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The granular origins of macroeconomic fluctuations in Europe
Ebeke, Christian; Eklou, Kodjovi M. - 2017
This paper investigates the microeconomic origins of aggregate economic fluctuations in Europe. It examines the relevance of idiosyncratic shocks at the top 100 large firms (the granular shocks) in explaining aggregate macroeconomic fluctuations. The paper also assesses the strength of...
Persistent link: https://www.econbiz.de/10011748905
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Financial innovations Involving the Greek Drachma
Gatzonas, E. K. - 1997
During the last decade, a number of new financial instruments and derivative products related to the Greek drachma have emerged in local as well as international capital markets. The paper analyzes the characteristics of these financial instruments which are traded in organized exchanges and...
Persistent link: https://www.econbiz.de/10014403258
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Unemployment surges in the EU : the role of risk premium shocks
Bakker, Bas B.; Korczak, Marta; Krogulski, Krzysztof - 2019
In the last decade, over half of the EU countries in the euro area or with currencies pegged to the euro were hit by large risk premium shocks. Previous papers have focused on the impact of these shocks on demand. This paper, by contrast, focuses on the impact on supply. We show that risk...
Persistent link: https://www.econbiz.de/10012009587
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Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis
Chan-Lau, Jorge A. - 2012
This study finds that equity returns in the banking sector in the wake of the Great Recession and the European sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk and to a lesser extent, by deteriorating funding conditions and investor sentiment....
Persistent link: https://www.econbiz.de/10014412154
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Demand Spillovers and the Collapse of Trade in the Global Recession
Yi, Kei-Mu - 2010
This paper uses a global input-output framework to quantify US and EU demand spillovers and the elasticity of world trade to GDP during the global recession of 2008-2009. We find that 20-30 percent of the decline in the US and EU demand was borne by foreign countries, with NAFTA, Emerging...
Persistent link: https://www.econbiz.de/10014402796
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Apocalypse then : The Evolution of the North Atlantic Economy and the Global Crisis
Bui, Trung - 2011
The financial crisis, originated from the collapse of US housing markets in 2008, reverberates around the world. Its destructive force was felt nowhere more keenly than Western Europe. Indeed, it continues to mire in financial volatility as the debt problem contagiously spreads around the...
Persistent link: https://www.econbiz.de/10014398383
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Where have all the profits gone? : European bank profitability over the financial cycle
Detragiache, Enrica; Tressel, Thierry; Turk Ariss, Rima - 2018
The paper investigates EU banks' profitability through the recent financial cycle using banklevel balance sheet and …, such as higher reliance on fees and commission income, were associated with better profitability post-crisis …
Persistent link: https://www.econbiz.de/10011852611
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Breaking the bank? : a probabilistic assessment of euro area bank profitability
Elekdaǧ, Selim Ali; Malik, Sheheryar; Mitra, Srobona - 2019
This paper explores the determinants of profitability across large euro area banks using a novel approach based on … conditional profitability distributions. Real GDP growth and the NPL ratio are shown to be the most reliable determinants of bank … profitability. However, the estimated conditional distributions reveal that, while higher growth would raise profits on average, a …
Persistent link: https://www.econbiz.de/10012154822
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The Effects of European Economic Integrationon the Profitability of Industries
Hakura, Dalia - 1998
This paper examines the effects of intensified international competition on industry profits in six European Union (EU) countries. The paper uses two methods to estimate industry profits. The traditional method uses accounting data to obtain a measure of gross price-average cost margins. The...
Persistent link: https://www.econbiz.de/10014400718
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The insolvency regime for large enterprises in Italy : an economic and legal assessment
Belhocine, Nazim; Garcia-Macia, Daniel; Garrido, José … - 2018
The modernization of Italy's insolvency framework has been the subject of much interest in recent years, related not least to its role in potentially facilitating an efficient allocation of resources. A unique feature of Italy's insolvency framework is a special regime for large enterprises...
Persistent link: https://www.econbiz.de/10011932376