Similar Search Results

The grand divergence : global and European current account surpluses

Darvas, Zsolt M. - 2015

Global current account imbalances widened before the 2007/2008 crisis and have narrowed since. While the post-crisis adjustment of European current account deficits was in line with global developments (though more forceful), European current account surpluses defied global trends and increased....

Persistent link: https://www.econbiz.de/10011308003

Did the German court do Europe a favour?

Mody, Ashoka - 2014

The European Central Bank's Outright Monetary Transactions (OMT) programme was a politically-pragmatic tool to diffuse the euro-area crisis. But it did not deal with the fundamental incompleteness of the European monetary union. As such, it blurred the boundary between monetary and fiscal...

Persistent link: https://www.econbiz.de/10010402805

Does money matter in the Euro Area? : evidence from a new Divisia index

Darvas, Zsolt M. - 2014

Standard simple-sum monetary aggregates, like M3, sum up monetary assets that are imperfect substitutes and provide different transaction and investment services. Divisia monetary aggregates, originated from Barnett (1980), are derived from economic aggregation and index number theory and aim to...

Persistent link: https://www.econbiz.de/10010423794

Productivity, labour cost and export adjustment : detailed results for 24 EU countries

Darvas, Zsolt M. - 2012

Persistent link: https://www.econbiz.de/10009564376

The European Central Bank : building a shelter in a storm

Kang, Dae Woong; Ligthart, Nick; Mody, Ashoka - 2015

Persistent link: https://www.econbiz.de/10011406316

The vulnerability of Europe's small and medium-sized banks

Mody, Ashoka; Wolff, Guntram B. - 2015

We study the vulnerability of 130 banks directly supervised by the European Central Bank's Single Supervisory Mechanism. Illustrative stress tests using banks' balance sheet data reveal that significant stress prevails in the euro area's smaller and medium-sized banks, many of them located in...

Persistent link: https://www.econbiz.de/10011296734

Sovereign debt and its restructuring framework in the euro area

Mody, Ashoka - 2013

To compensate for the inflexibility of fixed exchange rates, the euro area needs flexibility through a system of orderly debt restructuring. With virtually no room for macroeconomic manoeuvring since the crisis onset, fiscal austerity has been the main instrument for achieving reductions in...

Persistent link: https://www.econbiz.de/10009782183

Central bank policies and financial markets : lessons from the Euro crisis

Mody, Ashoka; Nedeljkovic, Milan - 2018

Persistent link: https://www.econbiz.de/10012294979

A new look at net balances in the European Union's next multiannual budget

Darvas, Zsolt M. - 2019

pay in more than they receive - rather than on the broader overall positive effects of EU spending. Thelargest net … regressivesystem of revenue corrections.To inform debate on the 2021-2027 EU budget, I estimated the impact on net balances of the 2018 … EU's "operating budgetary balance" indicator, and on the basis of a new and broader indicator, the "net direct balance …

Persistent link: https://www.econbiz.de/10012302015

Divorce settlement or leaving the club? : a breakdown of the Brexit bill

Darvas, Zsolt M.; Efstathiou, Konstantinos; Raposo, … - 2017

could be a prerequisite for the more meaningful discussions on the new EU-UK economic relationship after Brexit, such as ….1 billion, possibly with a large upfront UK payment followed by significant EU reimbursements later. …

Persistent link: https://www.econbiz.de/10011715693