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The euro-area government spending multiplier at the effective lower bound
Amendola, Adalgiso; Di Serio, Mario; Fragetta, Matteo; … - 2019
We build a factor-augmented interacted panel vector-autoregressive model of the Euro Area (EA) and estimate it with Bayesian methods to compute government spending multipliers. The multipliers are contingent on the overall monetary policy stance, captured by a shadow monetary policy rate. In the...
Persistent link: https://www.econbiz.de/10012102056
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International Finance and Income Convergence : Europe is Different
Leigh, Daniel - 2007
Recent studies conclude that the ongoing global financial integration may have had little or no value in advancing economic growth, especially in poor countries. Capital is often found to flow ""uphill"" from poor to rich countries. And, when it does flow into the less developed economies, it is...
Persistent link: https://www.econbiz.de/10014400133
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A European minimum wage : implications for poverty and macroeconomic imbalances
Detragiache, Enrica; Ebeke, Christian; Jirasavetakul, … - 2020
A hypothetical European Minimum Wage (MW) set at 60 percent of each country's median wage would reduce in-work poverty but have limited effects on overall poverty, as many poor households do not earn a wage near MW and higher unemployment, higher prices, and a loss of social insurance benefits...
Persistent link: https://www.econbiz.de/10012251363
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Current Account Imbalances in the Southern Euro Area
Jaumotte, Florence - 2010
The paper examines the causes, consequences, and potential cures of the large current account deficits in the Southern Euro Area (SEA). These were mostly driven by a decline in private saving rates. But it was the European Monetary Union and the Euro, which enabled these countries to maintain...
Persistent link: https://www.econbiz.de/10014402863
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The Euro’s Effecton Trade Imbalances
Berger, Helge - 2010
When does trade become a one-way relationship? We study bilateral trade balances for a sample of 18 European countries over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area members widened considerably, even after allowing for...
Persistent link: https://www.econbiz.de/10014397576
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External Imbalances in the Euro Area
Chen, Ruo - 2012
-à-vis the rest of the world –in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external …
Persistent link: https://www.econbiz.de/10014395669
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Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments
Tressel, Thierry - 2014
The paper examines progress with the external rebalancing of euro area deficit countries. Relative prices are adjusting at different pace across countries and with different compositions of wage cuts and labor shedding. There is so far limited evidence of resource re-allocation from non-tradable...
Persistent link: https://www.econbiz.de/10014411479
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The drivers, implications and outlook for China’s shrinking current account surplus
Deb, Pragyan; Gjonbalaj, Albe; Ahmed Hannan, Swarnali - 2019
China's current account surplus has declined significantly from its peak in 2008 and the external position in 2018 was … moderation in goods surplus reflecting market saturation and China's faster growth compared with trading partners. Policies … and the financial system to handle more volatile capital flows. From a global perspective, the decline in China's surplus …
Persistent link: https://www.econbiz.de/10012154723
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External financing risks : how important is the composition of the international investment position?
Cubeddu, Luis; Ahmed Hannan, Swarnali; Rabanal, Pau - 2021
Building on the vast literature, this paper focuses on the role of the structure of the international investment position (IIP) in affecting countries' external vulnerabilities. Using a sample of 73 advanced and emerging economies and new database on the IIP's currency composition, we find that...
Persistent link: https://www.econbiz.de/10012517927
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Japan's foreign assets and liabilities : implications for the external accounts
Colacelli, Mariana; Gautam, Deepali; Rebillard, Cyril - 2021
The composition of Japan's current account balance has changed over time, with an increasing income balance primarily reflecting a growing net foreign asset position and higher corporate saving. A comparison of Japan's income balance with peer countries highlights: (i) relatively high yields on...
Persistent link: https://www.econbiz.de/10012517939