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International R&D Spillovers : Technology Transfer vs. R&D Synergies

Dieppe, Alistair - 2013

for a dynamic interaction in explaining total factor productivity (TFP). Relative to the existing literature, our model …

Persistent link: https://www.econbiz.de/10013089240

Heterogeneous Transmission Mechanism : Monetary Policy and Financial Fragility in the Euro Area

Ciccarelli, Matteo - 2013

The Euro area economic activity and banking sector have shown substantial fragility over the last years with remarkable country heterogeneity. Using detailed data on lending conditions and standards, we analyse how financial fragility has affected the transmission mechanism of the single Euro...

Persistent link: https://www.econbiz.de/10013085173

Is There a Single Frontier in a Single European Banking Market?

Bos, Jaap W. B.; Schmiedel, Heiko - 2021

This paper attempts to estimate comparable efficiency scores for European banks operating in the Single Market in the EU. Using a data set of more than 5000 large commercial banks from all major European banking markets over the period 1993-2004, the application of meta-frontiers enables us to...

Persistent link: https://www.econbiz.de/10013317337

Financial Regulation, Financial Globalization and the Synchronization of Economic Activity

Kalemli-Ozcan, Sebnem - 2010

We identify the effect of financial integration on international business cycle synchronization, by utilizing a confidential database on banks' bilateral exposure and employing a country-pair panel instrumental variables approach. Countries that become more integrated over time have less...

Persistent link: https://www.econbiz.de/10013141875

Shock Amplification in an Interconnected Financial System of Banks and Investment Funds

Sydow, Matthias; Schilte, Aurore; Covi, Giovanni; … - 2021

This paper shows how the combined endogenous reaction of banks and investment funds to an exogenous shock can amplify or dampen losses to the financial system compared to results from single-sector stress testing models. We build a new model of contagion propagation using a very large and...

Persistent link: https://www.econbiz.de/10013216767

Financial Imbalances and Financial Fragility

Boissay, Frédéric - 2011

absorption capacity, which depends - inter alia - on the productivity of the real sector, the ultimate borrower. I extend the …

Persistent link: https://www.econbiz.de/10013128290

What Drives Euro Area Financial Market Developments? The Role of US Spillovers and Global Risk

Brandt, Lennart; Saint-Guilhem, Arthur; Schröder, … - 2021

Financial asset prices contain a rich set of real-time information on the economy. To extract this information, it is crucial to understand the driving factors behind financial market developments. In this paper, we exploit daily cross-asset price movements in a sign-restricted BVAR model to...

Persistent link: https://www.econbiz.de/10013225754

Sovereign Credit Ratings and Financial Markets Linkages : Application to European Data

Afonso, António - 2011

We use EU sovereign bond yield and CDS spreads daily data to carry out an event study analysis on the reaction of government yield spreads before and after announcements from rating agencies (Standard & Poor's, Moody's, Fitch). Our results show: significant responses of government bond yield...

Persistent link: https://www.econbiz.de/10013124928

Endogenous TFP, Business Cycle Persistence and the Productivity Slowdown in the Euro Area

Spitzer, Martin - 2020

This paper analyses the endogeneity of euro area total factor productivity and its role in business cycle amplification … by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. In this framework …, total factor productivity evolves endogenously as a consequence of costly investment in R&D and adoption of new technologies …

Persistent link: https://www.econbiz.de/10012834776

European Competitiveness - A Semiparametric Stochastic Metafrontier Analysis at the Firm Level

Verschelde, Marijn - 2014

In this paper a semiparametric stochastic metafrontier approach is used to obtain insight into firm-level competitiveness in Europe. We differ from standard TFP studies at the firm level as we simultaneously allow for inefficiency, noise and do not impose a functional form on the input-output...

Persistent link: https://www.econbiz.de/10013051166