Compared to the U.S., the euro area has been underperforming in the wake of the Great Financial Crisis (GFC). This … holds especially true for peripheral euro area economies. Whereas the U.S. is characterised by a financial system dominated … by arms’ length (capital-market oriented) interaction between providers and users of funds, in Europe, in many cases …

This paper investigates the Euro-area business cycle using a multivariate autoregressive time series model with … trend and cyclical GDP, respectively. The identification allows for a historical decomposition of Euro-area GDP into trend … stochastic trend of Euro-area GDP has considerable variability. Der Beitrag untersucht den Konjunkturzyklus im Euroraum unter …

largely around the rather simplistic and binary comparison between bank-based versus market-based financial systems. The Great …

This paper investigates the Euro-area business cycle using a multivariate autoregressive time series model with … trend and cyclical GDP, respectively. The identification allows for a historical decomposition of Euro-area GDP into trend … stochastic trend of Euro-area GDP has considerable variability. Der Beitrag untersucht den Konjunkturzyklus im Euroraum unter …