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Fiscal and monetary policy determinants of the Eurozone crisis and its resolution
Dabrowski, Marek - 2012
Unlike the crisis years of 2007-2009 (when the insolvency of large banks was a major problem), the current round of the global financial crisis has fiscal origins. Almost all developed countries suffer from an excessive public debt burden that has been built up over the last two decades or more....
Persistent link: https://www.econbiz.de/10011430901
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Euro zone crisis and EU governance: Tackling a flawed design and inadequate policy arrangements
Daianu, Daniel - 2012
This paper focuses on roots of strain in the European Monetary Union (EMU). It argues that there is need for a thorough …-connectedness. Moreover, the EMU was sub-optimal from its debut and competitiveness gaps did not diminish against the backdrop of its … private sector and poor lending by banks, as well as a one-sided monetary policy, also explain this debacle. The EMU needs to …
Persistent link: https://www.econbiz.de/10011430884
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The impact of national financial regulation on macroeconomic and fiscal performance after the 2007 financial shock: Econometric analyses based on cross-country data
Hagen, Tobias - In: Economics: The Open-Access, Open-Assessment E-Journal 7 (2013) 2013-33, pp. 1-44
Using cross-country data, this paper estimates the impact of the 2007 financial shock on countries' macroeconomic developments conditional on national financial regulations before the crisis. For this purpose, the financial reform index developed by Abiad et al. (A New Database of Financial...
Persistent link: https://www.econbiz.de/10010317973
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Financial Transaction Tax: Small is Beautiful
Darvas, Zsolt; von Weizsäcker, Jakob - 2010
The case for taxing financial transactions merely to raise more revenues from the financial sector is not particularly strong. Better alternatives to tax the financial sector are likely to be available. However, a tax on financial transactions could be justified in order to limit socially...
Persistent link: https://www.econbiz.de/10010494431
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The crisis: Policy lessons and policy challenges
Bénassy-Quéré, Agnès; Coeuré, Benoît; Jacquet, Pierre - 2009
We review the competing explanations of the 2007-2008 global crisis, recall how governments around the world had to depart from established policy stances, and reflect on the legacy of the crisis both in terms of future challenges and changes in policy doctrine. The G-20 has addressed important...
Persistent link: https://www.econbiz.de/10010317303
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Does credit growth in the EMU banking sector follow its capital adequacy?
Veselinovič, Draško; Fabijan, Janez; Vadnjal, Jaka - In: Journal of Central Banking Theory and Practice 12 (2023) 2, pp. 33-62
Union (EMU) banking sector. The paper's central hypothesis that capital adequacy of the EMU banking sector influenced credit …
Persistent link: https://www.econbiz.de/10014558378
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The global financial crisis and its impact on emerging market economies in Europe and the CIS: Evidence from mid-2010
Dabrowski, Marek - 2010
Emerging market economies were major beneficiaries of the economic boom before 2007. More recently, they have become victims of the global financial crisis. Their future development depends, to a large extent, on global economic prospects. Today the global economy and the European economy are...
Persistent link: https://www.econbiz.de/10011430853
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Optimal capital requirements over the business and financial cycles
Malherbe, Frederic - 2015
I study economies where banks do not fully internalize the social costs of default, which distorts their lending decisions. In all these economies, a common general equilibrium effect leads to aggregate over-investment. As a result, under laissez-faire, crises are too frequent and too costly...
Persistent link: https://www.econbiz.de/10011605875
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A Primer on Financial System Meltdown. The Economists' View
Hahn, Franz R. - 2008
Ideologues are quick to explain the current financial meltdown: it's the markets, stupid. Economists agree but add: it's politics too, stupid. Ideologues agree but counter: first and foremost it's capitalism, stupid. Economists agree but reply: §$%&?!, stupid. This is where this short paper...
Persistent link: https://www.econbiz.de/10011435258