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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

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

Trade Intensity and Output Synchronisation : On the Endogeneity Properties of EMU

Caporale, Guglielmo Maria - 2013

Using annual bilateral data over the period 1988-2011 for a panel of 24 industrialised and emerging economies, we analyse in a time-varying framework the determinants of output synchronisation in EMU (European Monetary Union) distinguishing between core and peripheral member states. The results...

Persistent link: https://www.econbiz.de/10013083873

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

Price Discovery and Trade Fragmentation in a Multi - Market Environment : Evidence from the MTS System

Caporale, Guglielmo Maria - 2013

This paper proposes new metrics for the process of price discovery on the main electronic trading platform for euro - denominated government securities. Analyzing price data on daily transactions for 107 bonds over a period of twenty - seven months, we find a greater degree of price leadership...

Persistent link: https://www.econbiz.de/10013092631

Fiscal Spillovers in the Euro Area

Caporale, Guglielmo Maria - 2012

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/10013112600

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

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

A Closer Look at Revealed Comparative Advantage : Gross-versus Value Added Trade Flows

Brakman, Steven - 2015

With the availability of international value added trade data it has become evident that gross export data and value added data do not provide the same information. Although gross exports crosses national borders and is the target of trade policy, value added data tell us what fragment in the...

Persistent link: https://www.econbiz.de/10013023177