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The paper analyses adverse investment, growth and distributional effects of ultra-loose monetary policies based on the monetary overinvestment theories of Hayek and Mises. We argue that ultra-loose monetary policies create incentives to substitute real investment by financial investment. When...
Persistent link: https://www.econbiz.de/10011428355
sovereign risk of Italy over the last five years. More than fifty events concerning non-standard operations are identified and … of Italy. …
Persistent link: https://www.econbiz.de/10009783711
Monetary policy transmission may be impaired if banks rebalance their portfolios towards securities. We identify the bank lending and risk-taking channels of monetary policy by exploiting – Italian's unique – credit and security registers. In crisis times, with higher ECB liquidity, less...
Persistent link: https://www.econbiz.de/10012854350
During the first decade of the 21st century, household FX loans spread in numerous countries in Central and Eastern …. Disregarding countries that joined the euro area, Hungary was the only state where household FX loans were completely phased out … about the causes and the impact of unsecured FX lending in the household sector and analyses the phasing-out of the …
Persistent link: https://www.econbiz.de/10012301687
and the Bank of Korea jointly organised a seminar on household debt in Seoul. Participants from 11 central banks and the …
Persistent link: https://www.econbiz.de/10013095823
Gianni Toniolo was one of Italy's, and Europe's, foremost economic historians. Unfortunately, he suddenly passed away … of Italy, Storia della Banca d'Italia. Tomo I. Formazione ed evoluzione di una banca centrale, 1893-1943 (History of the … Bank of Italy. Part I. Formation and evolution of a central bank, 1893-1943). Toniolo's history of the Bank of Italy …
Persistent link: https://www.econbiz.de/10014343128
We use detailed micro information at household level from the Wealth and Assets Survey to construct measures of wealth … distribution with the monetary shock affecting the median household relative to the 20th percentile by a larger amount than the …
Persistent link: https://www.econbiz.de/10012120339
We construct a general equilibrium model in which income inequality results in insufficient aggregate demand, deflation pressure, and excessive credit growth by allocating income to agents featuring low marginal propensity to consume, and if excessive, can lead to an endogenous financial crisis....
Persistent link: https://www.econbiz.de/10011932429
Persistent link: https://www.econbiz.de/10010189361