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What can the EMU's peripheral countries learn from regional growth?

Aiginger, Karl; Firgo, Matthias; Huber, Peter - 2013

The experiences of 259 regions in 21 European countries with within country GDP per capita and labour productivity growth suggest that variables associated with pro-active, growth oriented strategies are consistently more important predictors of successful regional development than variables...

Persistent link: https://www.econbiz.de/10010424528

Implementing the golden rule for public investment in Europe : safeguarding public investment and supporting the recovery

Truger, Achim - 2015

Most parts of the Euro area have seen seven years of deep economic crisis. The strategy of tightening the fiscal constraints of the SGP has driven many member states into austerity. In contrast, the golden rule of public investment proposed in this study would be one important element of the...

Persistent link: https://www.econbiz.de/10011336549

Unconditional convergence in currency unions : an analysis of European regions from 1991 to 2009

Firgo, Matthias; Huber, Peter - 2013

We analyze unconditional within-country convergence from 1991 to 2009 in 21 European countries. Unlike most previous … studies we focus on the heterogeneity of convergence. We find that convergence processes in currency unions are extremely … question the focus of the traditional literature on average (beta-)convergence and suggest substantial non-linearities in …

Persistent link: https://www.econbiz.de/10010424527

The political economy of public investment when population is aging : a panel cointegration analysis

Jäger, Philipp; Schmidt, Torsten - 2015

Time preferences vary by age. Notably, according to experimental studies, senior citizens tend to discount future payoffs more heavily than working-age individuals. Based on these findings, we hypothesize that demographic change has contributed to the cut-back in government-financed investment...

Persistent link: https://www.econbiz.de/10010519083

The robustness of the effects of public investment in infrastructure on private output : evidence for Germany

Kitlinski, Tobias - 2015

This paper investigates the effects of public investment in infrastructure on private output for Germany. Using a multivariate framework we explore the impact of a diverging selection of variables on the ensuing estimates and document confidence intervals computed following the bootstrap...

Persistent link: https://www.econbiz.de/10010532083

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

Within and between panel cointegration in the German regional output-trade-FDI nexus

Mitze, Timo - 2010

For spatial data with a sufficiently long time dimension, the concept of global cointegration has been recently included in the econometrics research agenda. Global cointegration arises when non-stationary time series are cointegrated both within and between spatial units. In this paper, we...

Persistent link: https://www.econbiz.de/10008934338

State-of-play in implementing macroeconomic adjustment programmes in the euro area : short version

Gros, Daniel; Alcidi, Cinzia; Belke, Ansgar; Coutinho, … - 2014

Two of the four macroeconomic adjustment programmes, Portugal and Ireland’s, can be considered a success in the sense that the initial expectations in terms of adjustment, both fiscal and external, were broadly fulfilled. A rebound based on exports has taken hold in these two countries, but a...

Persistent link: https://www.econbiz.de/10010349252

Remapping EMU : on the future construction of economic and monetary union

Ederer, Stefan; Weingärtner, Stefan - 2013

The economic crisis has laid open deficiencies in the construction of the European Economic and Monetary Union. At its foundation, it was assumed that monetary integration would reduce the likelihood of asymmetric shocks. The crisis shows, however, that endogenous mechanisms may even amplify...

Persistent link: https://www.econbiz.de/10010426663

The euro area crisis management framework : consequences and institutional follow-ups

Belke, Ansgar - 2010

The current instruments in the EU to deal with debt and liquidity crises include among others the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). Both are temporary in nature (3 years). In terms of an efficient future crisis management...

Persistent link: https://www.econbiz.de/10008933285