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Using a DSGE model with nominal wage rigidity, we investigate two scenarios for the Italian economy. The first considers sustained policy commitment to reform. The results indicate the possibility of 'growing out of bad initial conditions', if fiscal consolidation is combined with a program for...
Persistent link: https://www.econbiz.de/10012244451
institutional building steps as the Banking Union (BU) and Capital Markets Union (CMU). Their swift introduction suggests that BU …-effects materialised: 1) CMU twisted the balance against banking and in favour of financial markets; 2) BU is, de facto, weakening banking …
Persistent link: https://www.econbiz.de/10012153491
injection announcements on systemic risk for the banking sector in the U.S. and the euro area between 2008 and 2013. We propose …
Persistent link: https://www.econbiz.de/10014121074
strategic shareholders upon the market value of commercial banks operating in the Polish banking sector. The analysis included … banking sector. …
Persistent link: https://www.econbiz.de/10010468354
market. We also show that there is a growing importance in the contagion channel from cyber security breaches to markets …
Persistent link: https://www.econbiz.de/10012964812
The project of creating a Banking Union is designed to overcome the fatal link between sovereigns and their banks in … the necessary third pillar of a successful Banking Union. This paper argues for an organizational and capital structure … reorganizing bank. On these conditions, a viable and realistic Banking Union would be within reach — and the resolution of global …
Persistent link: https://www.econbiz.de/10013062012
On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame … Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial … College) gave the SUERF 2015 Annual Lecture on Capital and Banks. The conference focused on core aspects of banking reform …
Persistent link: https://www.econbiz.de/10011557140
financial supervision for the CMU. Therefore, the European Banking Union should cover all European Union members' systemic …
Persistent link: https://www.econbiz.de/10011292921
The free movement of capital – as it is traditionally seen as the fourth freedom, after goods, workers and persons, services and establishment – is a long-standing objective of the European Union, a fundamental freedom at the heart of the single market. The paper summarizes the development...
Persistent link: https://www.econbiz.de/10012845675
The euro crisis was fueled by the diabolic loop between sovereign risk and bank risk, coupled with cross-border flight-to-safety capital flows. European Safe Bonds (ESBies), a union-wide safe asset without joint liability, would help to resolve these problems. We make three contributions. First,...
Persistent link: https://www.econbiz.de/10012982881