Similar Search Results

Exit Strategies, Capital Flight and Speculative Attacks : Europe's Version of the Trilemma

Steiner, Andreas - 2018

In the winter 2011/12 a wave of internal capital flight prompted the ECB to abandon its exit strategy and to announce an unprecedented monetary expansion. We analyze this episode in several dimensions: (i) by providing an event-study analysis covering key variables from national central banks'...

Persistent link: https://www.econbiz.de/10012929540

Consequences of Brexit and Options for a 'Global Britain'

Brakman, Steven - 2017

; most studies predict a trade and welfare loss for both the UK and the EU. The UK parliament has indicated that it aims for … for the EU. After reviewing all potential options, we have a simple answer to the question whether the UK has an … alternative for the existing trade agreement with the EU. The answer is: No. Only a trade agreement with the EU can compensate for …

Persistent link: https://www.econbiz.de/10012955285

Reconciling Insurance with Market Discipline : A Blueprint for a European Fiscal Union

Dolls, Mathias - 2016

This contribution develops a blueprint for a European fiscal union. We argue that a viable European fiscal union can be constructed without joint liability for public debt or a centralized government with a large common budget. Such a fiscal union should combine elements of market discipline...

Persistent link: https://www.econbiz.de/10012996428

The Crisis and Regional Resilience in Europe : On the Importance of Urbanization and Specialization

Brakman, Steven - 2015

Using a rich data set on the EU regions, we analyze the relevance of two possible determinants of a region's resilience … that started in 2008, as our shock and then analyze how the NUTS II EU regions differ in their resilience to the crisis in … terms of unemployment and real GDP per capita. In prior research it has been well established that (EU) regions differ in …

Persistent link: https://www.econbiz.de/10013033744

The Euro Area's Common Pool Problem Revisited : Has the Single Supervisory Mechanism Ameliorated Forbearance and Evergreening?

Steinkamp, Sven - 2017

The Single Supervisory Mechanism was introduced to eliminate the common-pool problem and limit uncontrolled lending by national central banks (NCBs). We analyze its effectiveness. Second, we model how, by forbearing and providing refinancing credit, NCBs avoid domestic resolution costs and,...

Persistent link: https://www.econbiz.de/10012945053

A Closer Look at Revealed Comparative Advantage : Gross-versus Value Added Trade Flows

Brakman, Steven - 2015

With the availability of international value added trade data it has become evident that gross export data and value added data do not provide the same information. Although gross exports crosses national borders and is the target of trade policy, value added data tell us what fragment in the...

Persistent link: https://www.econbiz.de/10013023177

The Positive Border Effect of EU Integration

Brakman, Steven - 2011

, regions, or countries. The enlargement of the EU or the introduction of the euro, however, can be looked upon as integration … that go along with EU integration along the border. Both at the urban and regional level, we find a beneficial influence of … the EU integration process as measured by the growth in population share along the integration borders, leading to an …

Persistent link: https://www.econbiz.de/10013130414

The Tragedy of the Commons and Inflation Bias in the Euro Area

Dinger, Valeriya - 2013

Central bank credit has expanded dramatically in some of the euro area member countries since the beginning of the financial crisis. This paper makes two contributions to understand this stylized fact. First, we discuss a simple model of monetary policy that includes (i) a credit channel and...

Persistent link: https://www.econbiz.de/10013089167

On Creditor Seniority and Sovereign Bond Prices in Europe

Steinkamp, Sven - 2013

The recent increase of interest rate spreads in Europe and their apparent detachment from underlying fundamental variables has generated a debate on multiple equilibria in the sovereign bond market (see De Grauwe and Ji (2012)). We critically evaluate this hypothesis, by pointing towards an...

Persistent link: https://www.econbiz.de/10013090004

Market Liberalization in the European Natural Gas Market - The Importance of Capacity Constraints and Efficiency Differences

Brakman, Steven; van Marrewijk, Charles; van … - 2021

In the European Union, energy markets are increasingly being liberalized. A case in point is the European natural gas industry. The general expectation is that more competition will lead to lower prices and higher volumes, and hence higher welfare. This paper indicates that this might not happen...

Persistent link: https://www.econbiz.de/10013316347