The crisis has reignited a debate on deeper fiscal integration in the euro area. The goal is to improve the capability of the currency union to cope with asymmetric shocks. One instrument in this context is the implementation of a European unemployment insurance (EUI) scheme aiming at automatic...

A private initiative that has created a virtual currency and a payment system based on cryptography and decentralized management, Bitcoin is considered not only an interesting, but also a disruptive technical innovation by many observers. A number of regulatory and supervisory bodies have issued...

This article presents the results of a survey carried out in spring 2012 to determine the level of housing costs incurred by Austrian households. The housing cost survey shows that the share of housing costs borne by homeowners (loan repayment plus operating expenses and energy costs) accounts...

This paper contributes to the emerging literature that makes use of Bank Lending Survey (BLS) data to shed light on the determinants of the growth of loans to enterprises. We examine the relationship between loan growth and information from the BLS using Bayesian model averaging. Our results...

The possible impact of the euro on Austria has been widely discussed, as will be shown in this literature review, which focuses above all on the impact of the euro on inflation, foreign trade and economic growth. Not surprisingly, it has been quite difficult to quantify the (specific) impact of...

Household borrowing in a foreign currency is a widespread phenomenon in Austria. Twelve percent of Austrian households report their housing loan to be denominated in either Swiss franc or Japanese yen for example. Yet, despite its importance, peculiar character, and immediate policy concerns, we...

This paper describes indicators that were developed to analyze the exposure of enterprises and households to financial risks. In this context, we distinguish three types of risk: interest rate risk, price risk and exchange rate risk. Our indicators measure risk exposure by the share of financial...

The level of household debt has risen in many countries, including Austria. This study examines whether the increased level of debt represents a risk to financial stability. The data used are mainly derived from a survey on households’ financial wealth conducted by the Oesterreichische...

Microeconomic data on households are providing increasingly important information for many economic policy issues. This study presents the results of a survey conducted by the Oesterreichische Nationalbank on Austrian households’ financial wealth. The descriptive presentation of household...

On March 3, 2006, the Oesterreichische Nationalbank (OeNB) hosted a one-day workshop on “Strategies for Growth and Employment in Austria.” The workshop’s objective was to propose concrete measures for the promotion of growth and employment in Austria. In the introductory session, Andreas...