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Is crowding out of private sector credit inhibiting Africa's growth?
Attout, Ahmed; Baldini, Alfredo; Schmidt, Vivian F. de O.; … - 2022
During the pandemic, African banks rebalanced their portfolio towards sovereign assets, and crowding out of credit to private sector intensified. Policy support, however, averted a credit crunch. The increase in public debt across Africa due to the COVID-19 crisis intensified crowding out of...
Persistent link: https://www.econbiz.de/10014506409
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The finance-growth nexus revisited: From origins to a modern theoretical landscape
Stolbov, Mikhail - In: Economics: The Open-Access, Open-Assessment E-Journal 7 (2013) 2013-2, pp. 1-22
The paper recounts the history of the finance-growth nexus research from its origins to the yearly 1990s. The contributions are analyzed in connection with the socioeconomic context and advances in economic theory. Many ideas first expressed decades ago are still subject to constant discussions...
Persistent link: https://www.econbiz.de/10010311172
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The benefits of fiscal consolidation in uncharted waters
Rother, Philipp; Schuknecht, Ludger; Stark, Jürgen - 2010
This paper looks at fiscal sustainability and fiscal risks from a comprehensive, global perspective. It argues that the benefits of consolidation have to be re-assessed given that industrialised countries have entered uncharted waters with unsustainable public debt dynamics and enormous...
Persistent link: https://www.econbiz.de/10011606273
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Spinning out of control: Iceland in crisis
2009
Persistent link: https://www.econbiz.de/10014306476
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Fiscal Policy and Crowding Out in Developing Asia
Hur, Seok-Kyun; Mallick, Sushanta; Park, Donghyun - 2010
Fiscal stimulus programs have contributed substantially to developing Asia’s faster and stronger than expected recovery from the global financial crisis. This may lead to political pressures for greater use of countercyclical fiscal policy in the postcrisis period. However, the countercyclical...
Persistent link: https://www.econbiz.de/10011432688
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The impact of high and growing government debt on economic growth: an empirical investigation for the euro area
Checherita-Westphal, Cristina; Rother, Philipp - 2010
This paper investigates the average impact of government debt on per-capita GDP growth in twelve euro area countries over a period of about 40 years starting in 1970. It finds a non-linear impact of debt on growth with a turning point—beyond which the government debt-to-GDP ratio has a...
Persistent link: https://www.econbiz.de/10011605283
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Crisis and the role of money in the real and financial economies: An innovative approach to monetary stimulus
Simmons, Richard; Dini, Paolo; Culkin, Nigel; Littera, … - In: Journal of Risk and Financial Management 14 (2021) 3, pp. 1-28
"Financial crisis" is sometimes regarded as synonymous with "economic crisis", but this is an oversimplification and risks missing the feedback loops between the financial and real economies. In this paper, the role of money is revisited in the context of distinguishing the real economy from the...
Persistent link: https://www.econbiz.de/10012611686
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China's debt problem and rising systemic risks: Impact of the global financial crisis and structural problems
Li, Yuefen - 2017
The fast expansion of China's debt, in particular corporate and local government debt, has attracted international … attention and has also become a major concern of China's policy makers. Even though China can tolerate a higher debt level than … decades to withstand a higher debt level have also been weakened. This paper reviews the evolution of China's debt built …
Persistent link: https://www.econbiz.de/10012490857
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Money, Regulation and Growth: Financing New Growth in Europe
Bruni, Franco; Ganchev, Gancho; Tsenkov, Vladimir; … - 2014
On June 4-5, 2014, SUERF and Baffi Finlawmetrics jointly organised a Colloquium/Conference “Money, Regulation and Growth: Financing New Growth in Europe” at Bocconi University, Milan. The present SUERF Study includes a selection of papers based on the authors’ contributions to the Milan...
Persistent link: https://www.econbiz.de/10011689965
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Pension Funds and Financial Stability: The Case of the UK Gilt Crisis
Gudjonsson, Jon; Hougaard Jensen, Svend Erik - In: Intereconomics 58 (2023) 3, pp. 155-159
While macroprudential policy has mostly focused on the role of banks, we argue that pension funds are also important for financial stability. Drawing on previous research on pension funds, we explain how their actions can have a vital impact on other financial institutions as well as on...
Persistent link: https://www.econbiz.de/10014334701