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Who's coming to the rescue? : revenue-sharing slumps and implicit bailouts during the Great Recession

Foremny, Dirk; Solé-Ollé, Albert - 2016

This paper analyzes the distribution of discretionary transfers from higher tiers of government in the process of fiscal adjustment in local jurisdictions which were hit by a negative revenue shock in formula transfers. Spanish local governments experienced a 30% fall in their revenue-sharing...

Persistent link: https://www.econbiz.de/10011499738

Banking sector race to efficiency during corona crisis : does size matter?

Visković, Josip; Kordić, Lana; Miletić, Marko - In: International journal of business and economic sciences … 15 (2022) 2, pp. 16-24

efficiency over time. Therefore, the main aim of the study was to determine whether small banks can successfully participate in … the efficiency race with large banks. Furthermore, it was essential to clarify whether the efficiency gap arises from … technical or scale efficiency. Finally, we also analyse how the COVID-19 pandemic crisis has affected efficiency and the …

Persistent link: https://www.econbiz.de/10013489516

The fiscal footprint of macroprudential policy

Reis, Ricardo - 2020

Monetary policy leaves a fiscal footprint. In some circumstances, relieving the fiscal burden becomes the main goal of policy, and inflation control is subordinate. This article notes that the same is true of macroprudential policy, and it characterizes the size and sign of its fiscal footprint,...

Persistent link: https://www.econbiz.de/10012222608

Fiscal policy, banks and the financial crisis

Kollmann, Robert; Ratto, Marco; Röger, Werner; Veld, … - 2012

This paper studies the effectiveness of Euro Area (EA) fiscal policy, during the recent financial crisis, using an estimated New Keynesian model with a bank. A key dimension of policy in the crisis was massive government support for banks - that dimension has so far received little attention in...

Persistent link: https://www.econbiz.de/10011590516

Virtuous Financial Crises? Empirical Evidence on the Medium-Term Effects of Banking Crises on Productivity Growth

Caballero, Julián - 2015

This paper aims to shed light on the medium term effects of banking crises on productivity growth, bringing the 'creative destruction' hypothesis to the data. The analysis is done at both the macro and micro levels. At the macro level, I study the differences in mean productivity growth before...

Persistent link: https://www.econbiz.de/10013036011

Fiscal policy, banks and the financial crisis

Kollmann, Robert; Ratto, Marco; Roeger, Werner; in't … - 2012

This paper studies the effectiveness of Euro Area (EA) fiscal policy, during the recent financial crisis, using an estimated New Keynesian model with a bank. A key dimension of policy in the crisis was massive government support for banks—that dimension has so far received little attention in...

Persistent link: https://www.econbiz.de/10011506754

The financial origins of non-fundamental risk

Acharya, Sushant; Dogra, Keshav; Singh, Sanjay R - 2021

We formalize the idea that the financial sector can be a source of non-fundamental risk. Households' desire to hedge against price volatility can generate price volatility in equilibrium, even absent fundamental risk. Fearing that asset prices may fall, risk-averse households demand safe assets...

Persistent link: https://www.econbiz.de/10012705247

Banking on ELR : How Hyman Minsky's Ideas Can Help Tackle Unemployment

Esposito, Lorenzo - 2017

the efficiency of the ELR institutional design. In this context, we highlight the accountability issue that is largely … that accountability and efficiency should be taken as the core of the ELR project if it is to be politically viable, and …

Persistent link: https://www.econbiz.de/10012946929

Twenty years of the German euro are more than enough

Bibow, Jörg - 2018

This paper reviews the performance of the euro area since the euro's launch 20 years ago. It argues that the euro crisis has exposed existential flaws in the euro regime. Intra-area divergences and the corresponding buildup of imbalances had remained unchecked prior to the crisis. As those...

Persistent link: https://www.econbiz.de/10011894027

Safeguarding the Stability of the Greek Banking System Amidst the Fiscal Crisis in the Euro Area : Arrangements Before and After the Establishment of the European Banking Union

Gortsos, Christos - 2016

The present paper examines the impact of the current fiscal crisis in the euro area on the Greek banking system and the institutional, regulatory and supervisory measures adopted to preserve its stability. It is divided into 2 Sections:(a) Section 1 deals with the differentiated impact of the...

Persistent link: https://www.econbiz.de/10012978304