Showing 1 - 10 of 134
This paper investigates the role of banking networks in the transmission of shocks across borders. Combining banking deregulation in the US with state-level idiosyncratic demand shocks, we show that geographically diversified banks reallocate funds from economies experiencing negative shocks to...
Persistent link: https://www.econbiz.de/10015427845
We reappraise the relationship between productivity and equilibrium real exchangerates using a panel estimation framework that incorporates a large number ofcountries and importantly, a dataset that allows explicit consideration of the role ofnon-traded, as well as traded, sector productivity...
Persistent link: https://www.econbiz.de/10005866628
This paper adds to the literature on wealth effects on consumption by disentangling financial wealth effects from housing wealth effects for the euro area. We use two macro-datasets for our estimations, one on the aggregate euro area for the period 1980-2006, and one on the individual euro area...
Persistent link: https://www.econbiz.de/10005866582
This paper estimates the wealth effects on consumption in the euro area as a whole. Ishow that: (i) financial wealth effects are relatively large and statistically significant;(ii) housing wealth effects are virtually nil and not significant; (iii) consumptiongrowth exhibits strong persistence...
Persistent link: https://www.econbiz.de/10005866600
This paper investigates the growth impact of the EU's Structural, Cohesion and Pre-accession Funds. We look at a large …. We show that the growth effect of the funds is conditional on institutional quality: the funds contribute to economic … growth only in countries with strong institutions: low corruption, strong rule of law, effective governments, and strong …
Persistent link: https://www.econbiz.de/10015322770
Tax reforms in EU Member States can contribute to the stability of public finances; boost economic growth, employment … bases less detrimental to growth, could have a positive impact on growth and employment. Second, it takes an in-depth look …
Persistent link: https://www.econbiz.de/10015300673
Growing current account imbalances within the euro area between 1999 and 2007 were not driven by divergences in export performance between surplus and deficit countries. While current account dynamics are highly correlated with unit labour costs (ULC) and imports, it is not the case for exports....
Persistent link: https://www.econbiz.de/10015304332
to GDP growth in the euro area. Using identified highfrequency shocks in a growth-at-risk framework, we show that …-term growth risks increase substantially following contractionary monetary policy shocks. In contrast, these risks remain …
Persistent link: https://www.econbiz.de/10015321121
This paper investigates the relationship between the size of an unfunded public pension system and economic growth in … argument of parental utility. Unfunded public pensions can promote growth when families face liquidity constraints preventing … there is no case for unfunded public pensions in economies where bequests are operative. By contrast, there exists a growth …
Persistent link: https://www.econbiz.de/10005530831
Do high levels of human capital foster economic growth by facilitating technology adoption? If so, countries with more …. High human capital levels should therefore have translated into fast growth in more compared to less human … determinant of growth in human-capital-intensive industries. Using data for a large sample of countries, we find significant …
Persistent link: https://www.econbiz.de/10005530982