Turkey by and large avoided the financial meltdown thanks to its low level of household debt ratio and relatively sound public finance structure. The stylized fact is that the consumption loss as a percentage of GDP has been greater for the countries with higher growth rates of household...

Rationale and objective: The objective of this paper is to define the term "Maturity Transformation" and to measure the amount of interest rate risk arising from maturity transformation to which large European banks are exposed. Modeling approach and methodology: We collect balance sheet asset...

The ability to explain the development of supply, demand, and prices of commodities (especially agricultural and energy commodities) is essential for policy-makers around the globe for several reasons since they represent an essential part of the consumption baskets. Moreover, energy and...

Imputed rental income of homeowners is tax exempt in most countries, despite the long-standing arguments recommending its inclusion in the tax base, on both equity and efficiency grounds. While the financial and fiscal crisis revived interest towards this form of taxation, this paper...

EU climate policies advocate a shift towards green taxation. We address this issue in the context of tax on companies, focusing on the consequences for the cost of capital, the effective marginal tax rate and the effective average tax rate.We develop an indicator of effective green taxation...

This study quantifies the economic and poverty impacts of the 2008-2009 world crisis on Ecuador, including the effects of the main policy responses of the Ecuadorian Government to face the crisis. The main hypothesis highlights the magnitude of two transmission channels: trade (through a...

Agriculture in the EU is strongly influenced by public policies. Most of the existing economic models which provide ex-ante analyses are defined on a more or less aggregated level, which ignores the underlying heterogeneity among farms in Europe. This paper presents a model which fills this gap,...

There is vast literature examining how households’ income and consumption changes over the life cycle. These studies, however, are usually restricted to developed economies, such as the US, Japan or the UK. The general objective of this paper is to add to this literature by investigating life...

We consider the issue of income distribution modeling in the context of poverty analysis based on computable general equilibriummicro-simulationmodels. Speciffically, we study the situation where a poverty index of the FGT class is used to measure the impact of a given policy on the level of...