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The Positive Border Effect of EU Integration

Brakman, Steven - 2011

, regions, or countries. The enlargement of the EU or the introduction of the euro, however, can be looked upon as integration … that go along with EU integration along the border. Both at the urban and regional level, we find a beneficial influence of … the EU integration process as measured by the growth in population share along the integration borders, leading to an …

Persistent link: https://www.econbiz.de/10013130414

Short and Long-Run Behaviour of Long-Term Sovereign Bond Yields

Afonso, António - 2010

This study assesses the short and long-run behaviour of long-term sovereign bond yields in OECD countries, for the period 1973-2008. We employ a dynamic panel approach to reflect financial and economic integration, and to increase the performance and accuracy of the tests. Given the existence of...

Persistent link: https://www.econbiz.de/10013135912

Reflections on Cluster Policies

Brakman, Steven - 2012

Economic activity tends to cluster. This results in productivity gains. For policy makers this offers an opportunity to formulate and promote policies that foster clustering of economic activity. Paradoxically, although agglomeration rents are often found in empirical research a rationale for...

Persistent link: https://www.econbiz.de/10013098963

The Tragedy of the Commons and Inflation Bias in the Euro Area

Dinger, Valeriya - 2013

Central bank credit has expanded dramatically in some of the euro area member countries since the beginning of the financial crisis. This paper makes two contributions to understand this stylized fact. First, we discuss a simple model of monetary policy that includes (i) a credit channel and...

Persistent link: https://www.econbiz.de/10013089167

On Creditor Seniority and Sovereign Bond Prices in Europe

Steinkamp, Sven - 2013

The recent increase of interest rate spreads in Europe and their apparent detachment from underlying fundamental variables has generated a debate on multiple equilibria in the sovereign bond market (see De Grauwe and Ji (2012)). We critically evaluate this hypothesis, by pointing towards an...

Persistent link: https://www.econbiz.de/10013090004

Spend-and-Tax : A Panel Data Investigation for the EU

Afonso, António - 2009

, we study the causality between government spending and revenue for the EU in the period 1960-2006. We find spend … Finland and the UK, and for several EU New Member States. Moreover, in the run-up to EMU there was some shifting away from a …

Persistent link: https://www.econbiz.de/10013158140

Consequences of Brexit and Options for a 'Global Britain'

Brakman, Steven - 2017

; most studies predict a trade and welfare loss for both the UK and the EU. The UK parliament has indicated that it aims for … for the EU. After reviewing all potential options, we have a simple answer to the question whether the UK has an … alternative for the existing trade agreement with the EU. The answer is: No. Only a trade agreement with the EU can compensate for …

Persistent link: https://www.econbiz.de/10012955285

‘Whatever It Takes’ to Resolve the European Sovereign Debt Crisis? Bond Pricing Regime Switches and Monetary Policy Effects

Afonso, António - 2017

This paper investigates the role of unconventional monetary policy as a source of time-variation in the relationship between sovereign bond yield spreads and their fundamental determinants. Our results provide evidence of a new bond-pricing regime following the announcement of the Outright...

Persistent link: https://www.econbiz.de/10012943161

The Euro Area's Common Pool Problem Revisited : Has the Single Supervisory Mechanism Ameliorated Forbearance and Evergreening?

Steinkamp, Sven - 2017

The Single Supervisory Mechanism was introduced to eliminate the common-pool problem and limit uncontrolled lending by national central banks (NCBs). We analyze its effectiveness. Second, we model how, by forbearing and providing refinancing credit, NCBs avoid domestic resolution costs and,...

Persistent link: https://www.econbiz.de/10012945053

3-Step Analysis of Public Finances Sustainability : The Case of the European Union

Afonso, António - 2008

We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF … and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal …

Persistent link: https://www.econbiz.de/10012770443