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Public finances and long-term growth in Europe - evidence from a panel data analysis

De Ávila, Diego Romero; Strauch, Rolf - 2003

In Lisbon the European Council proclaimed a European growth strategy. It considers an average economic growth rate of around 3 percent as a realistic prospect for the coming years and assigns public finances an important role in the process of achieving this goal. This paper addresses the...

Persistent link: https://www.econbiz.de/10011604292

Job flow dynamics and firing restrictions: evidence from Europe

Messina, Julián; Vallanti, Giovanna - 2006

We exploit homogeneous firm level data of manufacturing and non-manufacturing sectors to study the impact of firing restrictions on job flow dynamics across 14 European countries. We find that more stringent firing laws dampen the response of job destruction to the cycle, thus making job...

Persistent link: https://www.econbiz.de/10011604648

Sectoral explanations of employment in Europe: the role of services

D’Agostino, Antonello; Serafini, Roberta; … - 2006

sector, four sub-sectors and twelve service sector branches. Recently, both Europe and the US have experienced an increase in … the growth of service jobs in Europe relative to the US persists. Understanding the main factors behind this gap is key to … achieving higher employment levels in Europe. This paper focuses on the role of barriers in the EU-15 which may have hindered …

Persistent link: https://www.econbiz.de/10011604671

The effect of financial development on the investment cash flow relationship: cross-country evidence from Europe

Becker, Bo; Sivadasan, Jagadeesh - 2006

We investigate financing constraints in a large cross-country data set covering most of the European economy. Firm level investment sensitivity to cash flow is used to identify financing constraints. We find that the sensitivities are significantly positive on average, controlling for country...

Persistent link: https://www.econbiz.de/10011604735

Finance and growth: a macroeconomic assessment of the evidence from a European angle

Papaioannou, Elias - 2007

This paper reviews the literature on the finance-growth nexus within a neoclassical growth framework, placing an emphasis on the policy implications in the current European environment, that has placed financial reforms high on the policy Agenda. While more research is needed to establish...

Persistent link: https://www.econbiz.de/10011604833

Bank efficiency and regional growth in Europe: new evidence from micro-data

Belke, Ansgar; Haskamp, Ulrich; Setzer, Ralph - 2016

This paper examines whether European regions which incorporate banks with a higher intermediation quality grow faster and are more resilient to negative shocks than its less efficient peers. For this purpose, we measure a bank's intermediation quality by estimating its pro t and cost efficiency...

Persistent link: https://www.econbiz.de/10011606028

The impact of regulatory changes on rating behaviour

Karimov, Nodirbek; Kara, Alper; Downing, Gareth; … - 2024

We examine rating behaviour after the introduction of new regulations regarding Credit Rating Agencies (CRAs) in the European securitisation market. Employing a large sample of 12,469 ABS tranches issued between 1998 and 2018, we examine the information content of yield spreads of ABS at the...

Persistent link: https://www.econbiz.de/10014543657

Economic policy uncertainty in the euro area: An unsupervised machine learning approach

Azqueta-Gavaldón, Andrés; Hirschbühl, Dominik; … - 2020

We model economic policy uncertainty (EPU) in the four largest euro area countries by applying machine learning techniques to news articles. The unsupervised machine learning algorithm used makes it possible to retrieve the individual components of overall EPU endogenously for a wide range of...

Persistent link: https://www.econbiz.de/10012389562

Securitization and Lending Standards : Evidence from the Wholesale Loan Market

Kara, Alper - 2011

We investigate the effect of securitization activity on banks' lending standards using evidence from pricing behavior on the syndicated loan market. We find that banks more active at originating asset-backed securities are also more aggressive on their loan pricing practices. This suggests that...

Persistent link: https://www.econbiz.de/10013122538

Optimal CSD Reshaping towards T2S

Mercier, Fabien - 2013

T2S is the single and harmonised IT platform for securities settlement in central bank money developed by the Eurosystem to promote integration in the European post-trading industry, and will go live in 2015. CSDs joining T2S are thus faced with the decision problem of determining to which...

Persistent link: https://www.econbiz.de/10013082530