PDF
... In both years the economic performance of the other regions is significantly better than that of the Eurozone. In fact, three of the countries in CEB are actually in the euro area, but two of them—Estonia and Slovakia—are growing well above the regional average and one—Slovenia— has even been below ...
... In both years the economic performance of the other regions is significantly better than that of the Eurozone. In fact, three of the countries in CEB are actually in the euro area, but two of them—Estonia and Slovakia—are growing well above the regional average and one—Slovenia— has even been below ...
The European Central Bank as a lender of last resort
... loss of confidence increases the interest rates governments must pay to rollover bonds. But the higher interest harms governments’ solvency. Since there is always an interest rate high enough to make any country insolvent, the cycle of fear and rising interest rates may lead to a self-fulfilling de ...
... loss of confidence increases the interest rates governments must pay to rollover bonds. But the higher interest harms governments’ solvency. Since there is always an interest rate high enough to make any country insolvent, the cycle of fear and rising interest rates may lead to a self-fulfilling de ...
Debt Management Policy - Massachusetts Municipal Association
... The Town will establish and maintain a five (5) year Capital Improvement Plan (CIP), including all proposed projects and major pieces of equipment that may require debt financing. The town’s longterm debt strategies will be structured to reflect its capital needs and ability to pay. ...
... The Town will establish and maintain a five (5) year Capital Improvement Plan (CIP), including all proposed projects and major pieces of equipment that may require debt financing. The town’s longterm debt strategies will be structured to reflect its capital needs and ability to pay. ...
European Central Bank
... • November and December - preparations for the European Semester should start when the Commission publishes its Annual Growth Survey and Alert Mechanism Report (reviews macroeconomic developments in each EU state) already in November of the preceding year. After the Commissions review, it can decide ...
... • November and December - preparations for the European Semester should start when the Commission publishes its Annual Growth Survey and Alert Mechanism Report (reviews macroeconomic developments in each EU state) already in November of the preceding year. After the Commissions review, it can decide ...
GDP
... If so, does this mean that Argentina never thought about the logic behind the probabilistic model? ...
... If so, does this mean that Argentina never thought about the logic behind the probabilistic model? ...
America Is The Next Greece! Maybe…Maybe Not!
... issues, therefore it again turns to the EU and the IMF for assistance (Cadman & Minto, 2011). In July 2011, barely a year later, Greece was granted access to €109bn rescue package from the Eurozone leaders and the IMF. Hopes are to calm financial markets and to stop the spread of defaults spreading ...
... issues, therefore it again turns to the EU and the IMF for assistance (Cadman & Minto, 2011). In July 2011, barely a year later, Greece was granted access to €109bn rescue package from the Eurozone leaders and the IMF. Hopes are to calm financial markets and to stop the spread of defaults spreading ...
The Eurozone: History, crisis and future Tano Santos Columbia University
... • The German welfare state as the sole mechanism of adjustment: – Shortfalls in social programs were met: ∗ By increasing social insurance contributions, which given nominal rigidities led to unemployment and ∗ by increasing contributions from the federal budget. – Germany delayed reforms until the ...
... • The German welfare state as the sole mechanism of adjustment: – Shortfalls in social programs were met: ∗ By increasing social insurance contributions, which given nominal rigidities led to unemployment and ∗ by increasing contributions from the federal budget. – Germany delayed reforms until the ...
PPB 106:Layout 1 - Levy Economics Institute of Bard College
... system—bank reserves have risen from about $20 billion in September 2008 to around $800 billion today—and also eased global liquidity conditions by adding hundreds of billions of dollars to overseas markets through dollar swap-line arrangements. In addition to central bank lending, treasuries around ...
... system—bank reserves have risen from about $20 billion in September 2008 to around $800 billion today—and also eased global liquidity conditions by adding hundreds of billions of dollars to overseas markets through dollar swap-line arrangements. In addition to central bank lending, treasuries around ...
Potentials and limits of monetary policy to boost growth and
... levels of private households and firms. Fiscal consolidation only started after the deleveraging process of the private sector was almost completed. In the euro area, however, the adjustment process of banks’ balance sheets in most of the countries has been delayed. Rising shares of non-performing l ...
... levels of private households and firms. Fiscal consolidation only started after the deleveraging process of the private sector was almost completed. In the euro area, however, the adjustment process of banks’ balance sheets in most of the countries has been delayed. Rising shares of non-performing l ...
Trends in Spanish corporate bond issuance
... European corporate bond issuance. The result has been a deepening of debt capital markets and a reduction in reliance on traditional bank credit. Increased European debt issuance has largely been underpinned by the emergence of two major trends: i) the surge in euro medium term notes; and ii) the in ...
... European corporate bond issuance. The result has been a deepening of debt capital markets and a reduction in reliance on traditional bank credit. Increased European debt issuance has largely been underpinned by the emergence of two major trends: i) the surge in euro medium term notes; and ii) the in ...
UNIVERSITÀ DEGLI STUDI DI SIENA QUADERNI DEL DIPARTIMENTO
... In this paper I examine some explanations that have been given for the nature of the balance of payments (BoP) disequilibrium of the Eurozone (EZ) members in relation also to the presumed German mercantilism (sections 2, 3, 4).1 I then discuss two interpretations of the causes of the rise in the sov ...
... In this paper I examine some explanations that have been given for the nature of the balance of payments (BoP) disequilibrium of the Eurozone (EZ) members in relation also to the presumed German mercantilism (sections 2, 3, 4).1 I then discuss two interpretations of the causes of the rise in the sov ...
Macro-economic environment - February 2015
... linked to the inclusion of specific recommendations or opinions in this report. This publication was prepared on behalf of ING Luxembourg SA, which has its registered office at 52, route d’Esch, L-2965 Luxembourg (hereinafter «ING») for its clients, for information purposes only. ING is part of the ...
... linked to the inclusion of specific recommendations or opinions in this report. This publication was prepared on behalf of ING Luxembourg SA, which has its registered office at 52, route d’Esch, L-2965 Luxembourg (hereinafter «ING») for its clients, for information purposes only. ING is part of the ...
Current Developments in the Euro Area
... prices, however, is attributable mainly to base effects and the higher oil prices of late – since the end of November, oil has become significantly more expensive. Assuming that oil prices do not rise any further, I see two notable developments. First, inflation this year is likely to be well in exc ...
... prices, however, is attributable mainly to base effects and the higher oil prices of late – since the end of November, oil has become significantly more expensive. Assuming that oil prices do not rise any further, I see two notable developments. First, inflation this year is likely to be well in exc ...
Adopting the euro
... Monetary policy of the zone is the responsibility of the European Central Bank (ECB) which is governed by a president and a board of the heads of national central banks. The principal task of the ECB is to keep inflation under control. Though there is no common representation, governance or fiscal p ...
... Monetary policy of the zone is the responsibility of the European Central Bank (ECB) which is governed by a president and a board of the heads of national central banks. The principal task of the ECB is to keep inflation under control. Though there is no common representation, governance or fiscal p ...
The Business Impact of a Greek Euro-Zone Exit Risk Insights
... The euro-zone debt crisis continues, more than two years after the initial turmoil in European markets on the back of financial investors’ fears that several euro-zone countries faced severe difficulties in financing their large budget deficits, and growing public debt burdens. The crisis originated ...
... The euro-zone debt crisis continues, more than two years after the initial turmoil in European markets on the back of financial investors’ fears that several euro-zone countries faced severe difficulties in financing their large budget deficits, and growing public debt burdens. The crisis originated ...
Japan`s Internal Debt - Columbia Business School
... spends this money on its deficits, the currency and deposit claims on the central bank are diffused through the private banks, where they count as reserves (high-powered money). Holding additional reserves enables the banks to expand their own balance sheets, so that the money supply usually increas ...
... spends this money on its deficits, the currency and deposit claims on the central bank are diffused through the private banks, where they count as reserves (high-powered money). Holding additional reserves enables the banks to expand their own balance sheets, so that the money supply usually increas ...
Is Europe`s economic stagnation inevitable or policy driven?
... in the monetary union than ever before, with little capacity to cushion future shocks. Since there was little reform of that architecture on the cards, the most we could hope for was reform within it: rising wages in core countries and some structural reforms in areas other than labour markets. Whet ...
... in the monetary union than ever before, with little capacity to cushion future shocks. Since there was little reform of that architecture on the cards, the most we could hope for was reform within it: rising wages in core countries and some structural reforms in areas other than labour markets. Whet ...
Folie 1
... - How are polities going to react? espec. in high austerity countries - Technocratic handling of the crisis; reaction against MerkMontozy; tensions in and towards inter-governmental processes; reactions in national parliaments/polities; field for populist/nationalist parties; little debate on altern ...
... - How are polities going to react? espec. in high austerity countries - Technocratic handling of the crisis; reaction against MerkMontozy; tensions in and towards inter-governmental processes; reactions in national parliaments/polities; field for populist/nationalist parties; little debate on altern ...
Fiscal and monetary policy determinants of the
... result of bursting bubbles in 2007-2008) and from the regulatory reform in the banking sector (especially increasing capital adequacy ratios and liquidity requirements) which make lending more scarce and expensive, other things being equal. If the idea of new banking or financial transactions tax ma ...
... result of bursting bubbles in 2007-2008) and from the regulatory reform in the banking sector (especially increasing capital adequacy ratios and liquidity requirements) which make lending more scarce and expensive, other things being equal. If the idea of new banking or financial transactions tax ma ...
Citizens` initiative for the audit of public debt
... and to impose the cost of the banks’ risky speculation on citizens. By the year 2008 public debt in Portugal represented 68% of GDP (quite similar to that of France, Germany, Austria and the Netherlands but much lower than Greece, Italy or Belgium). However external debt was a problem, being above t ...
... and to impose the cost of the banks’ risky speculation on citizens. By the year 2008 public debt in Portugal represented 68% of GDP (quite similar to that of France, Germany, Austria and the Netherlands but much lower than Greece, Italy or Belgium). However external debt was a problem, being above t ...
Preview - American Economic Association
... numbers -- the European leaders should have seized on it as a golden opportunity, rather than wringing their hands. Why “golden opportunity”? They already knew that their attempts to deal with fiscal moral hazard had fallen short. So even the most optimistic among the leaders must have known that so ...
... numbers -- the European leaders should have seized on it as a golden opportunity, rather than wringing their hands. Why “golden opportunity”? They already knew that their attempts to deal with fiscal moral hazard had fallen short. So even the most optimistic among the leaders must have known that so ...
Working Paper No. 693
... identity that shows the ex post relations (without necessarily saying anything about the complex endogenous dynamics): the domestic private balance equals the sum of the domestic government balance less the external balance. To put it succinctly, if a nation runs a current account deficit, then its ...
... identity that shows the ex post relations (without necessarily saying anything about the complex endogenous dynamics): the domestic private balance equals the sum of the domestic government balance less the external balance. To put it succinctly, if a nation runs a current account deficit, then its ...
http://www.eief.it/files/2012/03/garicano-luis.pdf
... between banks and own government debt. – do not solve the multiple equilibrium problem whereby sovereigns that lack market trust may be forced to default; just postpones it. – suffer from the same issues with JSL as eurobonds, especially as mission creep inevitably increases size of ...
... between banks and own government debt. – do not solve the multiple equilibrium problem whereby sovereigns that lack market trust may be forced to default; just postpones it. – suffer from the same issues with JSL as eurobonds, especially as mission creep inevitably increases size of ...
The Greek Economy and its Real Estate Market as the Crisis Unfolds
... Sep-99 Jan-00 May-00 Sep-00 Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 ...
... Sep-99 Jan-00 May-00 Sep-00 Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 ...
European debt crisis
.png?width=300)
The European debt crisis (often also referred to as the Eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has been taking place in the European Union since the end of 2009. Several eurozone member states (Greece, Portugal, Ireland, Spain and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other Eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).The detailed causes of the debt crises varied. In several countries, private debts arising from a property bubble were transferred to sovereign debt as a result of banking system bailouts and government responses to slowing economies post-bubble. The structure of the eurozone as a currency union (i.e., one currency) without fiscal union (e.g., different tax and public pension rules) contributed to the crisis and limited the ability of European leaders to respond. European banks own a significant amount of sovereign debt, such that concerns regarding the solvency of banking systems or sovereigns are negatively reinforcing.As concerns intensified in early 2010 and thereafter, leading European nations implemented a series of financial support measures such as the European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM). The ECB also contributed to solve the crisis by lowering interest rates and providing cheap loans of more than one trillion euro in order to maintain money flows between European banks. On 6 September 2012, the ECB calmed financial markets by announcing free unlimited support for all eurozone countries involved in a sovereign state bailout/precautionary programme from EFSF/ESM, through some yield lowering Outright Monetary Transactions (OMT).Return to economic growth and improved structural deficits enabled Ireland and Portugal to exit their bailout programmes in July 2014. Greece and Cyprus both managed to partly regain market access in 2014. Their bailout programme is scheduled to end in March 2016. Spain never officially received a bailout programme. It's rescue package from the ESM was earmarked for a bank recapitalization fund and did not include financial support for the government itself.The crisis had significant adverse economic effects and labour market effects, with unemployment rates in Greece and Spain reaching 27%, and was blamed for subdued economic growth, not only for the entire eurozone, but for the entire European Union. As such, it can be argued to have had a major political impact on the ruling governments in 9 out of 19 eurozone countries, contributing to power shifts in Greece, Ireland, France, Italy, Portugal, Spain, Slovenia, Slovakia, and the Netherlands.