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This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....
Persistent link: https://www.econbiz.de/10011307457
By using a nonlinear VAR model, we investigate whether the response of the US stock and housing markets to uncertainty shocks depends on financial conditions. Our model allows us to change the response of the US financial markets to volatility shocks in periods of normal and financial distress....
Persistent link: https://www.econbiz.de/10013351835
disparities, in particular within the Eurozone where there is no exchange-rate mechanism available to play this role. We shed some … be absorbed by migration within a year. However, in the Eurozone the reaction mainly stems from migration of third …-country nationals. Even within the group of Eurozone nationals, a significant part of the free mobility stems from immigrants from third …
Persistent link: https://www.econbiz.de/10010333349
especially in the Eurozone, the reaction to a very large extent stems from migration of recent EU accession country citizens as …
Persistent link: https://www.econbiz.de/10011816600
disparities, in particular within the Eurozone where there is no exchange-rate mechanism available to play this role. We shed some … be absorbed by migration within a year. However, in the Eurozone the reaction mainly stems from migration of third …-country nationals. Even within the group of Eurozone nationals, a significant part of the free mobility stems from immigrants from third …
Persistent link: https://www.econbiz.de/10010884205
although risk can be measured, uncertainty cannot be measured. Even though risk can be measured, a simple symmetric measure … attempt at "measuring" risk or (fundamental) uncertainty is flawed. …
Persistent link: https://www.econbiz.de/10011559672
The risk of default that business firms face is very significant and differs widely across countries. This paper … explores the links between countries' business conditions and international trade embedment and the default risk at the country … default risk of firms which operate in these environments. The predictions are in accord with readily available data. …
Persistent link: https://www.econbiz.de/10010278811
The purpose of this paper is to assess the implications of the Economic and Monetary Union (EMU) accession of eight Central and Eastern European Countries (CEECs) on their share in EMU-12 imports. Overcoming biases related to endogeneity, omitted variables and sample selection, our results...
Persistent link: https://www.econbiz.de/10010268734
generation. This kind of dynamic risk-sharing can provide insurance against macroeconomic risk. Using the widespread welfare …
Persistent link: https://www.econbiz.de/10010262613
This paper examines fiscal policy without commitment and the effects of conditional bailout loans. The government relies on distortionary taxation and decides between full debt repayment and costly default. It tends to overborrow due to myopia, which induces default to be a relevant policy...
Persistent link: https://www.econbiz.de/10010328905