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Is there convergence of Russia's regions? : exploring the empirical evidence : 1995-2010

Lehmann, Hartmut; Silvagni, Maria Giulia - 2013

This paper analyzes convergence in per capita gross regional product of Russia's regions during the period 1995 …-2010, when regional data are available. Using a panel regression framework we find no evidence for beta-convergence. Instead we … regional product confirm this outcome as do non-parametric estimates of convergence, namely estimates using Markov transition …

Persistent link: https://www.econbiz.de/10011730869

Till labor cost do us part : on the long run convergence of EMU countries

Pancotto, Francesca; Pericoli, Filippo Maria - 2011

A sustainable long-run pattern in the relative competitiveness of euro area countries is a key factor for the survivorship of the monetary union. We analyze the issue focussing on unit labor cost dynamics using cointegration analysis for the whole economy and for the manufacturing sector...

Persistent link: https://www.econbiz.de/10011735051

Euro Area Time Varying Fiscal Sustainability

Afonso, António - 2015

We assess the time varying features of fiscal sustainability in the euro area via revisiting the empirical relationship between the primary budget surplus and the debt-to-GDP ratio. Focusing on a sample of 11 Euro-area countries between 1999Q1 and 2013Q4 and by means of time series analyses, we...

Persistent link: https://www.econbiz.de/10013015514

Effects of Euro Area Monetary Policy on Institutional Sectors : The Case of Portugal

Afonso, António - 2017

We study the effects of the euro area monetary policy on the institutional sectors in Portugal during the period 2000:4 2015:4. Our results show that the single monetary policy affected some variables that are proxies for the funding of each institutional sector of the economy: general...

Persistent link: https://www.econbiz.de/10012951580

Monetary Developments and Expansionary Fiscal Consolidations : Evidence from the EMU

Afonso, António - 2014

This paper provides new insights about the existence of expansionary fiscal consolidations in the Economic and Monetary Union, using annual panel data for 14 European Union countries over the period 1970-2012. Different measures for assessing fiscal consolidations based on the changes in the...

Persistent link: https://www.econbiz.de/10013050643

Parameter heterogeneity, persistence and cross-sectional dependence : new insights on fiscal policy reaction functions for the Euro area

Golinelli, Roberto; Mammi, Irene; Musolesi, Antonio - 2018 - This version: March 31st, 2018

A number of novelties have emerged in the study of the discretionary fiscal policy within the Euro area during the last decade. Among the others, the availability of up-to-date information on fiscal indicators for the years following the Great Recession, the introduction of cutting-edge...

Persistent link: https://www.econbiz.de/10011813607

Revisiting Sovereign Bond Spreads’ Determinants in the EMU

Afonso, António - 2016

We study the determinants of 10-year sovereign bond yield spreads of 11 EMU member states, covering the lifetime of the euro, up until the end of 2014. Panel and SUR analyses coupled with qualitative variables show that the pricing of European debt has not been static across time and EMU...

Persistent link: https://www.econbiz.de/10012995564

The Euro-dividend : public debt and interest rates in the Monetary Union

Marattin, Luigi; Salotti, Simone - 2010

The ongoing massive fiscal policy stimulus triggered increasing concerns on the potential impact on interest rate levels, as economic theory predicts. Particularly, the deterioration of some EMU countries' fiscal positions has been putting at risk Eurozone' financial stability. In this paper, we...

Persistent link: https://www.econbiz.de/10011737884

Potential output and fiscal rules in a monetary union under asymmetric information - 2nd ed

Marattin, Luigi; Meraglia, Simone - 2016 - 2nd edition

We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information on member states' potential output and (ii) bail-out among member states. The first-best deficit is contingent on the cycle, that is, on member states' output gap. In the presence of asymmetric...

Persistent link: https://www.econbiz.de/10011705510

Debt sustainability and economic convergence of euro-area Member States : challenges and solutions

Manasse, Paolo - 2015

This paper argues that fiscal convergence in the Euro area has been achieved at the expenses of real divergence in …

Persistent link: https://www.econbiz.de/10011714062