Studie zu Dispozinsen / Ratenkrediten Aktenzeichen: 514-06.01-2810HS034 Laufzeit 8/2011 – 5/2012 - Zusammenfassung – In Deutschland verfügen etwa 80 Prozent der Haushalte über einen Dispositionskredit. Bei beträchtlicher Variation liegt der eingeräumte Kreditrahmen bei knapp dem 3-fachen...

Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...

Germany is often criticized for its large current account surpluses. The surpluses are caused by differences in economic growth between Germany and its major trading partners, the innovative strength of German enterprises, as well as improved relative price competitiveness and a successful...

This paper studies the effect of the terms of trade on labor supply, industrial capital adjustment and the current account in a two-period small open economy in which endogenous labor supply is considered and labor is assumed to be mobile between sectors, given the situation that capital is a...

This paper focusses on the relation between external imbalances and domestic money and credit growth in the euro area. We compute money and credit overhang both for the euro area as a whole and for individual member countries. Our results show that both aggregate money and credit overhang have...

Macroeconomic adjustment in the Southern countries of the euro area after the financial crisis appears well under way as external imbalances in these countries have almost disappeared. However, in this paper, we argue the underlying strctural problems persist and recovery is fragile. Both...

The global economic and financial crisis has had an impact on the economies of the new Member States of the European Union (NMS) since September 2008. After the outbreak of the crisis, these countries’ external deficits have diminished. In the new Member States, which had the highest current...

This paper investigates the economic costs of Euro area rebalancing. Based on an old Keynesian model we estimate a current account equation, a wage-Phillips curve and an Okun’s Law equation. All estimations are carried out for a panel of eleven Euro area members (excluding Luxembourg). From...

Purpose – The purpose of this paper is to determine whether current account imbalances – surpluses or deficits – are “excessive” and hence constitute a valid concern. The second objective is to assess the degree of capital mobility by comparing the variance of the current account...

This paper analyses the determinants of international asset portfolios, using a neoclassical dynamic general equilibrium model with home bias in consumption. For plausible parameter values, the model explains the fact that typical investors hold most of their wealth in domestic assets (portfolio...