Showing 1 - 10 of 5,878
The paper deals with the problem of municipalities’ fiscal distress and its diagnosis. The study examines the key financial indicators of Polish municipalities located in the West Pomeranian Region and uses them to build an aggregate measurement to identify the level of these municipalities’...
Persistent link: https://www.econbiz.de/10011618825
example has been cruelly shaken by the EZ (Euro Zone) crisis, originating increasing doubts about the integration process. It … is evident that the proposed solutions for attacking the crisis have hurt the European cohesion making more and more … solution, and the recurrent EU proclamations of "policies to restore European growth", the crisis in the EZ looks more and more …
Persistent link: https://www.econbiz.de/10011515832
This paper identifies the various channels that give rise to a "sovereign-bank nexus" whereby the financial health of banks and sovereigns is intertwined. We find that banks and sovereigns are linked by three interacting channels: banks hold large amounts of sovereign debt; banks are protected...
Persistent link: https://www.econbiz.de/10011901498
This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias-the tendency of debt to increase over the cycle- that is significantly larger for house price cycles than stand-alone business cycles. Automatic stabilizers and...
Persistent link: https://www.econbiz.de/10012999749
classic banking panics toward modern banking crises where financial guarantees are associated with crisis resolution. Recent … Asian crisis (1997). We discuss the evolution in economic theorizing on crises since the 1950s, and then provide an overview … crises. We discuss the methodological issue of crisis measurement encompassing the definition, dating, and incidence of …
Persistent link: https://www.econbiz.de/10014024279
I build a model where creditworthy countries may use fiscal austerity to communicate their ability to repay sovereign debt and show that the signaling channel is active only for high levels of asymmetric information. The model generates a negative association between the amount of public...
Persistent link: https://www.econbiz.de/10011564643
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. The financial crisis caused a further deterioration of government …
Persistent link: https://www.econbiz.de/10009572988
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. The financial crisis caused a further deterioration of government …
Persistent link: https://www.econbiz.de/10013102556
circumstances. The recent crisis (2007–2008) revealed the weakness of the established economic theories, also as regards fiscal …
Persistent link: https://www.econbiz.de/10012957056
The scientific reassessment of the economic role of the state after the crisis has renewed interest in Abba Lerner … effectiveness of tackling the crisis with the different part of public budget. It also allows us to understand ways of increasing …
Persistent link: https://www.econbiz.de/10011392820