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Towards Expenditure Rules and Fiscal Sanity in the Euro Area
Hauptmeier, Sebastian - 2010
The study looks at primary expenditure developments in the euro area, its three largest members and four “macro-imbalances” countries for the period 1999-2009. It compares actual expenditure trends with those that would have prevailed if countries had followed neutral policies based on...
Persistent link: https://www.econbiz.de/10013136395
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What Do We Really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic
Afonso, António - 2007
We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel...
Persistent link: https://www.econbiz.de/10012775987
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The Gains from Early Intervention in Europe : Fiscal Surveillance and Fiscal Planning Using Cash Data
Hughes Hallett, Andrew J. - 2010
This paper does two things. First it examines the use of real time inter-annual cash data and the role of early interventions for improving the monitoring of national fiscal policies and the correction of fiscal indiscipline. Early warnings are important because they allow us to spread the...
Persistent link: https://www.econbiz.de/10013142128
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The Euro Area Sovereign Debt Crisis : Safe Haven, Credit Rating Agencies and the Spread of the Fever from Greece, Ireland and Portugal
De Santis, Roberto A. - 2012
from Greece. Specifically, higher risk aversion has increased the demand for the Bund and this is behind the pricing of all … key role in the developments of the spreads for Greece, Ireland, Portugal and Spain. Finally, the rating downgrade in … Greece has contributed to developments in spreads of countries with weaker fiscal fundamentals: Ireland, Portugal, Italy …
Persistent link: https://www.econbiz.de/10013111942
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Financial Conditions Index and Credit Supply Shocks for the Euro Area
Darracq Paries, Matthieu - 2014
We implement a two-step approach to construct a financing conditions index (FCI) for the euro area and its four larger member states (Germany, France, Italy and Spain). The method, which follows Hatzius et al. (2010), is based on factor analysis and enables to summarise information on financing...
Persistent link: https://www.econbiz.de/10013058648
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The Dynamic Behaviour of Budget Components and Output
Claeys, Peter - 2007
The main focus of this paper is the relation between the cyclical components of total revenues and expenditures and the budget balance in France, Germany, Portugal, and Spain. We try to uncover past trends behind the development of public finances that contribute to explaining the current stance...
Persistent link: https://www.econbiz.de/10012776609
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Socio-economic development and fiscal policy: lessons from the cohesion countries for the new member states
Mehrotra, Aaron N.; Peltonen, Tuomas A. - 2005
Greece, Portugal, Spain and Ireland for 1980-1999. We find that an improvement in the net lending position of the government …
Persistent link: https://www.econbiz.de/10011604513
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Towards expenditure rules and fiscal sanity in the euro area
Hauptmeier, Sebastian; Sanchez Fuentes, Jesus; … - 2010
The study looks at primary expenditure developments in the euro area, its three largest members and four “macro-imbalances” countries for the period 1999-2009. It compares actual expenditure trends with those that would have prevailed if countries had followed neutral policies based on...
Persistent link: https://www.econbiz.de/10011605312
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Credit Market Disequilibrium in Greece (2003-2011) - A Bayesian Approach
Vouldis, Angelos T. - 2015
financial crisis, this paper studies the evolution of credit demand and supply in Greece. A disequilibrium model of demand and …
Persistent link: https://www.econbiz.de/10013020634
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A Financial Systemic Stress Index for Greece
Louzis, Dimitrios P. - 2013
The paper develops a financial systemic stress index (FSSI) for Greece. We present a methodology for constructing and …, conducted among financial experts, in order to construct a benchmark chronology of financial crises for Greece, which in turn is …
Persistent link: https://www.econbiz.de/10013080092