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  1. Are the current account imbalances between EMU countries sustainable?
    Author: Schoder, Christian; Proano, Christian; Semmler, Willi
    Published: 2012
    Publisher:  Hans-Böckler-Stiftung, Düsseldorf

    Using parametric and non-parametric estimation techniques, we analyze the sustainability of the recently growing current account imbalances in the euro area and test whether the European Monetary Union has aggravated these imbalances. Two alternative... more

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    Staats- und Universitätsbibliothek Bremen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 488 (90)
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    Using parametric and non-parametric estimation techniques, we analyze the sustainability of the recently growing current account imbalances in the euro area and test whether the European Monetary Union has aggravated these imbalances. Two alternative criteria for the as-sessment of external debt sustainability are considered: One based on the Transversality Condition of intertemporal optimization, and the other based on the stationarity properties of the stochastic process of the debt-GDP ratio. Econometric sustainability tests are performed using the pooled mean-group estimator and panel unit root tests, respectively. Variants of both test procedures with varying coefficients using penalized splines estimation are applied. We find empirical evidence suggesting that the introduction of the euro is associated with a regime shift from sustainability to unsustainability of external debt accumulation for the euro area. Mittels parametrischen und nicht-parametrischen Schätzverfahren analysieren wir die Nachhaltigkeit der rasant wachsenden Ungleichgewichte der Leistungsbilanzen in der Eurozone. Wir testen ob die Europäische Währungsunion diese Ungleichgewichte verschärft hat. Zwei alternative Kriterien für die Beurteilung der Nachhaltigkeit der Auslandsverschuldung werden betrachtet: das eine basierend auf der Transversalitätsbedingung der intertemporalen Optimierung, und das andere auf den stochastischen Eigenschaften der Auslandsschulden-BIP Quote. Ökonometrische Nachhaltigkeittests werden unter Verwendung des Pooled-Mean-Group Schätzers bzw. Panel-Unit-Root-Tests durchgeführt. Varianten der beiden Testverfahren mit variierenden Koeffizienten unter Verwendung des Penalized-Splines Schätzers werden ebenfalls angewandt. Unsere Resultate suggerieren, dass die Einführung des Euro mit einer Regimeverschiebung von Nachhaltigkeit zu Unnachhaltigkeit der Außenverschuldung in der Eurozone verbunden ist.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/105956
    Series: Working paper / IMK, Institut für Makroökonomie ; 90
    Subjects: Leistungsbilanz; Außenwirtschaftliches Gleichgewicht; Eurozone; Internationale Staatsschulden; Nachhaltigkeit; Schätzung; Eurozone; Debt sustainability; external debt; current account imbalances; EMU; penalized splines
    Scope: Online-Ressource (29 S.), graph. Darst.
    Notes:

    Zsfassung in dt. Sprache
  2. Drivers of systemic banking crises
    the role of bank-balance-sheet contagion and financial account structure
    Author: Ahrend, Rudiger; Goujard, Antoine
    Published: 2012
    Publisher:  OECD, Paris

    Location:
    Orient-Institut Beirut
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    Online
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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Hochschule Emden/Leer, Hochschulbibliothek
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    Zentrale Hochschulbibliothek Flensburg
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Max-Planck-Institut für ethnologische Forschung, Bibliothek
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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    ebook
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Hochschule für Angewandte Wissenschaften Hamburg, Hochschulinformations- und Bibliotheksservice (HIBS), Fachbibliothek Technik, Wirtschaft, Informatik
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    Bibliothek der Hochschule Hannover
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    Bibliothek im Kurt-Schwitters-Forum
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    Universitätsbibliothek Hildesheim
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    Thüringer Universitäts- und Landesbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 271 (902)
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Hochschule Magdeburg-Stendal, Hochschulbibliothek
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    Otto-von-Guericke-Universität, Universitätsbibliothek
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    ebook OECD
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    Otto-von-Guericke-Universität, Universitätsbibliothek, Medizinische Zentralbibliothek
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    ebook OECD
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    Hochschulbibliothek Friedensau
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    Online-Ressource
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    Bibliotheks-und Informationssystem der Carl von Ossietzky Universität Oldenburg (BIS)
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    Bibliotheks-und Informationssystem der Carl von Ossietzky Universität Oldenburg (BIS)
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    Jade Hochschule Wilhelmshaven/Oldenburg/Elsfleth, Campus Oldenburg, Bibliothek
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    Jade Hochschule Wilhelmshaven/Oldenburg/Elsfleth, Campus Elsfleth, Bibliothek
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    Content information
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    ECO/WKP(2011)71
    Series: International capital mobility and financial fragility ; 1
    OECD Economics Department working papers ; 902
    Subjects: financial account; balance sheet; financial spillovers; banking system; external debt; financial stability; banking crisis; contagion
    Scope: Online-Ressource, graph. Darst.
    Notes:

    Zsfassung in franz. Sprache
  3. Drivers of systemic banking crises
    the role of bank-balance-sheet contagion and financial account structure
    Author: Ahrend, Rudiger; Goujard, Antoine
    Published: 2012
    Publisher:  OECD, Paris

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Universität Potsdam, Universitätsbibliothek
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    Content information
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    ECO/WKP(2011)71
    Series: International capital mobility and financial fragility ; 1
    OECD Economics Department working papers ; 902
    Subjects: financial account; balance sheet; financial spillovers; banking system; external debt; financial stability; banking crisis; contagion
    Scope: Online-Ressource, graph. Darst.
    Notes:

    Zsfassung in franz. Sprache
  4. Uncertainties and vulnerabilities
    Published: January 2012
    Publisher:  Washington, DC, DC

    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of... more

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of the world, and pushed down stock markets, while capital flows to developing countries have fallen sharply. Europe appears to have entered recession. At the same time, growth in several major developing countries (Brazil, India and, to a lesser extent, Russia, South Africa and Turkey) is significantly slower than it was earlier in the recovery, mainly reflecting policy tightening initiated in late 2010 and early 2011 in order to combat rising inflationary pressures. As a result, and despite a strengthening of activity in the United States and Japan, global growth and world trade have slowed sharply.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10986/12105
    Series: Global economic prospects ; volume 4 (January 2012)
    Subjects: Wirtschaftslage; Welt; access to bond markets; accounting; asset base; asset prices; bailout; balance of payments; bank activity; bank assets; bank balance sheets; Bank Debt; bank lending; bank loans; Banking Assets; banking crises; banking sector; banking sectors; banking system; banking systems; basis point; basis points; binding constraint; bond auctions; Bond Bank; bond funds; bond indexes; bond issuances; bond issuer; bond sales; bond spreads; Bond yields; bonds; borrowing costs; business cycle; capital adequacy; capital flow; Capital flows; capital markets; capital outflows; capital requirements; capital stock; CDS; Central Bank; central banks; collateral; commercial banks; Commodities; commodity; commodity exports; commodity price; Commodity Prices; consumer durables; contingency planning; Copyright Clearance; Copyright Clearance Center; corporate bond; corporate bond issuance; country debt; credit default; credit default swap; credit default swaps; credit histories; credit squeeze; credit squeezes; creditors; cross-border flows; currency depreciations; currency risk; Current Account Deficit; current account deficits; debt crisis; debt flows; debt holdings; debt issues; debt levels; debt ratios; Debt Repayment; debts; defaults; deficits; deposit; depositors; deposits; developing countries; Developing country; developing??country; domestic bank; domestic banking; domestic banks; domestic bond; domestic bond markets; Domestic bonds; downside scenario; downside scenarios; economic developments; emerging market; emerging market equities; Emerging Markets; emerging-market; enforcement mechanisms; equity flows; equity funds; equity issuance; equity markets; equity values; exchange rate; Exchange Rates; expenditure; expenditures; export growth; exporters; exposure; external debt; finances; financial crises; financial crisis; Financial flows; financial institutions; financial markets; Financial Stability; financial stress; financial support; financial systems; financing requirements; fiscal deficits; fixed investment; food prices; foreign banks; foreign capital; foreign currency; foreign holdings; foreign investment; foreign investor; Global Economic Prospects; Global Economy; global financial markets; global markets; global trade; government bonds; government deficit; government deficits; government financing; government revenues; growth rates; holding; holdings; host countries; Income; incomes; Inflation; inflation rate; inflationary pressures; insurance; interest rate; interest rates; International Bank; international bond; International capital; International capital flows; international financial market; International Trade; investment vehicles; liquidity; loan; loan exposures; loan portfolios; local currency; local government; local markets; local stock markets; long term debt; long-term debt; long-term yields; loss of confidence; mark-to-market; market competition; market conditions; market confidence; market equity; market participants; market price; market prices; market value; middle-income countries; monetary policy; Net debt; non-performing loan; nonperforming loans; oil price; oil prices; output; pension; pension system; policy response; political uncertainty; portfolio; power parity; private banks; private capital; private capital inflows; Private creditors; private debt; prudential regulation; purchasing power; remittance; remittances; reserves; return; risk aversion; safety net; secondary bond markets; short-term bonds; short-term debt; short-term finance; Short-term yields; social safety net; solvency; sovereign bond; sovereign debt; sovereign yields; stock markets; sustainable growth; swap; tax; trade finance; trade sectors; trading; tranche; transition countries; valuations; wholesale funding; world economy; world trade
    Scope: 1 Online-Ressource (circa 165 Seiten), Illustrationen
  5. Uncertainties and vulnerabilities
    Published: January 2012
    Publisher:  Washington, DC, DC

    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of... more

    Location:
    Orient-Institut Beirut
    Signature:
    Online
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    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Universitätsbibliothek Clausthal
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Fachhochschule Kiel, Zentralbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VSP 732
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    Location:
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of the world, and pushed down stock markets, while capital flows to developing countries have fallen sharply. Europe appears to have entered recession. At the same time, growth in several major developing countries (Brazil, India and, to a lesser extent, Russia, South Africa and Turkey) is significantly slower than it was earlier in the recovery, mainly reflecting policy tightening initiated in late 2010 and early 2011 in order to combat rising inflationary pressures. As a result, and despite a strengthening of activity in the United States and Japan, global growth and world trade have slowed sharply.

     
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    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10986/12105
    Series: Global economic prospects ; volume 4 (January 2012)
    Subjects: Wirtschaftslage; Welt; access to bond markets; accounting; asset base; asset prices; bailout; balance of payments; bank activity; bank assets; bank balance sheets; Bank Debt; bank lending; bank loans; Banking Assets; banking crises; banking sector; banking sectors; banking system; banking systems; basis point; basis points; binding constraint; bond auctions; Bond Bank; bond funds; bond indexes; bond issuances; bond issuer; bond sales; bond spreads; Bond yields; bonds; borrowing costs; business cycle; capital adequacy; capital flow; Capital flows; capital markets; capital outflows; capital requirements; capital stock; CDS; Central Bank; central banks; collateral; commercial banks; Commodities; commodity; commodity exports; commodity price; Commodity Prices; consumer durables; contingency planning; Copyright Clearance; Copyright Clearance Center; corporate bond; corporate bond issuance; country debt; credit default; credit default swap; credit default swaps; credit histories; credit squeeze; credit squeezes; creditors; cross-border flows; currency depreciations; currency risk; Current Account Deficit; current account deficits; debt crisis; debt flows; debt holdings; debt issues; debt levels; debt ratios; Debt Repayment; debts; defaults; deficits; deposit; depositors; deposits; developing countries; Developing country; developing??country; domestic bank; domestic banking; domestic banks; domestic bond; domestic bond markets; Domestic bonds; downside scenario; downside scenarios; economic developments; emerging market; emerging market equities; Emerging Markets; emerging-market; enforcement mechanisms; equity flows; equity funds; equity issuance; equity markets; equity values; exchange rate; Exchange Rates; expenditure; expenditures; export growth; exporters; exposure; external debt; finances; financial crises; financial crisis; Financial flows; financial institutions; financial markets; Financial Stability; financial stress; financial support; financial systems; financing requirements; fiscal deficits; fixed investment; food prices; foreign banks; foreign capital; foreign currency; foreign holdings; foreign investment; foreign investor; Global Economic Prospects; Global Economy; global financial markets; global markets; global trade; government bonds; government deficit; government deficits; government financing; government revenues; growth rates; holding; holdings; host countries; Income; incomes; Inflation; inflation rate; inflationary pressures; insurance; interest rate; interest rates; International Bank; international bond; International capital; International capital flows; international financial market; International Trade; investment vehicles; liquidity; loan; loan exposures; loan portfolios; local currency; local government; local markets; local stock markets; long term debt; long-term debt; long-term yields; loss of confidence; mark-to-market; market competition; market conditions; market confidence; market equity; market participants; market price; market prices; market value; middle-income countries; monetary policy; Net debt; non-performing loan; nonperforming loans; oil price; oil prices; output; pension; pension system; policy response; political uncertainty; portfolio; power parity; private banks; private capital; private capital inflows; Private creditors; private debt; prudential regulation; purchasing power; remittance; remittances; reserves; return; risk aversion; safety net; secondary bond markets; short-term bonds; short-term debt; short-term finance; Short-term yields; social safety net; solvency; sovereign bond; sovereign debt; sovereign yields; stock markets; sustainable growth; swap; tax; trade finance; trade sectors; trading; tranche; transition countries; valuations; wholesale funding; world economy; world trade
    Scope: 1 Online-Ressource (circa 165 Seiten), Illustrationen