It Is Only Natural Europe S Low Interest Rates
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It Is Only Natural Europe S Low Interest Rates
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Author : Mr.Marco Arena
language : en
Publisher: International Monetary Fund
Release Date : 2020-07-03
It Is Only Natural Europe S Low Interest Rates written by Mr.Marco Arena and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-03 with Business & Economics categories.
Estimates of the natural interest rate are often useful in the analysis of monetary and other macroeconomic policies. The topic gathered much attention following the great financial crisis and the Euro Area debt crisis due to the uncertainty regarding the timing of monetary policy normalization and the future path of interest rates. Using a sample of European countries (including several members of the Euro Area), this paper provides estimates of country-specific natural interest rates and some of their drivers between 2000 and 2019. In line with the literature, our findings suggest that natural interest rates declined during this period, and despite a rebound in the last few years of it, they have not recovered to their pre-crisis levels. The paper also discusses the implications of the decline in natural interest rates for monetary conditions and debt sustainability.
Italy
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Author : International Monetary Fund. European Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2023-07-26
Italy written by International Monetary Fund. European Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-26 with Business & Economics categories.
Italy: Selected Issues
Shared Problem Shared Solution Benefits From Fiscal Monetary Interactions In The Euro Area
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Author : Robert C. M. Beyer
language : en
Publisher: International Monetary Fund
Release Date : 2023-07-21
Shared Problem Shared Solution Benefits From Fiscal Monetary Interactions In The Euro Area written by Robert C. M. Beyer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-21 with Business & Economics categories.
This paper employs two established macroeconomic models to show that fiscal policy in the euro area can help monetary policy in reducing inflation. Specifically, a fiscal consolidation of 1 percent of GDP for two years and 0.5 percent in the third year across the euro area would ease the policy interest rate by 30-50 basis points relative to the baseline scenario, while lowering inflation. It would also put the public debt-to-GDP ratio on a downward path, with the output costs reversing after the second year. Additionally, a stronger fiscal contribution to the policy mix could mitigate financial fragmentation risks. In the current context of elevated inflation in all euro area economies, the findings suggest two key takeaways: first, synchronized fiscal and monetary policies offer gains even when monetary policy is unconstrained and, second, sharing the burden of lowering inflation through fiscal consolidation among euro area members is beneficial for union-wide inflation reduction, improving debt sustainability and inducing a lower policy rate path.
Financial Conditions In Europe Dynamics Drivers And Macroeconomic Implications
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Author : Giovanni Borraccia
language : en
Publisher: International Monetary Fund
Release Date : 2023-09-29
Financial Conditions In Europe Dynamics Drivers And Macroeconomic Implications written by Giovanni Borraccia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-29 with Business & Economics categories.
We develop a new measure of financial conditions (FCs) that targets the growth of financial liabilities using the partial least square methodology. We then estimate financial condition indexes (FCIs) across European economies, both at the aggregate and sectoral levels. We decompose the changes in FCs into several factors including credit availability and costs, price of risk, policy stance, and funding constraints. Our results show that FCs loosened during the pandemic thanks to policy support but started to tighten significantly since mid-2021. Using the inverse probability weighting method over the sample period from 2000 to 2023, we find that a shift from a neutral to a tight FCI regime such as the ongoing episode for most European countries will on average lower output and inflation by 2.2 percent and 0.7 percentage points respectively and increase unemployment by 0.3 percentage points over a three-year horizon.
Emerging European Economies After The Pandemic
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Author : László Mátyás
language : en
Publisher: Springer Nature
Release Date : 2022-03-11
Emerging European Economies After The Pandemic written by László Mátyás and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-11 with Business & Economics categories.
This edited volume examines the development path of eight Central and Eastern European countries with an overlapping historical background that joined the European Union between 2004 and 2013, and identifies the main similarities and differences between the countries concerned. Based on wide comparative data analysis of Bulgaria, Croatia, The Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia, each chapter in the volume provides detailed information about the state of the economy in a specific area preceding the pandemic shock. The book offers a detailed snapshot of the state of the different areas of the economy, starting from the time when the countries concerned came out of the 2008 financial crisis, up to the date when COVID-19 hit. Further, each chapter analyzes the effects of this unprecedented shock on a particular field, which is followed by highlighting the main problems the countries are facing at present and in the near future, together with identifying the available policy options. Finally, before concluding and making general and country-specific policy recommendations, some thoughts will be given to longer-term prospects. More specifically, the question of how the subject area could contribute to avoiding the "middle-income-trap" that this region may be facing will be addressed. The comprehensive approach makes this volume a must-read for scholars and students of economics, as well as policy decision-makers in Europe, interested in a better understanding of the region's economic development.
Bank Profitability And Risk Taking
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Author : Natalya Martynova
language : en
Publisher: International Monetary Fund
Release Date : 2015-11-25
Bank Profitability And Risk Taking written by Natalya Martynova and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-25 with Business & Economics categories.
Traditional theory suggests that more profitable banks should have lower risk-taking incentives. Then why did many profitable banks choose to invest in untested financial instruments before the crisis, realizing significant losses? We attempt to reconcile theory and evidence. In our setup, banks are endowed with a fixed core business. They take risk by levering up to engage in risky ‘side activities’(such as market-based investments) alongside the core business. A more profitable core business allows a bank to borrow more and take side risks on a larger scale, offsetting lower incentives to take risk of given size. Consequently, more profitable banks may have higher risk-taking incentives. The framework is consistent with cross-sectional patterns of bank risk-taking in the run up to the recent financial crisis.
The Great Demographic Reversal
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Author : Charles Goodhart
language : en
Publisher: Springer Nature
Release Date : 2020-08-08
The Great Demographic Reversal written by Charles Goodhart and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-08 with Business & Economics categories.
This original and panoramic book proposes that the underlying forces of demography and globalisation will shortly reverse three multi-decade global trends – it will raise inflation and interest rates, but lead to a pullback in inequality. “Whatever the future holds”, the authors argue, “it will be nothing like the past”. Deflationary headwinds over the last three decades have been primarily due to an enormous surge in the world’s available labour supply, owing to very favourable demographic trends and the entry of China and Eastern Europe into the world’s trading system. This book demonstrates how these demographic trends are on the point of reversing sharply, coinciding with a retreat from globalisation. The result? Ageing can be expected to raise inflation and interest rates, bringing a slew of problems for an over-indebted world economy, but is also anticipated to increase the share of labour, so that inequality falls. Covering many social and political factors, as well as those that are more purely macroeconomic, the authors address topics including ageing, dementia, inequality, populism, retirement and debt finance, among others. This book will be of interest and understandable to anyone with an interest on where the world’s economy may be going.
International Convergence Of Capital Measurement And Capital Standards
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Author :
language : en
Publisher: Lulu.com
Release Date : 2004
International Convergence Of Capital Measurement And Capital Standards written by and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Bank capital categories.
The European Population 1850 1945
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Author : F. Rothenbacher
language : en
Publisher: Springer
Release Date : 2017-02-10
The European Population 1850 1945 written by F. Rothenbacher and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-02-10 with Social Science categories.
The European Population, 1850-1945 is the first volume of two on demographics. The second volume will appear as part of the Societies of Europe series in 2003 and will cover changes until the year 2000. The European Population, 1850-1945 is a comparative and historical data handbook and accompanying CD-ROM presenting series data on demographic developments, population and household structures for the countries of Western and Central Europe. All major fields of demographic change are covered: fertility, mortality, marriage, and divorce. Population figures are given for each population census by sex, civil status and age. Major demographic developments within the family are described providing a commentary on the main population structures and trends in Europe since the 19th century.
Increased Flexibility For Financial Institutions
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Author : United States. Congress. House. Committee on Banking and Currency
language : en
Publisher:
Release Date : 1963
Increased Flexibility For Financial Institutions written by United States. Congress. House. Committee on Banking and Currency and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1963 with Banks and banking, Cooperative categories.