Whither growth in central and eastern Europe? Policy lessons
... Torbjörn Becker has been Director of the Stockholm Institute of Transition Economics at the Stockholm School of Economics since August 2006. He is also a board member of the Swedish International Development Cooperation Agency, chairman of the board of the Kyiv Economics Institute (Ukraine) and CenE ...
... Torbjörn Becker has been Director of the Stockholm Institute of Transition Economics at the Stockholm School of Economics since August 2006. He is also a board member of the Swedish International Development Cooperation Agency, chairman of the board of the Kyiv Economics Institute (Ukraine) and CenE ...
failed austerity in europe the way out
... higher-than-normal multipliers were in place in the euro area. The recovery that had been observed from the end of 2009 was brought to a halt. The euro area entered a new recession in the third quarter of 2011 and the situation is not expected to improve: GDP is forecast to decrease by 0.4 % in 2012 ...
... higher-than-normal multipliers were in place in the euro area. The recovery that had been observed from the end of 2009 was brought to a halt. The euro area entered a new recession in the third quarter of 2011 and the situation is not expected to improve: GDP is forecast to decrease by 0.4 % in 2012 ...
capital structure in the airline industry
... dependent on consumer and business confidence. A family will go on vacation when they feel they have good enough economy to treat themselves with something extra. Hence flying, which is often included in a vacation, could be seen as luxury good for leisure travellers. When the consumer confidence dr ...
... dependent on consumer and business confidence. A family will go on vacation when they feel they have good enough economy to treat themselves with something extra. Hence flying, which is often included in a vacation, could be seen as luxury good for leisure travellers. When the consumer confidence dr ...
The Implications of the Global Financial Crisis for Low-Income
... The global financial crisis has spread rapidly since the fall of 2008, leading to a global downturn of uncertain severity and duration. The impact of financial sector turmoil on real activity has become increasingly evident, propagating beyond its initial epicenters to affect other advanced economie ...
... The global financial crisis has spread rapidly since the fall of 2008, leading to a global downturn of uncertain severity and duration. The impact of financial sector turmoil on real activity has become increasingly evident, propagating beyond its initial epicenters to affect other advanced economie ...
Financial Aspects of Recent Trends in the Global Economy
... Thus, the goal of this book - Financial Aspects of the Recent Trends in the Global Economy (FINART) - is to encourage the exchange of new ideas about challenges in global trends in finance in the view of wide aspects of current financial and (public, corporate, households) debt crisis. The book cons ...
... Thus, the goal of this book - Financial Aspects of the Recent Trends in the Global Economy (FINART) - is to encourage the exchange of new ideas about challenges in global trends in finance in the view of wide aspects of current financial and (public, corporate, households) debt crisis. The book cons ...
Lessons from Decades Lost: Economic Challenges and
... Japan’s persistent underperformance, the rise of the Chinese economy, and the preoccupation with the acute economic failures of the United States starting in 2008, the relationship lost salience on both sides of the Pacific. This was, however, a mistake of misplaced priorities in both Tokyo and Wash ...
... Japan’s persistent underperformance, the rise of the Chinese economy, and the preoccupation with the acute economic failures of the United States starting in 2008, the relationship lost salience on both sides of the Pacific. This was, however, a mistake of misplaced priorities in both Tokyo and Wash ...
Measuring Investment Distortions When Risk-Averse
... leverage (see, e.g., Myers, 1977). In our model, wealth transfers do increase with leverage. However, the values of tax shields and bankruptcy costs are also more sensitive to changes in risk when leverage is higher. The overall relation between leverage and risk-taking behavior appears to be nonlin ...
... leverage (see, e.g., Myers, 1977). In our model, wealth transfers do increase with leverage. However, the values of tax shields and bankruptcy costs are also more sensitive to changes in risk when leverage is higher. The overall relation between leverage and risk-taking behavior appears to be nonlin ...
Here - Personal.psu.edu
... economic expansion on record. At the time, neither Mr. Blinder nor Ms. Yellen disputed the economy's strength or the need to raise rates, but differed with Mr. Greenspan on how to proceed. "I learned that when it comes to tactics, you should just defer to Greenspan," Mr. Blinder says in an interview ...
... economic expansion on record. At the time, neither Mr. Blinder nor Ms. Yellen disputed the economy's strength or the need to raise rates, but differed with Mr. Greenspan on how to proceed. "I learned that when it comes to tactics, you should just defer to Greenspan," Mr. Blinder says in an interview ...
Group-Based Financial Institutions for the Rural
... t is not difficult to fathom why the simplest form of financial service can make a significant difference to a poor family. Many of the world’s poor are microentrepreneurs— farmers, shopkeepers, weavers, small commodity producers, traders, and the like. Like other businesspeople, they require access ...
... t is not difficult to fathom why the simplest form of financial service can make a significant difference to a poor family. Many of the world’s poor are microentrepreneurs— farmers, shopkeepers, weavers, small commodity producers, traders, and the like. Like other businesspeople, they require access ...
Fiscal sustainability of an independent Scotland
... borrowing and debt – over the next 50 years. The key drivers of changes in the fiscal balance in this model are changes in the demographic composition of the population, coupled with the underlying estimates of how the levels of certain types of spending and of certain taxes differ across different ...
... borrowing and debt – over the next 50 years. The key drivers of changes in the fiscal balance in this model are changes in the demographic composition of the population, coupled with the underlying estimates of how the levels of certain types of spending and of certain taxes differ across different ...
Institutional non-bank lending and the role of Debt Funds
... Also the BIS (2014) stated in its recent Annual Report (BIS, 2014) that “high private sector debt levels can undermine sustainable economic growth. In many economies currently experiencing financial booms, households and firms are in a vulnerable position, which poses the risk of serious financial d ...
... Also the BIS (2014) stated in its recent Annual Report (BIS, 2014) that “high private sector debt levels can undermine sustainable economic growth. In many economies currently experiencing financial booms, households and firms are in a vulnerable position, which poses the risk of serious financial d ...
How the Affluent Manage Home Equity to Safely and Conservatively
... a row, the bank still has no leniency. If suddenly they experience a financial setback, the bank will not care. They can go to the bank and plead, “I never thought in a million years this would happen to me, but it did. I’ve been paying my mortgage in advance for years, how about if I just coast on m ...
... a row, the bank still has no leniency. If suddenly they experience a financial setback, the bank will not care. They can go to the bank and plead, “I never thought in a million years this would happen to me, but it did. I’ve been paying my mortgage in advance for years, how about if I just coast on m ...
2006-IV
... ECB, at his speech before the European Parliament on October 10, 2006, signaled further monetary tightening by ECB with the objective of maintaining price stability and sustainable growth compatible with job creation. The Japanese economy grew by 2.7 percent in 2005 due to strong domestic demand and ...
... ECB, at his speech before the European Parliament on October 10, 2006, signaled further monetary tightening by ECB with the objective of maintaining price stability and sustainable growth compatible with job creation. The Japanese economy grew by 2.7 percent in 2005 due to strong domestic demand and ...
Capital Structure of SMEs: Does Firm Size Matter?
... decisions of SMEs. Since a leverage ratio is observed only in a closed interval [0;1] and substantial proportions of SMEs follow a zero-debt policy, linear models lead to biased results. However, the specific nature of the leverage ratio so far has received little attention in the empirical literat ...
... decisions of SMEs. Since a leverage ratio is observed only in a closed interval [0;1] and substantial proportions of SMEs follow a zero-debt policy, linear models lead to biased results. However, the specific nature of the leverage ratio so far has received little attention in the empirical literat ...
ABSTRACT ESSAYS IN INTERNATIONAL FINANCE Christian Daude, Doctor of Philosophy, 2008
... Annual Real Revenue Growth Venezuela and Norway . . . . . . . . . ...
... Annual Real Revenue Growth Venezuela and Norway . . . . . . . . . ...
1 - Hans-Böckler
... As argued in the previous section, asset and credit market developments can significantly influence fiscal variables. Thus, changes in these fiscal variables due to movements in asset markets can be misinterpreted as changes in the fiscal stance if the time series that should represent the fiscal st ...
... As argued in the previous section, asset and credit market developments can significantly influence fiscal variables. Thus, changes in these fiscal variables due to movements in asset markets can be misinterpreted as changes in the fiscal stance if the time series that should represent the fiscal st ...
historical evidence for Italy 1861-2013
... business and financial cycle and its interplay with credit aggregates. Along with this aggregate on its own, we built the aggregate sum of loans and public bonds held by banks, which for convenience of exposition, we will call “bank claims on the economy”. 6 The cycle of financial variables is a les ...
... business and financial cycle and its interplay with credit aggregates. Along with this aggregate on its own, we built the aggregate sum of loans and public bonds held by banks, which for convenience of exposition, we will call “bank claims on the economy”. 6 The cycle of financial variables is a les ...
OPTIMUM LEVEL OF INTERNATIONAL RESERVES FOR
... extensive trade and financial integration of developing countries and associated risks. Therefore, the share of developing countries in the global reserves has risen from 45 percent in 1997-98 to 72 percent in 2007-08 and Asian economies account for most of this increase. High reserve holdings with ...
... extensive trade and financial integration of developing countries and associated risks. Therefore, the share of developing countries in the global reserves has risen from 45 percent in 1997-98 to 72 percent in 2007-08 and Asian economies account for most of this increase. High reserve holdings with ...
Housing and Portfolio Choice: A Life Cycle Simulation Model
... that households can acquire either by renting from the owner or by buying their own housing stock from which housing services can then be derived. At the same time, households may follow an investment incentive in that they consider real estate as an attractive long-term investment that is not subje ...
... that households can acquire either by renting from the owner or by buying their own housing stock from which housing services can then be derived. At the same time, households may follow an investment incentive in that they consider real estate as an attractive long-term investment that is not subje ...
Firm Dynamics and Financial Development
... growth rate and debt financing, after controlling for a large set of fixed effects. For additional robustness of the results, we also include in the investigation measures that control for the two other leading theories for firm dynamics, which are based on selection mechanisms and mean reversion in ...
... growth rate and debt financing, after controlling for a large set of fixed effects. For additional robustness of the results, we also include in the investigation measures that control for the two other leading theories for firm dynamics, which are based on selection mechanisms and mean reversion in ...
An Analysis of the Uniform Consumer Credit Code
... the terms of the arrangements but also creditor practices in the offering, extension, and collection of credit. In effect, the Code integrates into one document virtually all consumer credit regulation and, most importantly, reduces legal impediments restricting competition by applying substantially ...
... the terms of the arrangements but also creditor practices in the offering, extension, and collection of credit. In effect, the Code integrates into one document virtually all consumer credit regulation and, most importantly, reduces legal impediments restricting competition by applying substantially ...
PDP-Working Paper
... banks—about 30 percent of banking system assets, somewhat above the median for advanced economies. Including consumer loans secured by real estate (mostly home equity lines of credit), housing-related credit is estimated to account for about 35 percent of assets. Residential mortgage credit as a sha ...
... banks—about 30 percent of banking system assets, somewhat above the median for advanced economies. Including consumer loans secured by real estate (mostly home equity lines of credit), housing-related credit is estimated to account for about 35 percent of assets. Residential mortgage credit as a sha ...
Household debt
Household debt is defined as the amount of money that all adults in the household owe financial institutions. It includes consumer debt and mortgage loans. A significant rise in the level of this debt coincides historically with many severe economic crises and was a cause of the U.S. and subsequent European economic crises of 2007–2012. Several economists have argued that lowering this debt is essential to economic recovery in the U.S. and selected Eurozone countries.