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  1. One scheme fits all
    a central fiscal capacity for the EMU targeting eurozone, national and regional shocks
    Autor*in: Beetsma, Roel; Cimadomo, Jacopo; Spronsen, Josha
    Erschienen: 05 February 2022
    Verlag:  Centre for Economic Policy Research, London

    Zugang:
    Verlag (lizenzpflichtig)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    LZ 161
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Mannheim
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP16829
    Schlagworte: fiscal capacity; Macroeconomic stabilisation; multilevel factor model; Bayesianinference
    Umfang: 1 Online-Ressource (circa 58 Seiten)
  2. One scheme fits all
    a central fiscal capacity for the EMU targeting eurozone, national and regional shocks
    Autor*in: Beetsma, Roel; Cimadomo, Jacopo; Spronsen, Josha van
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper proposes a central fiscal capacity for the euro area that generates transfers in response to euro area, country, and region-specific shocks. The main novelty of this fiscal capacity is that it allows a joint response to these three types... mehr

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
    Fernleihe:
    keine Fernleihe

     

    This paper proposes a central fiscal capacity for the euro area that generates transfers in response to euro area, country, and region-specific shocks. The main novelty of this fiscal capacity is that it allows a joint response to these three types of shocks within a single scheme. Based on NUTS3 regional data over the last two decades and regional fiscal multiplier estimates, our analysis shows that - with a limited risk of moral hazard - substantial stabilisation could have been achieved in response to the eurozone and regional shocks, while country-specific shocks were on average less severe and therefore needed less stabilisation.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289951159
    Weitere Identifier:
    hdl: 10419/264491
    Schriftenreihe: Working paper series / European Central Bank ; no 2666 (May 2022)
    Schlagworte: Central scal capacity; macroeconomic stabilisation; multilevel factor model; Bayesian inference
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  3. Enhancing private and public risk sharing
    lessons from the literature and reflections on the COVID-19 crisis
    Autor*in: Cimadomo, Jacopo; Gordo, Esther; Palazzo, Alessandra Anna
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This article surveys the literature on consumption risk sharing, focusing on the findings for the euro area and for the United States, but also presenting evidence for other countries. The literature examined found that risk sharing is higher in more... mehr

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 535
    Fernleihe:
    keine Fernleihe

     

    This article surveys the literature on consumption risk sharing, focusing on the findings for the euro area and for the United States, but also presenting evidence for other countries. The literature examined found that risk sharing is higher in more mature federations, such as the United States, than in the euro area. The papers surveyed suggest that state/country-specific output shocks are primarily smoothed out through the capital and credit channel, whereas the fiscal channel as a minor role, especially in the euro area. Overall, about 70% of shocks is smoothed in the United States while just 40% in the euro area. At the same time, our analysis of the response to the COVID-19 crisis indicates that risk sharing in the euro area has been more resilient than it was during the global financial crisis of 2008-09. Overall, our results point to the need for further improvements to the private and public risksharing channels in the euro area to ensure more effective cushioning against asymmetric shocks and to boost progress towards the completion of European Monetary Union (EMU).

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289952477
    Weitere Identifier:
    hdl: 10419/268050
    Schriftenreihe: Occasional paper series / European Central Bank ; no 306 (September 2022)
    Schlagworte: Risk sharing; COVID-19 crisis; EMU reform
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  4. Enhancing private and public risk sharing
    lessons from the literature and reflections on the COVID-19 crisis
    Autor*in: Cimadomo, Jacopo; Gordo, Esther; Palazzo, Alessandra Anna
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This article surveys the literature on consumption risk sharing, focusing on the findings for the euro area and for the United States, but also presenting evidence for other countries. The literature examined found that risk sharing is higher in more... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    This article surveys the literature on consumption risk sharing, focusing on the findings for the euro area and for the United States, but also presenting evidence for other countries. The literature examined found that risk sharing is higher in more mature federations, such as the United States, than in the euro area. The papers surveyed suggest that state/country-specific output shocks are primarily smoothed out through the capital and credit channel, whereas the fiscal channel as a minor role, especially in the euro area. Overall, about 70% of shocks is smoothed in the United States while just 40% in the euro area. At the same time, our analysis of the response to the COVID-19 crisis indicates that risk sharing in the euro area has been more resilient than it was during the global financial crisis of 2008-09. Overall, our results point to the need for further improvements to the private and public risksharing channels in the euro area to ensure more effective cushioning against asymmetric shocks and to boost progress towards the completion of European Monetary Union (EMU).

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289952477
    Weitere Identifier:
    hdl: 10419/268050
    Schriftenreihe: Occasional paper series / European Central Bank ; no 306 (September 2022)
    Schlagworte: Risk sharing; COVID-19 crisis; EMU reform
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  5. Foreign banks and the doom loop
    Autor*in: Albertazzi, Ugo; Cimadomo, Jacopo; Maffei-Faccioli, Nicolò
    Erschienen: [2022]
    Verlag:  Norges Bank, Oslo

    This paper explores whether foreign banks stabilise or destabilise lending to the real economy in the presence of sovereign stress in the domestic economy and abroad. In this context, the presence of foreign intermediaries poses a fundamental, yet... mehr

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 673
    Fernleihe:
    keine Fernleihe

     

    This paper explores whether foreign banks stabilise or destabilise lending to the real economy in the presence of sovereign stress in the domestic economy and abroad. In this context, the presence of foreign intermediaries poses a fundamental, yet unexplored, trade-off. On the one hand, domestic sovereign shocks are broadly inconsequential for the lending capacity of foreign banks, given that their funding conditions are not hampered by such shocks. On the other, these intermediaries may react more harshly than domestic banks to a deterioration in local loan risk and demand conditions, or import shocks from their own sovereign. We exploit granular and confidential data on euro area banks operating in different countries to assess this trade-off. Overall, it is found that, under certain conditions, the presence of foreign lenders stabilises lending, thus mitigating the doom loop.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9788283792249
    Weitere Identifier:
    hdl: 11250/2997492
    hdl: 10419/264944
    Schriftenreihe: Working paper / Norges Bank ; 2022, 2
    Schlagworte: Sovereign stress; International banks; Lending activity
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen