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Payment innovations, the shadow economy and cash demand of households in euro area countries
Reimers, Hans-Eggert; Schneider, Friedrich; Seitz, Franz - 2020
We analyze for the first time cash holdings of private households in all euro area countries from 2002 to 2019 within a … panel cointegration framework. Besides the traditional determinants of cash demand like transactions balances and … opportunity costs, we concentrate on cashless payments media as substitutes to cash payments and the role of the shadow economy …
Persistent link: https://www.econbiz.de/10012291866
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Cash in circulation and the shadow economy : an empirical investigation for Euro area countries and beyond
Seitz, Franz; Reimers, Hans-Eggert; Schneider, Friedrich - 2018
banknotes and take due account of other determinants of cash demand. We find a significant and positive relationship between the … cash demand equation including the shadow economy. …
Persistent link: https://www.econbiz.de/10011872942
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What do we really know about fiscal sustainability in the EU? : a panel data diagnostic
Afonso, António (contributor);  … - 2008
Persistent link: https://www.econbiz.de/10003641707
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Economic, political and institutional determinants of budget deficits in the European Union
Bayar, Ali H.; Smeets, Bram - 2009
Using an extended data set of EU countries ranging from 1971-2006 and relevant econometric methods, we investigate the economic, political, and institutional determinants of government deficits in the EU. The results show a strong opportunistic behaviour of policymakers which leads to political...
Persistent link: https://www.econbiz.de/10003831961
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Economic and political determinants of budget deficits in the European Union : a dynamic random coefficient approach
Bayar, Ali H.; Smeets, Bram - 2009
This paper formulates a dynamic Random Coefficient Model (RCM) to consider a set of popular determinants of public deficits in the EU-15 over the period 1971-2006, both at a country-specific level and from a population-wide perspective. Although the extent of government deficits and debt has...
Persistent link: https://www.econbiz.de/10003808131
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Current account imbalances and structural adjustment in the Euro area : how to rebalance competitiveness
Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - 2009
Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...
Persistent link: https://www.econbiz.de/10003850175
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A new two-pillar strategy for the ECB
De Grauwe, Paul; Gros, Daniel - 2009
The ECB has been arguing in the past that since there is no trade-off between price stability and financial stability, the pursuit of price stability is the best a central bank can do to also maintain financial stability. We argue that there is a potential trade-off between price stability and...
Persistent link: https://www.econbiz.de/10003888991
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Price dispersion in the Euro Area : the case of a symmetric oil price shock
Carstensen, Kai; Hülsewig, Oliver; Wollmershäuser, Timo - 2009
This paper studies the causes of price dispersion in the euro area emerging in response to a shock that hits all member countries symmetrically. We use a panel VAR model which is estimated over the period 1996 - 2007 to generate impulse responses of a range of price and wage variables to an oil...
Persistent link: https://www.econbiz.de/10003871916
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How to be well shod to absorb shocks? : shock synchronization and joining the euro zone
Gilson, Natacha (contributor) - 2006
Persistent link: https://www.econbiz.de/10003462064
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Euro effects on the intensive and extensive margins of trade
Flam, Harry (contributor); Nordström, Håkan (contributor) - 2006
Persistent link: https://www.econbiz.de/10003462081