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The global downturn and its impact on euro area exports and competitiveness

di Mauro, Filippo; Forster, Katrin; Lima, Ana - 2010

World trade contracted sharply in late 2008 and early 2009 following the deepening of the financial crisis in September 2008. This paper discusses the main mechanisms behind the global downturn in trade and its impact on euro area exports and competitiveness. It finds that the euro area was hit...

Persistent link: https://www.econbiz.de/10011606271

Does euro area membership affect the relation between GDP growth and public debt?

Dreger, Christian; Reimers, Hans-Eggert - 2012

We analyse the relationship between the debt to GDP ratio and real per capita GDP growth for the euro area members by distinguishing between periods of sustainable and non-sustainable debt. Thresholds are theory-based and depend on the macroeconomic framework. If the interest rate exceeds...

Persistent link: https://www.econbiz.de/10009666798

Real Convergence in the Euro Area : A Long-Term Perspective

Diaz del Hoyo, Juan Luis - 2017

that of higher-income economies since the start of monetary union. The significant real convergence performance of some of … view” and reviewing the evidence since the 1960s, this paper shows that certain member countries began to face a “non-convergence … driving real convergence in the euro area over time, alongside other factors; and (ii) the crucial interaction of real …

Persistent link: https://www.econbiz.de/10012941989

The Transition of China to Sustainable Growth – Implications for the Global Economy and the Euro Area

Dieppe, Alistair - 2018

China's rise has been the economic success story of the past four decades but economic growth has been slowing and domestic imbalances have widened. This paper analyses the recent evolution of China's imbalances, the risks they pose to the economic outlook and the potential impact of a...

Persistent link: https://www.econbiz.de/10012928882

The reform and implementation of the Stability and Growth Pact

Morris, Richard; Ongena, Hedwig; Schuknecht, Ludger - 2006

Fiscal rules are instrumental for restraining deficit and spending biases in euro area Member States that could threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal rules should combine characteristics such as sufficient flexibility to allow for appropriate...

Persistent link: https://www.econbiz.de/10011606199

The use of the Eurosystem's monetary policy instruments and operational framework since 2009

Eser, Fabian; Carmona Amaro, Marta; Iacobelli, Stefano; … - 2012

This paper provides a comprehensive overview of the use of the Eurosystem’s monetary policy instruments and the operational framework from the first quarter of 2009 until the second quarter 2012. The paper discusses in detail, from a liquidity management perspective, the standard and...

Persistent link: https://www.econbiz.de/10011606287

Fiscal spillovers in the euro area

Caporale, Guglielmo Maria; Girardi, Alessandro - 2011

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/10009579628

The European debt crisis and fiscal reaction functions in Europe 2000 - 2012

Baldi, Guido; Stæhr, Karsten - 2013

After the global financial crisis, some governments in the EU experienced serious debt financing problems, while others were less affected. This paper seeks to shed light on the divergent fiscal performance by assessing the fiscal conduct in the EU countries before and after the outbreak of the...

Persistent link: https://www.econbiz.de/10009745191

On the relationship between public and private investment in the euro area

Dreger, Christian; Reimers, Hans-Eggert - 2014

This paper explores the long run relationship between public and private investment in the euro area in terms of capital stocks and gross investment flows. Panel techniques accounting for international spillovers are employed. While private and public capital stocks are cointegrated, the...

Persistent link: https://www.econbiz.de/10010248168

Stability criteria and convergence : the role of the system of national accounts for fiscal policy in Europe

Brück, Tilman; Cors, Andreas; Zimmermann, Klaus F.; … - 2002

The standardisation of the European systems of national accounts has progressed significantly in recent years. Some room for interpretation remains in regard to some accounting standards, the periodicity of the data, and the quality of the forecasts of budget deficits. Yet national accounts data...

Persistent link: https://www.econbiz.de/10011437135