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Stein, Jerome L. - 2011

The foreign debts of the European countries are at the core of the current crises. Generally, the crises are attributed to government budget deficits in excess of the values stated in the Stability and Growth Pact (SGP)/Maastricht treaty. Proposals for reform generally involve increasing the...

Persistent link: https://www.econbiz.de/10013130015

Channel Systems : Why is There a Positive Spread?

Berentsen, Aleksander - 2010

An increasing number of central banks implement monetary policy via two standing facilities: a lending facility and a deposit facility. In this paper we show that it is socially optimal to implement a non-zero interest rate spread. We prove this result in a dynamic general equilibrium model...

Persistent link: https://www.econbiz.de/10013135781

Which Conflicts Can the European Neighbourhood Policy Help Resolve?

Gylfason, Thorvaldur - 2012

the European Union's neighbourhood? In the spirit of Montesquieu and Monnet, the basic hypothesis of the EU is that closer … prosperity and detente. The EU has a strong motive in this, since conflicts in its neighbourhood spill-over into the EU itself …, strong intraregional trade, and the prospect of accession to the EU. It concludes that the EU's Member States must give …

Persistent link: https://www.econbiz.de/10013104253

The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis

Schnabl, Gunther - 2013

The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...

Persistent link: https://www.econbiz.de/10013081055

What Drives Target2 Balances? Evidence from a Panel Analysis

Auer, Raphael - 2013

What are the drivers of the large Target2 (T2) balances that have emerged in the European Monetary Union since the start of the financial crisis in 2007? This paper examines the extent to which the evolution of national T2 balances can be statistically associated with cross-border private...

Persistent link: https://www.econbiz.de/10013082613

The Interest Rate Pass-Through in the Euro Area During the Global Financial Crisis

Hristov, Nikolay - 2013

This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro–area banks to the global financial crisis. We focus on their interest–rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding...

Persistent link: https://www.econbiz.de/10013089850

Self-Fulfilling Crises in the Eurozone : An Empirical Test

De Grauwe, Paul - 2013

We test the hypothesis that the government bond markets in the Eurozone are more fragile and more susceptible to self-fulfilling liquidity crises than in stand-alone countries. We find evidence that a significant part of the surge in the spreads of the PIGS countries in the Eurozone during...

Persistent link: https://www.econbiz.de/10013090949

Financial Contagion and the European Debt Crisis

Missio, Sebastian - 2013

Since the beginning of 2010, the Euro Area faces a severe sovereign debt crisis, now generally known as the Euro Crisis. While the Euro Crisis has its origin in Greece, problems have now spread to several other European countries as well. Dynamic conditional correlation models (DCC) are...

Persistent link: https://www.econbiz.de/10013092476

Trade, Factor Mobility and the Extent of Economic Integration : Theory and Evidence

Mikolajun, Irena - 2015

the world (EU, Latin America and Middle East). We find that, despite large differences in trade patterns, measures of …

Persistent link: https://www.econbiz.de/10013015347

Labor Standards and Economic Integration in the European Union : An Empirical Analysis

Dehejia, Vivek H. - 2006

between labor standards and economic integration in the European Union (EU) and, in particular, investigate the following … standards and export performance. Our estimates based on data for the period 1980-2001 for EU-15 countries provides mixed …

Persistent link: https://www.econbiz.de/10012779788