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Tujula, Mika; Wolswijk, Guido - 2004

Fiscal balances have deteriorated quickly in recent years, bringing back to the foreground the question what factors help explain such sharp changes. This paper takes a broad perspective at the issue regarding countries included, the range of explanatory variables tried, and the time-span. The...

Persistent link: https://www.econbiz.de/10009639483

Government deficits, wealth effects and the price level in an optimizing model

Annicchiarico, Barbara - 2003

This paper investigates the in inflationary effects of fscal policy in an optimizing general equilibrium monetary model with capital accumulation, exible prices and wealth effects. The model is calibrated to Euro Area quarterly data. Simulation results show that government defcits, high debt...

Persistent link: https://www.econbiz.de/10009635879

Technical advice in accordance with Article 39(b) 2 of the CRA Regulation regarding the appropriateness of the development of a European creditworthiness assessment for sovereign d...

European Securities and Markets Authority - 2014

Article 39b(2) of the CRA Regulation states that the European Commission shall adopt a report by end 2014 – after receiving ESMA’s technical advice – on the appropriateness of the development of a European creditworthiness assessment for sovereign debt.In its request for advice, the...

Persistent link: https://www.econbiz.de/10010392282

Credit Rating Agencies’ 2014 market share calculations for the purposes of Article 8d of the CRA Regulation

European Securities and Markets Authority - 2014

One of the objectives of the CRA Regulation is to increase competition in the markets for credit ratings by encouraging … issuers to use smaller credit rating agencies. To this end, Article 8d(1) of the CRA Regulation states that where issuers or … its website every year, indicating their total market share and the types of credit ratings issued. …

Persistent link: https://www.econbiz.de/10010480783

Draft Regulatory Technical standards on risk concentration and intra-group transactions under Article 21a (1a) of Directive 2002/87/EC (Financial Conglomerates Directive)

European Securities and Markets Authority; European …; … - 2014

Persistent link: https://www.econbiz.de/10010480784

The design of fiscal rules and forms of governance in European Union countries

Hallerberg, Mark; Strauch, Rolf; Hagen, Jürgen von - 2004

This paper examines the development of fiscal rules and budget procedures in EU countries, and their impact of public finances since the mid-1980s. It presents a new data set on institutional reforms and their impact in Europe. Empirical pattern confirm our prediction that more stringent fiscal...

Persistent link: https://www.econbiz.de/10009639480

Fiscal rules and sustainability of public finances in an endogenous growth model

Annicchiarico, Barbara; Giammarioli, Nicola - 2004

This paper presents a two period overlapping generations model with endogenous growth in the presence of a public sector with objectives of convergence for public debt and primary balance to GDP ratios. In order to ensure the existence of converging paths towards the target values of fiscal...

Persistent link: https://www.econbiz.de/10009639435

Financial markets' behavior around episodes of large changes in the fiscal stance

Ardagna, Silvia - 2004

Using a panel of OECD countries from 1960 to 2002, this paper shows that financial markets value fiscal discipline. Interest rates, particularly those of long-term government bonds, decrease when countries' fiscal position improves and increase around periods of budget deteriorations. Stock...

Persistent link: https://www.econbiz.de/10009639450

Fiscal discipline and the cost of public dept service

Ardagna, Silvia; Caselli, Francesco; Lane, Timothy - 2004

We use a panel of 16 OECD countries over several decades to investigate the effects of government debts and deficits on long-term interest rates. In simple static specifications, a one-percentage-point increase in the primary deficit relative to GDP increases contemporaneous long-term interest...

Persistent link: https://www.econbiz.de/10009639471

Fiscal variables and bond spreads

Nickel, Christiane; Rother, Philipp; Rülke, Jan C. - 2009

We investigate the impact of fiscal variables on bond yield spreads relative to US Treasury bonds in the Czech Republic, Hungary, Poland, Russia and Turkey from May 1998 to December 2007. To account for the importance of market expectations we use projected values for fiscal and macroeconomic...

Persistent link: https://www.econbiz.de/10009640486

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