reflecting demographic...

Persistent link: https://www.econbiz.de/10014347982

What do we really know about fiscal sustainability in the EU?: a panel data diagnostic

Afonso, António; Rault, Christophe - 2008

We assess the sustainability of public finances in the EU15 using stationarity and cointegration analysis. Specifically … revenues. While sustainability may be lacking in individual cases, fiscal policy was overall sustainable both for the EU15 …

Persistent link: https://www.econbiz.de/10010264310

Unconventional Monetary Policy Shocks in the Euro Area and the Sovereign-Bank Nexus

Hristov, Nikolay - 2020

We explore the effects of the ECB's unconventional monetary policy on the banks' sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy shocks,...

Persistent link: https://www.econbiz.de/10012838235

The Euro Area Periphery Sovereigns' Fiscal Positions and Unconventional Monetary Policy

Hülsewig, Oliver - 2020

We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...

Persistent link: https://www.econbiz.de/10012843420

Exchange Rates and Consumer Prices : Evidence from Brexit

Breinlich, Holger - 2020

This paper studies how the depreciation of sterling following the Brexit referendum affected consumer prices in the United Kingdom. Our identification strategy uses input-output linkages to account for heterogeneity in exposure to import costs across product groups. We show that, after the...

Persistent link: https://www.econbiz.de/10012844422

The Economic Effects of Brexit - Evidence from the Stock Market

Breinlich, Holger - 2018

Lancaster House speeches) were more closely correlated with potential changes to tariffs and non-tariff barriers on UK-EU trade … correlation between the share of EU migrants in different industries and stock market returns …

Persistent link: https://www.econbiz.de/10012908678

Is Hard Brexit Detrimental to EU Integration? Theory and Evidence

Mikolajun, Irena - 2018

leave the European Union (EU). In this paper we evaluate the consequences of this event for EU integration. In particular …, we analyze how the extent of EU economic integration would change once the UK leaves the Union. To that end we develop an … in the EU is incomplete and its trend is non-linear while Brexit would not bring negative consequences to its development …

Persistent link: https://www.econbiz.de/10012908727

Global Value Chains, Trade Shocks and Jobs : An Application to Brexit

Vandenbussche, Hylke - 2019

sectoral World Input Output Database (WIOD) to predict the impact of Brexit for every individual EU country by aggregating up … the country-sector effects. In contrast to other studies, we find EU-27 job losses to be substantially higher than … hitherto believed as a result of the closely integrated EU network structure. Upstream country-sectors stand to lose more from …

Persistent link: https://www.econbiz.de/10012892112

What Do Central Bankers Do? Evidence from the European Central Banks' Executive Board

Badinger, Harald - 2019

This paper examines how managers at the top of a public institution, central bank executives, allocate their working time. Using detailed information from personal diaries of the six members of the European Central Bank’s Executive Board over a period of two years, we codify and analyze more...

Persistent link: https://www.econbiz.de/10012892122