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  1. Private and public risk sharing in the Euro area
    Autor*in: Cimadomo, Jacopo; Furtuna, Oana; Giuliodori, Massimo M.
    Erschienen: 2017
    Verlag:  Tinbergen Institute, Amsterdam

    This paper investigates the contribution of private and public channels for consumption risk sharing in the EMU over the period 1999-2015. In particular, we explore the role of financial integration versus international financial assistance for... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 432 (2017,64)
    Fernleihe:
    keine Fernleihe

     

    This paper investigates the contribution of private and public channels for consumption risk sharing in the EMU over the period 1999-2015. In particular, we explore the role of financial integration versus international financial assistance for private consumption smoothing in this set of countries. In addition, we present a time-varying test which allows estimating how risk sharing has evolved since the start of the EMU, and in particular during the recent crisis. Our results suggest that, whereas in the early years of the EMU only about 40% of output shocks were smoothed, in the aftermath of the euro zone's sovereign debt crisis about 65% of output shocks were absorbed, therefore reducing consumption growth differentials across countries. This progressive improvement of the shock absorption capacity is due to a higher financial integration, but also to the activation of the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM) channelling official loans to distressed euro zone economies. We also show that cross-border holdings of equities and debt seem to be more effective than cross-border bank loans in isolating households from country-specific shocks, therefore contributing to consumption smoothing.

     
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    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/177632
    Auflage/Ausgabe: This version: 11 July 2017
    Schriftenreihe: Array ; TI 2017, 064
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  2. Private and public risk sharing in the euro area
    Autor*in: Cimadomo, Jacopo; Furtuna, Oana; Giuliodori, Massimo
    Erschienen: [2018]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper investigates the contribution of private and public channels for consumption risk sharing in the EMU over the period 1999-2015. In particular, we explore the role of financial integration versus international financial assistance for... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534 (2148)
    Fernleihe:
    keine Fernleihe

     

    This paper investigates the contribution of private and public channels for consumption risk sharing in the EMU over the period 1999-2015. In particular, we explore the role of financial integration versus international financial assistance for private consumption smoothing in this set of countries. In addition, we present a time-varying test which allows estimating how risk sharing has evolved since the start of the EMU, and in particular during the recent crisis. Our results suggest that, whereas in the early years of the EMU only about 40% of country-specific output shocks were smoothed, in the aftermath of the euro zone's sovereign debt crisis about 65% of these shocks were absorbed, therefore reducing consumption growth differentials across countries. This progressive improvement of the shock-absorption capacity is due to a higher financial integration, but also to the activation of the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM) channelling official loans to distressed euro zone economies. We also show that cross-border holdings of equities and debt seem to be more effective than cross-border bank loans in isolating households from country-specific shocks, therefore contributing to consumption smoothing.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289932530
    Weitere Identifier:
    hdl: 10419/183330
    Schriftenreihe: Working paper series / European Central Bank ; no 2148 (May 2018)
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  3. Revenue- versus spending-based consolidation plans
    the role of follow-up
    Autor*in: Beetsma, Roel; Furtuna, Oana; Giuliodori, Massimo
    Erschienen: [2018]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    The literature on fiscal multipliers finds that spending-based fiscal consolidations tend to have more benign macro-economic consequences than revenue-based consolidations. By directly comparing ex-post data with consolidation plans, we present... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534 (2178)
    Fernleihe:
    keine Fernleihe

     

    The literature on fiscal multipliers finds that spending-based fiscal consolidations tend to have more benign macro-economic consequences than revenue-based consolidations. By directly comparing ex-post data with consolidation plans, we present evidence of a systematically weaker follow-up of spending-based consolidation plans. Next, using a newly-developed dataset of consolidation announcements, panel VAR regressions confirm the weaker follow-up of spending-based plans and their more benign macro-economic effects compared to those of revenue-based plans. We disentangle the role of the difference in follow-up from that of the difference in the composition of revenue- and spending-based consolidations. While the latter channel, which works through the difference between revenue and spending multipliers, explains the largest fraction of the difference in economic trajectories, the difference in follow-up plays a non-negligible role as well.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289932837
    Weitere Identifier:
    hdl: 10419/183360
    Schriftenreihe: Working paper series / European Central Bank ; no 2178 (September 2018)
    Umfang: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  4. Revenue-versus spending-based consolidation plans
    the role of follow-up
    Autor*in: Beetsman, Roel; Furtuna, Oana; Giuliodori, Massimo
    Erschienen: 2017
    Verlag:  Centre for Economic Policy Research, London

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 32 (12133)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Array ; DP 12133
    Schlagworte: Haushaltskonsolidierung; Öffentliche Ausgaben; Öffentliche Einnahmen; Vergleich; Wirkungsanalyse; Vertrauen; Schätzung; EU-Staaten
    Umfang: 67 Seiten, Illustrationen
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