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On the importance of borrowing constraints for house price dynamics

Eerola, Essi; Määttänen, Niku - Suomen Pankki - 2008

We study how a household borrowing constraint the the form of a down payment requirement affects house price dynamics … interest rate or aggregate income shocks. Moreover, because of the borrowing constraint, house price dynamics display … in an OLG model with standard preferences. We find that in certain situations the borrowing constraint shapes house price …

Persistent link: https://www.econbiz.de/10005648901

Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous

Barnett, William A. - 2003

We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European Monetary Union (EMU). We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...

Persistent link: https://www.econbiz.de/10009635917

STRUKTURELLE VERÄNDERUNGEN IN DER WIRTSCHAFT DER REPUBLIKEN KRAOATIEN UND BUNDESREPUBLIK DEUTSCHLAND

Novak, Branko; Matić, Branko - Volkswirtschaftliche Fakultät, … - 2002

The paper discusses the structural changes taking place in the financial system of the Republic of Croatia after the country became independent. Particular attention is given to the banking system, bankruptcies and rehabilitation of banks. Furthermore, the paper analyzes the development of...

Persistent link: https://www.econbiz.de/10005836443

Currency Velocity and cash payments in the U.S. Economy: The Currency Enigma

Feige, Edgar L. - Volkswirtschaftliche Fakultät, … - 1989

This paper develops a demographic model of the currency population by examining the birth and death rates of specific denominations of currency. This framework permits empirical estimation of the average lifetime of notes in circulation and hence the currency velocity (turnovers per year) of...

Persistent link: https://www.econbiz.de/10005837536

L’influence des non-résidents sur la création monétaire dans la zone euro.

BOUTILLIER, M.; NIVAT, D.; OUNG, V. - In: Bulletin de la Banque de France (2007) 168, pp. 69-76

Les entrées de capitaux liées aux investissements de portefeuille des non-résidents en titres de la zone euro ont contribué pour près de la moitié à l’accélération de l’agrégat M3 entre septembre 2006 et septembre 2007.

Persistent link: https://www.econbiz.de/10009201066

Money demand in post-crisis Russia: De-dollarisation and re-monetisation

Korhonen, Iikka; Mehrotra, Aaron - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2007

Estimating money demand functions for Russia following the 1998 crisis, we find a stable money demand relationship when augmented by a deterministic trend signifying falling velocity. As predicted by theory, higher income boosts demand for real rouble balances and the income elasticity of money...

Persistent link: https://www.econbiz.de/10005419621

Impact of South Africa’s Monetary Policy on the LNS Economies

Ikhide, Sylvanus; Uanguta, Ebson - In: Journal of Economic Integration 25 (2010), pp. 324-352

policy. Both the impulse response functions and the cumulated forecast errors show that the lending rates, level of prices …

Persistent link: https://www.econbiz.de/10009421189

Costs and benefits of building faster payment systems: the U.K. experience and implications for the United States

Greene, Claire; Rysman, Marc; Schuh, Scott; Shy, Oz - Federal Reserve Bank of Boston - 2014

This paper studies the economic cost-benefit analysis behind the decision by the United Kingdom on how to implement its Faster Payments Service (FPS), which allows consumers and businesses to rapidly transfer money between bank accounts, and draws implications for the U.S. payments system.

Persistent link: https://www.econbiz.de/10011147066

Новые предложения по реформе местного самоуправления

Starodubrovskaya, Irina - In: Russian Economic Developments (in Russian) (2014) 1, pp. 48-50

Неэффективность деятельности муниципальных образований, несбалансированность их ресурсов и обязательств порождают новые предложения о корректировке...

Persistent link: https://www.econbiz.de/10011213850

The myth of the “cashless society”: How much of America’s currency is overseas?

Feige, Edgar L. - Volkswirtschaftliche Fakultät, … - 2012

The rapid growth of substitutes for cash, particularly debit and credit cards, has led economists to predict the advent of the “cashless society”. Yet cash holdings in most developed economies continue to grow and in the U.S., per capita currency holdings now amount to $3000. This paper...

Persistent link: https://www.econbiz.de/10011259369