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Nonlocal mortgage lenders with greater exposure to high-growth housing markets accept fewer loan applications in these markets and experience greater stock return volatility. When these lenders expand to high-growth markets, they also ration credit to a significantly greater degree than when...
Persistent link: https://www.econbiz.de/10012612342
This paper compiles the Intertemporal Public Sector Balance Sheets for all G7 countries and examines their relationship with government borrowing costs. In 2018, all G7 countries have negative Intertemporal Net Financial Worth (INFW), falling short of their intertemporal budget constraint. A...
Persistent link: https://www.econbiz.de/10012613501
This paper builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries over the period 2007-2018. The index is based on the...
Persistent link: https://www.econbiz.de/10012251959
In 1871-73, newly unified Germany adopted the gold standard, replacing the silver-based currencies that had been … block. Why did Germany switch to gold and set the train of destructive events in motion? Both a review of the … France, which would have severed the link between gold and silver currencies. Without reform, Germany would thus have risked …
Persistent link: https://www.econbiz.de/10012009318
productivity slowdown over the past two decades in four closely integrated European countries, Austria, Denmark, Germany and the …
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France, Germany, Italy, and the United Kingdom during the period of the Stability and Growth Pact (SGP). Our findings …
Persistent link: https://www.econbiz.de/10014412192
This paper explores the determinants of expected rates of realignment of the French franc/Deutsche mark exchange rate during the period 1987-1991. It does so by first estimating expected parity changes and then relating these to economic variables that are believed to influence agents’...
Persistent link: https://www.econbiz.de/10014396200