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Global Supply Chain Pressures, International Trade, and Inflation

Di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Silva, Álvaro - 2022

We study the impact of the Covid-19 pandemic on Euro Area inflation and how it compares to the experiences of other countries, such as the United States, over the two-year period 2020-21. Our model-based calibration exercises deliver four key results: 1) Compositional effects – the switch from...

Persistent link: https://www.econbiz.de/10014080974

Risk Sharing Through Capital Gains

Balli, Faruk - 2011

We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other OECD countries 1992-2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing through factor income and capital gains was close to zero...

Persistent link: https://www.econbiz.de/10013118134

What Lies Beneath the Euro's Effect on Financial Integration : Currency Risk, Legal Harmonization, or Trade?

Kalemli-Ozcan, Sebnem - 2010

Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms remain unknown. We investigate the underlying channels of the euro's effect on financial integration using data on bilateral banking linkages among twenty industrial countries in the...

Persistent link: https://www.econbiz.de/10013152591

Shocking Aspects of European Monetary Unification

Bayoumi, Tamim - 2007

of adjustment to these shocks are then compared to the results from US regional data. We find that the underlying shocks … are significantly more idiosyncratic across EC countries than across US regions, which may indicate that the EC will find … neighbors, experience shocks of similar magnitude and cohesion as the US regions. EC countries also exhibit a slower response to …

Persistent link: https://www.econbiz.de/10012778838

Financial Integration within EU Countries : The Role of Institutions, Confidence and Trust

Ekinci, Mehmet Fatih - 2010

the language of Obstfeld and Taylor (2004). We find evidence that capital market integration within the EU is less than … what is implied by theoretical benchmarks and also less than what is found for U.S. states. We ask - why is this the case … integration among European regions. We find regions, where the level of confidence and trust is high, are more financially …

Persistent link: https://www.econbiz.de/10012759795

Debt Overhang, Rollover Risk, and Corporate Investment : Evidence from the European Crisis

Kalemli-Ozcan, Sebnem - 2018

We quantify the role of financial leverage behind the sluggish post-crisis investment performance of European firms. We use a cross-country firm-bank matched database to identify separate roles for firm leverage, bank balance sheet weaknesses arising from sovereign risk, and aggregate demand...

Persistent link: https://www.econbiz.de/10012920366

Benefits and Spillovers of Greater Competition in Europe : A Macroeconomic Assesment

Bayoumi, Tamim; Laxton, Douglas; Pesenti, Paolo A. - 2021

and the US. Second, it may improve macroeconomic management by increasing the responsiveness of wages and prices to market …

Persistent link: https://www.econbiz.de/10013223084

Is Regionalism Simply a Diversion? Evidence from the Evolution of the EC and Efta

Bayoumi, Tamim; Eichengreen, Barry - 2021

This paper considers the impact on trade of preferential arrangements in Europe since the 1950s. Using a first difference version of the gravity model, we find that the EC and EFTA altered the pattern of international trade. We also find evidence of trade diversion in several cases, notably that...

Persistent link: https://www.econbiz.de/10013224188

Deep Financial Integration and Volatility

Kalemli-Ozcan, Sebnem - 2010

transposition dates of EU-wide legislation, we find that high trust regions in countries who harmonized capital markets sooner have … very large firm-level dataset from EU countries over time, we construct a measure of "deep" financial integration at the …

Persistent link: https://www.econbiz.de/10013144963

Covid-19 and SME Failures

Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - 2021

We estimate the impact of COVID-19 on business failures for small and medium sized enterprises (SMEs) using firm-level data in seventeen countries. Absent government support, the failure rate of SMEs would have increased by 9.1 percentage points, representing 4.6 percent of private sector...

Persistent link: https://www.econbiz.de/10013244116