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How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area
Batini, Nicoletta - 2020
evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries …
Persistent link: https://www.econbiz.de/10012828229
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Explaining the Shadow Economy in Europe : Size, Causes and Policy Options
Kelmanson, Ben - 2020
This paper examines the drivers, and reestimates the size of shadow economies in Europe, with a focus on the emerging … economies, and recommends policies to increase formality. The size of shadow economies declined across Europe in recent years … but remains significant, especially in Eastern Europe. In the emerging European economies, the key determinants of shadow …
Persistent link: https://www.econbiz.de/10012843499
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Credit Growth and Economic Recovery in Europe after the Global Financial Crisis
Antoshin, Sergei - 2018
Europe after the global financial crisis (GFC). We find that the post-GFC recoveries in Europe have been weaker than previous …
Persistent link: https://www.econbiz.de/10012929951
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It is Only Natural : Europe's Low Interest Rates
Arena, Marco - 2020
. The topic gathered much attention following the great financial crisis and the Euro Area debt crisis due to the … European countries (including several members of the Euro Area), this paper provides estimates of country-specific natural …
Persistent link: https://www.econbiz.de/10012827588
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One Shock, Many Policy Responses
Mano, Rui C. - 2020
Policymakers have relied on a wide range of policy tools to cope with capital flow shocks. And yet, the effects and interaction of these policies remain under debate, as does the motivation for using them. In this paper, quantile local projections are used to estimate the entire distribution of...
Persistent link: https://www.econbiz.de/10012840613
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The Effective Lower Bound for the Policy Rate in Euroized Economies - An Application to the Case of Albania
Della Valle, Guido - 2018
Based on the experience of the Bank of Albania, the paper proposes a framework toestimate the interest rate lower bound in small, open, and euroized economies. The paperintroduces a stylized monitoring tool to assess the unintended consequences of low policyrates. The paper is the first attempt...
Persistent link: https://www.econbiz.de/10012922627
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Euroization Drivers and Effective Policy Response : An Application to the Case of Albania
Della Valle, Guido - 2018
financialstability risk due to euroization contribute to deeuroization inasmuch as they makebanking intermediation in euro less …
Persistent link: https://www.econbiz.de/10012928011
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Tests of German Resilience
Bornhorst, Fabian - 2012
From its early post-war catch-up phase, Germany's formidable export engine has been its consistent driver of growth. But Germany has almost equally consistently run current account surpluses. Exports have powered the dynamic phases and helped emerge from stagnation. Volatile external demand, in...
Persistent link: https://www.econbiz.de/10013098570
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Productivity Growth and Structural Reform in Bulgaria : Restarting the Convergence Engine
Mitra, Pritha - 2012
Labor productivity levels in Bulgaria lag well behind that in the EU, weighing on the convergence process. Stronger productivity growth would allow Bulgaria to close the income gap with the EU average more quickly and to alleviate the structural problems in its labor market, reflected in its...
Persistent link: https://www.econbiz.de/10013102273
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Productivity Growth and Value Chains in Four European Countries
Karpowicz, Izabela - 2020
Advanced economies have been witnessing a pronounced slowdown of productivity growth since the global financial crisis that is accompanied in recent years by a withdrawal from trade integration processes. We study the determinants of productivity slowdown over the past two decades in four...
Persistent link: https://www.econbiz.de/10012840610