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The Flow of Capital and the Eurozone Crisis
Svrtinov, Vesna - 2014
Historical experience shows that in the world of high capital mobility, sudden stops of capital inflows may occur, typically triggering financial crises. The latest financial crisis in the euro zone (EZ) seems to support this point of view. Euro adoption encouraged a capital flow bonanza from...
Persistent link: https://www.econbiz.de/10013051896
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The Effects of Sudden Stops During the Eurozone Crisis
Svrtinov, Vesna - 2014
The liberalization of the capital account of the balance of payments was one of the main reasons of the increasing amount of capital flows that came in into many emerging economies. In the last decades, the restrictions on these capital movements have been eliminated and the world has witnessed...
Persistent link: https://www.econbiz.de/10013051898
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Capital Flows in the Euro Area and TARGET2 balances
Hristov, Nikolay - 2019
We estimate a panel VAR model for the euro area to quantitatively assess how the uneven recourse of national banking systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 balances, has contributed to the propagation of different...
Persistent link: https://www.econbiz.de/10012860823
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Capital Flows in the Euro Area and TARGET2 Balances
Hristov, Nikolay - 2018
We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the propagation of different types of structural economic shocks as well as to the historical evolution of aggregate economic activity in euro area member countries. Our results...
Persistent link: https://www.econbiz.de/10012922834
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Sudden stops and asset purchase programmes in the euro area
Fabiani, Josefina; Fidora, Michael; Setzer, Ralph; … - 2021
This paper analyses the incidence and severity of sudden stops in euro area countries before and after the introduction of the ECB's asset purchase programmes. We define sudden stops as abrupt declines in private net financial inflows, i.e. total flows adjusted for EU and IMF loans and changes...
Persistent link: https://www.econbiz.de/10012643263
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Capital Flows and the Us 'New Economy' : Consumption Smoothing and Risk Exposure
Miller, Marcus H.; Castren, Olli; Zhang, Lei - 2021
In an analytically tractable model of the global economy, we calculate the Pareto improvement where a country …. With capital inflows to finance the 'New Economy' significantly exceeding the current account deficit, however, we show … which appeal to financial factors to explain why the European economy was so strongly affected by the recent US downturn …
Persistent link: https://www.econbiz.de/10013318678
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Capital flows in the euro area and TARGET2 balances
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2019
We estimate a panel VAR model for the euro area to quantitatively assess how the uneven recourse of national banking systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 balances, has contributed to the propagation of different...
Persistent link: https://www.econbiz.de/10012034705
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Revisiting the monetary presentation of the euro area balance of payments
Aguilar, Carmen Picón; Soares, Rodrigo Oliveira; … - 2020
We explain how the external counterpart of the euro area M3 can be analysed by using the euro area balance of payments (b.o.p.). This is possible because the net external assets of the monetary financial institutions (MFIs) are present in two statistical frameworks that follow similar...
Persistent link: https://www.econbiz.de/10012165260
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Capital flows in the euro area and TARGET2 balances
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2018
We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the propagation of different types of structural economic shocks as well as to the historical evolution of aggregate economic activity in euro area member countries. Our results...
Persistent link: https://www.econbiz.de/10011793977
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Current-Account Imbalances and Economic Growth During the 2008-2009 Financial Crisis: an Empirical Analysis
Rangelove, Rossitsa - In: Contemporary Economics 8 (2014) 2, pp. 123-136
This study examines the relationship between current-account imbalances and economic growth during the 2008-2009 financial and economic crisis for 179 countries (covered by IMF data) and within the EU-27 countries (covered by Eurostat data). The countries are divided into 4 groups by GDP per...
Persistent link: https://www.econbiz.de/10010436067