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Fiscal behaviour in the European Union: rules, fiscal decentralization and government indebtedness

Afonso, António; Hauptmeier, Sebastian - 2009

We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The results show that the existence of effective fiscal rules, the degree of public spending decentralization, and the electoral cycle can...

Persistent link: https://www.econbiz.de/10011605100

Euro area private consumption: Is there a role for housing wealth effects

Skudelny, Frauke - 2009

the period 1980-2006, and one on the individual euro area countries from1995-2006, using panel data techniques. The impact …, the panel estimation yields somewhat lower results (0.6 to 1.1 cents). The MPC out of nominal housing wealth lies between … effect of volatile house prices, we find similar effects in the times series estimation while the MPC is larger in the panel …

Persistent link: https://www.econbiz.de/10011605103

Booms and busts in housing markets: determinants and implications

Agnello, Luca; Schuknecht, Ludger - 2009

Panel Probit model over the period 1980-2007. It finds that 1) most recent housing booms have been very persistent and of a …

Persistent link: https://www.econbiz.de/10011605117

Inflation perceptions and expectations in the euro area: the role of news

Badarinza, Cristian; Buchmann, Marco - 2009

area. We conduct the analysis both on an aggregate level for the euro area as well as for a set of countries using panel …

Persistent link: https://www.econbiz.de/10011605134

Weak and strong cross section dependence and estimation of large panels

Chudik, Alexander; Pesaran, Hashem; Tosetti, Elisa - 2009

an application to the estimation of panel data models with an infinite number of weak factors and a finite number of …

Persistent link: https://www.econbiz.de/10011605146

What Triggers Prolonged Inflation Regimes? A Historical Analysis

Vansteenkiste, Isabel - 2009

This paper empirically assesses which factors trigger prolonged periods of inflation for a sample of 91 countries over the period 1960-2006. The paper employs pooled probit analysis to estimate the contribution of the key factors to inflation starts. The empirical results suggest that for all...

Persistent link: https://www.econbiz.de/10011605155

Excess returns on net foreign assets: the exorbitant privilege from a global perspective

Habib, Maurizio Michael - 2010

did not contribute to its exorbitant privilege. The econometric panel analysis also fails to find a robust positive …

Persistent link: https://www.econbiz.de/10011605204

Market power and fiscal policy in OECD countries

Afonso, António; Costa, Luís F. - 2010

productivity shocks and (ii) a mildly counter-cyclical behaviour with fiscal spending shocks. We also use a Panel Vector Auto …

Persistent link: https://www.econbiz.de/10011605219

Econometric analysis of high dimensional VARs featuring a dominant unit

Pesaran, Hashem; Chudik, Alexander - 2010

This paper extends the analysis of infinite dimensional vector autoregressive models (IVAR) proposed in Chudik and Pesaran (2010) to the case where one of the variables or the cross section units in the IVAR model is dominant or pervasive. This extension is not straightforward and involves...

Persistent link: https://www.econbiz.de/10011605240

Efficiency and risk in european banking

Fiordelisi, Franco; Marqués-Ibáñez, David; Molyneux, Phil - 2010

We analyze the impact of efficiency on bank risk. We also consider whether bank capital has an effect on this relationship. We model the inter-temporal relationships among efficiency, capital and risk for a large sample of commercial banks operating in the European Union. We find that reductions...

Persistent link: https://www.econbiz.de/10011605257