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Does the Euro-Zone Diverge? A Stress Indicator for Analyzing Trends and Cycles in Real GDP and Inflation

Flaig, Gebhard; Wollmershäuser, Timo - 2021

This paper presents a stress indicator for the eurozone that summarizes developments of trends and cycles in real GDP … that stress in the eurozone is mainly due to different trend growth rates and that for most of the Euro-zone countries …

Persistent link: https://www.econbiz.de/10013317182

Financial Contagion and the European Debt Crisis

Missio, Sebastian - 2013

Since the beginning of 2010, the Euro Area faces a severe sovereign debt crisis, now generally known as the Euro Crisis. While the Euro Crisis has its origin in Greece, problems have now spread to several other European countries as well. Dynamic conditional correlation models (DCC) are...

Persistent link: https://www.econbiz.de/10013092476

Ordoliberalism, Pragmatism and the Eurozone Crisis : How the German Tradition Shaped Economic Policy in Europe

Feld, Lars P. - 2015

German policy during the Eurozone crisis supposedly follows an ordoliberal tradition. In this paper, we discuss to what … economic constitution for Europe in which several pillars supposedly aim at ensuring sound money in the Eurozone. The policies … the German government pushed during the Eurozone crisis have been informed by the ordoliberal tradition. In particular …

Persistent link: https://www.econbiz.de/10013021693

‘Whatever It Takes’ to Resolve the European Sovereign Debt Crisis? Bond Pricing Regime Switches and Monetary Policy Effects

Afonso, António - 2017

This paper investigates the role of unconventional monetary policy as a source of time-variation in the relationship between sovereign bond yield spreads and their fundamental determinants. Our results provide evidence of a new bond-pricing regime following the announcement of the Outright...

Persistent link: https://www.econbiz.de/10012943161

A Critique of the Literature on the US Financial Debt Crisis

Stein, Jerome L. - 2021

A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...

Persistent link: https://www.econbiz.de/10013316266

Loan Supply Shocks During the Financial Crisis : Evidence for the Euro Area

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2021

This paper employs a panel vector autoregressive model for the member countries of the Euro Area to explore the role of banks during the slump of the real economy that followed the financial crisis. In particular, we seek to quantify the macroeconomic effects of adverse loan supply shocks, which...

Persistent link: https://www.econbiz.de/10013316038

Financial Stability in Europe : Banking and Sovereign Risk

Bruha, Jan - 2017

theoretically and empirically motivated banking sector characteristics, and a Bayesian inference in panel estimation as a …

Persistent link: https://www.econbiz.de/10012955275

The Sovereign Default Problem in the Eurozone : An Insurance-Based Approach

Arnold, Nadjeschda - 2015

This paper argues that the Eurozone crisis stems from a risk management failure in the Eurosystem's design, and that …

Persistent link: https://www.econbiz.de/10013020584

Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe

Belke, Ansgar Hubertus; Schnabl, Gunther; Zemanek, Holger - 2021

The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets. The augmented Balassa-Samuelson model is linked to the...

Persistent link: https://www.econbiz.de/10013316298

Beyond Balassa and Samuelson : Real Convergence, Capital Flows, and Competitiveness in Greece

Belke, Ansgar Hubertus - 2015

We scrutinize the role of capital flows for competitiveness in seven euro-area countries in the context of real convergence and crisis with a specific focus on Greece. The paper extends the seminal Balassa-Samuelson model to include international capital markets. Capital flows are assumed to be...

Persistent link: https://www.econbiz.de/10013012270