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Fiscal federalism and a separate budget for the euro area
Ore̢ziak, Leokadia - In: International journal of management and economics 54 (2018) 2, pp. 85-98
The core objective of this paper is to determine the main political and economic conditions and challenges related to the possible evolution of the integration process in the euro area toward fiscal federalism and fiscal union as a way to increase the capacity of the area to cope with future...
Persistent link: https://www.econbiz.de/10012027105
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TARGET2 imbalances and the ECB as lender of last resort
Purificato, Francesco; Astarita, Caterina - In: International Journal of Financial Studies : open … 3 (2015) 4, pp. 482-509
This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis, when some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the TARGET2 are here explained as being due to a fall in the...
Persistent link: https://www.econbiz.de/10011408880
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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
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Fiscal reaction function and fiscal fatigue : evidence for the euro area
Checherita-Westphal, Cristina; Žďárek, Václav - 2017
This paper estimates a fiscal reaction function (FRF) framework for euro area countries and derives a novel approach to measure fiscal fatigue. As in previous studies, we find evidence that euro area sovereigns abide, on average, by (weak) sustainability constraints. The primary balance improves...
Persistent link: https://www.econbiz.de/10011637036
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The cyclical behaviour of fiscal policy during the Covid-19 crisis
Heimberger, Philipp - 2022
This paper analyses the cyclicality of fiscal policy (discretionary versus automatic) for 28 advanced economies over 1995-2021 by paying special attention to the Covid-19 crisis. We find evidence that discretionary fiscal policy during the Covid-19 crisis (2020-2021) was significantly more...
Persistent link: https://www.econbiz.de/10013373264
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Investment gaps after the crisis
Lewis, Christine; Pain, Nigel; Strasky, Jan; Menkyna, Fusako - 2014
The downturn in fixed investment among advanced economies from the onset of the global crisis was unusually severe, widespread and long-lasting relative to comparable episodes in the past. As a result, investment gaps are large in many countries, not only in relation to past norms but also...
Persistent link: https://www.econbiz.de/10010464901
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Misallocation and Productivity in the Lead Up to the Eurozone Crisis
Dias, Daniel A. - 2015
actual levels in 1996 and 2011, respectively. This implies that deteriorating allocative efficiency may have shaved around 1 ….3 percentage points off the annual GDP growth during the 1996-2011 period. Allocative efficiency deterioration, despite being a … variation. Capital distortions are the most important source of potential value-added efficiency gains, especially in the …
Persistent link: https://www.econbiz.de/10013014266
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Sovereign bond yield spreads: a time-varying coefficient approach
Bernoth, Kerstin; Erdogan, Burcu - 2010
We study the determinants of sovereign bond yield spreads across 10 EMU countries between Q1/1999 and Q1/2010. We apply a semiparametric time-varying coefficient model to identify, to what extent an observed change in the yield spread is due to a shift in macroeconomic fundamentals or due to...
Persistent link: https://www.econbiz.de/10010303780
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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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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