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The Euro Crisis and Economic Growth : A Novel Counterfactual Approach
Terzi, Alessio - 2019
warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … crisis countries (Greece, Portugal, Ireland, Cyprus, Spain) based on over 200 past macroeconomic adjustment episodes between … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific …
Persistent link: https://www.econbiz.de/10012866042
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Collective Memories on the 2010 European Debt Crisis
Arnemann, Laura; Konrad, Kai A.; Potrafke, Niklas - 2021
We examine whether collective memories on the aid&reform programs chosen to handle the 2010 European debt crisis differ between citizens from borrower and lender countries. We use new international survey data for non-experts and experts in member countries of the euro area. The results show...
Persistent link: https://www.econbiz.de/10013250727
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The ECB's Policy, the Recovery Fund and the Importance of Trust : The Case of Greece
Dimakopoulou, Vasiliki; Economides, George; … - 2021
This paper, using a microfounded macroeconomic model that embeds the key features of the Greek economy, studies the efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock. The paper attempts to give quantitative answers to...
Persistent link: https://www.econbiz.de/10013323086
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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
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Public Finances Solvency in the Euro Area : True or False?
Afonso, António; Coelho, Jose Carlos - 2022
We assess public finances solvency for Euro Area countries using quarterly data between 1999Q1 and 2020Q4. Through a country-by-country analysis, the answer to the title question is true. For most countries, (i) the primary budget balance reacts positively to the lagged public debt ratio and...
Persistent link: https://www.econbiz.de/10014076999
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Twin Deficits Through the Looking Glass : Time-Varying Analysis in the Euro Area
Afonso, António; Coelho, José Carlos - 2022
Using two measures of the fiscal position, the cyclically adjusted primary budget balance (CAPB) and the total budget balance, we assess the Twin Deficit Hypothesis for the Euro Area in the period 1995-2020. Furthermore, we estimate time-varying coefficients of the current account balance...
Persistent link: https://www.econbiz.de/10013306033
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Central Bank Policies and Financial Markets : Lessons from the Euro Crisis
Mody, Ashoka - 2019
The European Central Bank (ECB) took many measures to combat the eurozone’s rolling financial crisis. For providing … desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we … October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in …
Persistent link: https://www.econbiz.de/10012892183
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The Financial Accelerator in the Euro Area : New Evidence Using a Mixture VAR Model
Bennani, Hamza; Neuenkirch, Matthias - 2021
We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states...
Persistent link: https://www.econbiz.de/10013314851
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How to Handle the Fiscal Crisis in Greece? Empirical Evidence Based on a Survey of Economic Experts
Potrafke, Niklas - 2019
We asked economic experts polled by the CESifo World Economic Survey how to handle the fiscal crisis in Greece in the …-level characteristics, especially credit default swaps as a measure of fiscal stability, predict views on whether Greece should exit the … eurozone. An expert's educational background, age and professional affiliation predict opinions on the credit programs of the …
Persistent link: https://www.econbiz.de/10012864937
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Fiscal spillovers in the Euro area
Caporale, Guglielmo Maria; Girardi, Alessandro - 2011
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...
Persistent link: https://www.econbiz.de/10010280818