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Credit growth in Central and Eastern Europe: new (over)shooting stars?
Egert, Balázs; Backé, Peter; Zumer, Tina - 2006
This paper analyzes the equilibrium level of private credit to GDP in 11 Central and Eastern European countries in order to see whether the high credit growth recently observed in some of these countries led to above equilibrium private credit-to-GDP levels. We use estimation results obtained...
Persistent link: https://www.econbiz.de/10011604733
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The perils of aggregating foreign variables in panel data models
Ca' Zorzi, Michele; Chudik, Alexander; Dieppe, Alistair - 2012
The curse of dimensionality refers to the difficulty of including all relevant variables in empirical applications due to the lack of sufficient degrees of freedom. A common solution to alleviate the problem in the context of open economy models is to aggregate foreign variables by constructing...
Persistent link: https://www.econbiz.de/10011605489
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A market-based approach to sector risk determinants and transmission in the euro area
Saldías, Martín - 2013
In a panel data framework applied to Portfolio Distance-to-Default series of corporate sectors in the euro area, this paper evaluates systemic and idiosyncratic determinants of default risk and examines how distress is transferred in and between the financial and corporate sectors since the...
Persistent link: https://www.econbiz.de/10011605619
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Weak and strong cross section dependence and estimation of large panels
Chudik, Alexander; Pesaran, Hashem; Tosetti, Elisa - 2009
This paper introduces the concepts of time-specific weak and strong cross section dependence. A double- indexed process is said to be cross sectionally weakly dependent at a given point in time, t, if its weighted average along the cross section dimension (N) converges to its expectation in...
Persistent link: https://www.econbiz.de/10011605146
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Weak and Strong Cross Section Dependence and Estimation of Large Panels
Chudik, Alexander - 2009
This paper introduces the concepts of time-specific weak and strong cross section dependence. A double-indexed process is said to be cross sectionally weakly dependent at a given point in time, t, if its weighted average along the cross section dimension (N) converges to its expectation in...
Persistent link: https://www.econbiz.de/10013155822
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The Perils of Aggregating Foreign Variables in Panel Data Models
Ca'Zorzi, Michele - 2015
The curse of dimensionality refers to the difficulty of including all relevant variables in empirical applications due to the lack of sufficient degrees of freedom. A common solution to alleviate the problem in the context of open economy models is to aggregate foreign variables by constructing...
Persistent link: https://www.econbiz.de/10013036825
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A Market-Based Approach to Sector Risk Determinants and Transmission in the Euro Area
Saldias, Martin - 2013
In a panel data framework applied to Portfolio Distance-to-Default series of corporate sectors in the euro area, this paper evaluates systemic and idiosyncratic determinants of default risk and examines how distress is transferred in and between the financial and corporate sectors since the...
Persistent link: https://www.econbiz.de/10013078519
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Committees and special interests
Felgenhauer, Mike; Grüner, Hans Peter - 2003
committees benefits from voting insincerely accrue not only when a decision maker's vote is pivotal. As the number of voters … increases, the cost of voting insincerely declines in an open committee because the probability of being pivotal declines. This … is not the case in a closed committee where costs and benefits of insincere voting only arise when a voter is pivotal. …
Persistent link: https://www.econbiz.de/10011604339
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Lobbying in Europe: New firm-level evidence
Dellis, Konstantinos; Sondermann, David - 2017
Lobbying can provide policy makers with important sector-specific information and thereby facilitating informed decisions. If going far beyond this, in particular if successfully influencing policy makers to unnecessarily tighten regulation or not opening already excessively regulated markets,...
Persistent link: https://www.econbiz.de/10011804386
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When do countries implement structural reforms?
da Silva, Antonio Dias; Givone, Audrey; Sondermann, David - 2017
The objective of this paper is to investigate which factors - macroeconomic, policy - related or institutional - foster the implementation of structural reforms. To this objective, we look at episodes of structural reforms over three decades across 40 OECD and EU countries and link them to such...
Persistent link: https://www.econbiz.de/10011804393