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  1. Price Level Changes and the Redistribution of Nominal Wealth Across the Euro Area
    Author: Adam, Klaus; Zhu, Junyi
    Published: 2014
    Publisher:  ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft, Kiel und Hamburg

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  2. Sacrifice ratios for euro area countries
    new evidence on the costs of price stability
    Author: Belke, Ansgar; Böing, Tobias
    Published: 2014
    Publisher:  ROME, Düsseldorf

    The purpose of this article is to deliver new estimates of the sacrifice ratio of Euro area countries. A high sacrifice ratio means a large loss of gross domestic product (GDP) or employment for a given reduction in inflation. In order to estimate... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 426 (2014,11)
    Inter-library loan:
    No inter-library loan

     

    The purpose of this article is to deliver new estimates of the sacrifice ratio of Euro area countries. A high sacrifice ratio means a large loss of gross domestic product (GDP) or employment for a given reduction in inflation. In order to estimate the cost of adjustments in inflation rates by the sacrifice ratio, we apply, firstly, a Structural Vector Autoregressive (SVAR) technique following Cecchetti and Rich and, secondly, an episode-based procedure proposed by Ball based on historical disinflationary episodes. The estimation results do generally not support empirical evidence of overly high sacrifice ratios and hence, on average, indicate relatively modest costs of structural adjustments in the Euro area.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/104791
    Series: ROME discussion paper series ; 14-11
    Subjects: Eurozone; Preisstabilität; Inflationsrate; Bruttoinlandsprodukt; VAR-Modell; EU-Staaten; Sacrifice ratio; structural adjustment; Euro Area; VAR; episode method; Phillips curve
    Scope: Online-Ressource (26 S.), graph. Darst.
  3. An outline of a progressive resolution to the euro-area sovereign debt overhang
    how a five-year suspension of the debt burden could overthrow austerity
    Author: Sōtēropulos, Dēmētrēs P.; Mēlios, Giannēs G.; Lapatsioras, Spyros
    Published: 2014
    Publisher:  Levy Economics Inst., Annandale-on-Hudson, NY

    The present study puts forward a plan for solving the sovereign debt crisis in the euro area (EA) in line with the interests of the working classes and the social majority. Our main strategy is for the European Central Bank (ECB) to acquire a... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 88 (819)
    Inter-library loan:
    No inter-library loan

     

    The present study puts forward a plan for solving the sovereign debt crisis in the euro area (EA) in line with the interests of the working classes and the social majority. Our main strategy is for the European Central Bank (ECB) to acquire a significant part of the outstanding sovereign debt (at market prices) of the countries in the EA and convert it to zero-coupon bonds. No transfers will take place between individual states; taxpayers in any EA country will not be involved in the debt restructuring of any foreign eurozone country. Debt will not be forgiven: individual states will agree to buy it back from the ECB in the future when the ratio of sovereign debt to GDP has fallen to 20 percent. The sterilization costs for the ECB are manageable. This model of an unconventional monetary intervention would give progressive governments in the EA the necessary basis for developing social and welfare policies to the benefit of the working classes. It would reverse present-day policy priorities and replace the neoliberal agenda with a program of social and economic reconstruction, with the elites paying for the crisis. The perspective taken here favors social justice and coherence, having as its priority the social needs and the interests of the working majority.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/110021
    Series: Working paper / Levy Economics Institute ; 819
    Subjects: Euro Area; Sovereign Debt; European Central Bank; Unconventional Monetary Policies
    Scope: Online-Ressource (32 S.), graph. Darst.
  4. Price level changes and the redistribution of nominal wealth across the Euro Area
    Author: Adam, Klaus; Zhu, Junyi
    Published: 2014
    Publisher:  ZBW, [Kiel

    We document the presence of sizable distributional effects from unexpected price level movements in the Euro Area (EA) using sectoral accounts and newly available data from the Household Finance and Consumption Survey. The EA\ as a whole is a net... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DSM
    Inter-library loan:
    No inter-library loan

     

    We document the presence of sizable distributional effects from unexpected price level movements in the Euro Area (EA) using sectoral accounts and newly available data from the Household Finance and Consumption Survey. The EA\ as a whole is a net winner of unexpected price level increases, with Italy, Greece, Portugal and Spain being the biggest beneficiaries, and Belgium and Malta being the largest losers. Governments are net winners of inflation, while the household (HH) sector is a net loser. HHs in Belgium, Ireland, Malta and Germany incur the biggest per capita losses, while HHs in Finland and Spain turn out to be net winners of inflation. Considerable heterogeneity exists also within the HH sector: relatively young middle class HHs are net winners of inflation, while older and richer HHs are losers. As a result, wealth inequality for the EA as a whole decreases with unexpected inflation, although in some countries (Austria, Germany and Malta) inequality increases due to presence of relatively few young borrowing HHs. We document that HHs inflation exposure varies systematically across countries, with HHs in high inflation EA countries holding systematically lower nominal exposures.

     
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    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/100005
    Edition: Preprint
    Subjects: Inflation; Inflationssteuer; Vermögensverteilung; Haushaltsstatistik; Eurozone; EU-Staaten; inflation; redistribution; Euro Area; household survey; Inflation (STW); income redistribution (STW); Euro area (STW); household account (STW)
    Scope: Online-Ressource (37 S.), graph. Darst.
  5. The role of bank lending tightening on corporate bond issuance in the eurozone
    Author: Kaya, Orcun; Wang, Lulu
    Published: 2014
    Publisher:  Center for Financial Studies, Frankfurt, Main

    This paper empirically tests the role of bank lending tightening on non-financial corporate (NFC) bond issuance in the eurozone. By utilizing a unique data set provided by the ECB Bank Lending Survey, we capture the "pure" credit supply effect on... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 108 (456)
    Inter-library loan:
    No inter-library loan

     

    This paper empirically tests the role of bank lending tightening on non-financial corporate (NFC) bond issuance in the eurozone. By utilizing a unique data set provided by the ECB Bank Lending Survey, we capture the "pure" credit supply effect on corporate external financing. We find that tightened credit standards positively affect the NFC bond issuance: A 1pp increase in banks reporting considerable tightening on loans leads to around a 7% increase in firms' bond issuance in the eurozone. Focusing on a spectrum of aspects contributing to bank credit tightening, we document that banks' balance sheet constraints, as well as the perception of risk lead to significantly higher NFC bond issuance. In addition, we show that stricter lending conditions, such as wider margins, higher collateral requirements and covenants significantly increase NFC bond issuance volumes too. Furthermore, the impact of bank credit tightening on firms' bond issuance is particularly observable in core eurozone countries and not in peripheral countries. This is partially due to the underdeveloped debt capital markets in the peripheral countries.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/97177
    Series: CFS working paper ; 456
    Subjects: Debt Securities; Corporate Financing; Euro Area; Structural Change
    Scope: Online-Ressource (52 S.)