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Intra-Industry Trade between CESEE Countries and the EU15
Dautović, Ernest - 2014
The rapid increase in intra-industry trade (IIT) between the EU15 and Central, Eastern and South-Eastern European … new process of transition and real convergence to the EU. Using a product-level trade flows database and employing linear … and non-linear panel data specifications, this paper assesses the determinants of intra-industry trade between the EU15 as …
Persistent link: https://www.econbiz.de/10013049577
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Fiscal policy and growth: do financial crises make a difference?
Afonso, António; Grüner, Hans Peter; Kolerus, Christina - 2010
In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...
Persistent link: https://www.econbiz.de/10011605263
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The Minimum Liquidity Deficit and the Maturity Structure of Central Banks' Open Market Operations : Lessons from the Financial Crisis
Eisenschmidt, Jens - 2011
This paper studies the relationship between the size of the banking sector's refinancing needs vis-à-vis the central bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is found that marginal rates at central bank auctions may...
Persistent link: https://www.econbiz.de/10013132236
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An Analysis of Euro Area Sovereign CDS and Their Relation with Government Bonds
Fontana, Alessandro - 2010
This paper studies the relative pricing of euro area sovereign CDS and the underlying government bonds. Our sample comprises weekly CDS and bond spreads of ten euro area countries for the period from January 2006 to June 2010. We first compare the determinants of CDS spreads and bond spreads and...
Persistent link: https://www.econbiz.de/10013135678
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The Impact of Supply Constraints on Bank Lending in the Euro Area - Crisis Induced Crunching?
Hempell, Hannah Sabine - 2010
Aggregate loan development typically hinges on a combination of factors that impact simultaneously on the demand and the supply side of bank lending. The financial turmoil starting in mid-2007 had detrimental consequences for banks' balance-sheets, cost of funds and profitability, thus weighing...
Persistent link: https://www.econbiz.de/10013136644
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The Janus-Headed Salvation : Sovereign and Bank Credit Risk Premia during 2008-09
Ejsing, Jacob - 2012
As the global banking crisis intensified in the fall of 2008, governments announced comprehensive rescue packages for financial institutions. In this paper, we put the joint response of euro area bank and sovereign CDS premia under the microscope. We find that the bank rescue packages led to a...
Persistent link: https://www.econbiz.de/10013116569
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The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds
Cassola, Nuno - 2011
We study European banks' demand for short-term funds (liquidity) during the summer 2007 subprime market crisis. We use bidding data from the European Central Bank's auctions for one-week loans, their main channel of monetary policy implementation. Our analysis provides a high-frequency,...
Persistent link: https://www.econbiz.de/10013121386
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The ECB and the Interbank Market
Giannone, Domenico - 2012
We analyse the impact on the euro area economy of the ECB's non-standard monetary policy measures by studying the effect of the expansion of intermediation of interbank transactions across the central bank balance sheet. We exploit data drawn from the aggregated Monetary and Financial...
Persistent link: https://www.econbiz.de/10013097762
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Euro Money Market Spreads During the 2007-? Financial Crisis
Cassola, Nuno - 2012
In the paper we investigate the empirical features of euro area money market turbulence during the recent financial crisis. By means of a novel Fractionally Integrated Heteroskedastic Factor Vector Autoregressive model, we find evidence of a deterministic level factor in the EURIBOR-OIS (OIS)...
Persistent link: https://www.econbiz.de/10013106591
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Fiscal policy and the Great Recession in the Euro Area
Coenen, Günter - 2012
How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of...
Persistent link: https://www.econbiz.de/10013108718