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The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our analysis suggests that, given EMU's present...
Persistent link: https://www.econbiz.de/10008697133
This paper examines the process of price discovery in the MTS system, which builds on the parallel quoting of euro-denominated government securities on a number of (relatively large) domestic markets and on a (relatively small) European marketplace (EuroMTS). Using twenty-seven months of daily...
Persistent link: https://www.econbiz.de/10003937257
We study the impact of barriers to entry on workplace training. Our theoretical model indicates that there are two contrasting effects of deregulation on training. With a given number of firms, deregulation reduces the size of rents per unit of output that firms can reap by training their...
Persistent link: https://www.econbiz.de/10003937794
provide our own estimates for the EU countries. A fiscal expansion raises output and consumption and reduces the trade balance … open EU economies, consistent with larger leakage effects. Further direct estimates suggest that fiscal expansions in large … EU economies have non-negligible consequences for economic activity in the main trading partners. This provides a …
Persistent link: https://www.econbiz.de/10003937804
national regional policy funds. The benchmark for the co-funding is that the EU bears 50% of total costs associated with … regional projects eligible for EU support. In some regions, however, the EU contribution has reached 85% of total costs. This … additionality degrees is largely in line with EU cohesion policy goals. Most notably, higher shares of EU funds are provided to …
Persistent link: https://www.econbiz.de/10003940115
We model EU countries' bank ratings using financial variables and allowing for intercept and slope heterogeneity. Our … aim is to assess whether "old" and "new" EU countries are rated differently and to determine whether "new" ones are … intercepts) are a crucial determinant of ratings. Whilst "new" EU countries typically have lower ratings than "old" ones, after …
Persistent link: https://www.econbiz.de/10003974520
both the host and the source countries. It models the host country stylistically as a core EU welfare state, with tax … financed benefits and migration policies, and the migration source country as an accession country (following the EU … voter.The paper models the host country stylistically as a member of the core of an economic union (i.e., a core EU welfare …
Persistent link: https://www.econbiz.de/10003974528
Remittances have greatly increased during recent years, becoming an important and reliable source of funds for many developing countries. Therefore, there is a strong incentive for receiving countries to attract more remittances, especially through formal channels that turn to be either less...
Persistent link: https://www.econbiz.de/10003976556
adaptation costs in the EU, divided by impact sectors. The findings show an expectedly large public burden in the adaptation of … transport infrastructure and coastal protection, while high adaptation costs in the agriculture sector are predominantly private …
Persistent link: https://www.econbiz.de/10003994554
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/10008732253