The corporate sector has turned from a net borrowing position to a net lending position in many advanced countries over the past decades. This phenomenon is rather unusual as the corporate sector had historically borrowed funds from other sectors in the economy. In this paper, we analyze how...

What is the role of heterogenous house-price expectations for boom-bust cycles in the housing market? We exploit a unique Dutch panel data set on households' house price expectations and their consumption, savings and housing choices for the period 2003-2016. This period was characterized by a...

We demonstrate that the co-existence of different motives for liquidity preferences profoundly affects the efficiency of financial intermediation. Liquidity preferences arise because consumers wish to take precautions against sudden and unforeseen expenditure needs, and because investors want to...

This paper proposes a new approach to evaluate the macroeconomic effects of the Hartz IV reform in Germany, which reduced the generosity of long-term unemployment benefits. We use a model with different unemployment durations, where the reform initiates both a partial effect and an equilibrium...

Research on the measurement of uncertainty has a long tradition. Recently, the creation of the economic policy uncertainty index sparked a new wave of research on this topic. The index is based on major American newspapers with the use of manual labeling and counting of specific keywords....

The aim and scope of this paper is to isolate the effects of population ageing in the context of potential Scottish independence. Fiscal challenges are often quoted as a strong argument against independence. Demographic processes play an important role in determining future economic growth via...

Globalisation as a dominant tendency of the XXI century has initiated the rise of the scale and dynamics of economic interactions on the international, national and regional levels. Regions have started to compete as the sources of economic growth since the disproportional levels of their...

O crescimento econômico tem sido uma das grandes questões da sociedade atual. Desde 2008 as grandes potências vêm enfrentando dificuldades para retornar ao ciclo de desenvolvimento pelo qual passavam antes da crise mundial afetando os países emergentes que, por sua vez, devem buscar uma...

The purpose of this study is to investigate the relation between regional convergence inside of countries in EU and overall economic growth, and, based on it, to establish some relevant behavioural regimes. As data sources we are using the available dataset NUTS 2 from EUROSAT for the period...

The Spanish regions are facing a severe recession caused by the international financial crisis that has overlapped with the correction that had been recorded in the property market, which has led to a sharp drop in economic activity and a rapid destruction process employment. In these...