trade and financial linkages with the euro area

The Relationship Between Bank and Interbank Interest Rates during the Financial Crisis: Empirical Results for the Euro Area pptx

The Relationship Between Bank and Interbank Interest Rates during the Financial Crisis: Empirical Results for the Euro Area pptx
Ngày tải lên : 22/03/2014, 23:20
... injections with exceptional high amounts On October 2008, the ECB, the Federal Reserve, the Bank of England, the Bank of Canada, the Bank of Sweden and the Swiss National Bank, with the support of the ... banks to their customers, therefore they have effects on the behaviour of borrowers and consequently on the real economy On the other hand, prices set by banks influence their profitability and soundness ... connection with the rising international political tensions due to the war in Iraq and terrorist acts in Europe and the Middle East The second critical point is at the end of 2005 and early 2006,...
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Tài liệu Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis docx

Tài liệu Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis docx
Ngày tải lên : 15/02/2014, 05:20
... versus the German Bund (euro area) and US Treasury Bill (US) for the euro area and the US For example, the risk and liquidity premia demanded of US financial corporations relative to the Treasury ... banks in the euro area and Belgium 3.2.2.1  Euro area The analysis of the euro area includes both deposit and lending rates Among deposit rates, we analyse the overnight deposit rate and the savings ... transmission over the long term, the coefficients θ and δ measure the shortterm dynamic, and u are the error terms The term in the parentheses is the cointegration vector and represents the long-term...
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Interest rate setting by universal banks and the monetary policy transmission mechanism in the euro area pot

Interest rate setting by universal banks and the monetary policy transmission mechanism in the euro area pot
Ngày tải lên : 15/03/2014, 02:20
... banks and the transmission mechanism in the euro area markets in Spain, Finland and Portugal For time deposit rates, the error-correction coefficients are found to vary between 20% and 50%, with the ... firms and consumer credit appears to be higher for a majority of countries under EMU than on average over the 1990s (this is not the case in Ireland and the Netherlands for the former, and Finland ... Conclusion For the former, CC goes up in Austria, Spain, Finland, Ireland, Italy and Portugal, and down in Belgium, Germany and the Netherlands For the latter, it goes up in Spain, Ireland, Italy,...
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Credit-risk valuation in the sovereign CDS and bonds markets: Evidence from the euro area crisis ppt

Credit-risk valuation in the sovereign CDS and bonds markets: Evidence from the euro area crisis ppt
Ngày tải lên : 15/03/2014, 07:20
... for both France and The Netherlands, and the highest average was 25 bp for Greece For the period 2009-2011, the lowest annual average CDS spread was 31 bp for Finland in 2010 and the highest annual ... reflect the same information on the credit risk of a given reference entity and therefore should be equal In other words, the basis, defined as the difference between the CDS spread and the corresponding ... Application to the European Monetary Union Case” The opinions in this article are the sole responsibility of the authors and they not necessarily coincide with those of the CNMV The opinions in...
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Working PaPer SerieS no 1150 / January 2010: Do bank loanS anD creDit StanDarDS have an effect on outPut? a Panel aPProach for the euro area doc

Working PaPer SerieS no 1150 / January 2010: Do bank loanS anD creDit StanDarDS have an effect on outPut? a Panel aPProach for the euro area doc
Ngày tải lên : 15/03/2014, 10:20
... entered the euro area towards the end of the sample and therefore in the earlier part of the sample were not exposed to the single monetary policy to the same degree as the original euro area countries ... both in the US and in the euro area Therefore, the di¤erence between our results for the euro area and the US-based studies (e.g Driscoll, 2004; Ashcraft, 2006) propably stems primarily from the ... deposits in the banking system, which allows 16 The regression between GDP and credit standards only includes the …ve euro area countries with the largest GDP share relative to the whole euro area GDP,...
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Working PaPer SerieS no 1160 / FeBrUarY 2010: evidence For SUrveY maTTerS The eUro area Bank lending emPirical crediT and oUTPUT groWTh pptx

Working PaPer SerieS no 1160 / FeBrUarY 2010: evidence For SUrveY maTTerS The eUro area Bank lending emPirical crediT and oUTPUT groWTh pptx
Ngày tải lên : 15/03/2014, 10:20
... to quantify the adverse impacts of the recent financial and economic crisis The questions in the euro area BLS refer to bank loan supply and demand relative to euro area residents The answers ... households and non -financial corporations The changes in the sample size are due to the enlargement of the euro area, an increased coverage for Germany and Italy and merger and acquisition activity The ... analyses the transmission of monetary policy in the euro area using credit standards Their results suggest that monetary policy affects credit standards as reported in the euro area BLS and that the...
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Economic Assessment of the Euro Area: Forecasts and Policy Analysis ppt

Economic Assessment of the Euro Area: Forecasts and Policy Analysis ppt
Ngày tải lên : 17/03/2014, 06:20
... in the other countries: Austria, Belgium, Finland, Ireland, Spain and the Netherlands 40 ECONOMIC ASSESSMENT OF THE EURO AREA The agreement reached on the Stability and Growth Pact by the European ... sharply with last year when SPs looked optimistic at the euro area level as compared with EUROFRAME-EFN and also other forecasts: we then expected euro area GDP to grow by 1.5 per cent and 2005 and ... Spain, the Netherlands, Finland and Ireland Table 2.4 shows two estimates of the fiscal stance in the euro area, based on EUROFRAME-EFN forecasts for GDP growth and government deficits The assessment...
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WORKING PAPER SERIES NO. 546 / NOVEMBER 2005: THE NATURAL REAL INTEREST RATE AND THE OUTPUT GAP IN THE EURO AREA A JOINT ESTIMATION doc

WORKING PAPER SERIES NO. 546 / NOVEMBER 2005: THE NATURAL REAL INTEREST RATE AND THE OUTPUT GAP IN THE EURO AREA A JOINT ESTIMATION doc
Ngày tải lên : 22/03/2014, 23:20
... grateful to the ECB for providing the data for Germany and the euro area, and Thomas Laubach and John C Williams for providing the US data For the euro area, national levels for interest rates and consumer ... stronger in the euro area compared to the US and Germany The null hypothesis that the coecients of the ination terms, b (L), sum to one in the Phillips curve is not rejected by the data 12 The BFGS ... variation in the natural real interest rate This is consistent with the results in Giammarioli and Valla (2003) for the euro area, Neiss and Nelson (2003) for the UK and LW for the US, but stands against...
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The imPact of high and groWing government debt on economic groWth an emPirical inveStigation for the euro area docx

The imPact of high and groWing government debt on economic groWth an emPirical inveStigation for the euro area docx
Ngày tải lên : 23/03/2014, 20:20
... the medium and longer term According to the latest European Commission’s Sustainability Report, many euro area and EU countries (8 in the euro area and 13 EU countries) are now at high risk with ... over the period of the analysis, as well as for economic and monetary regime changes, such as the creation of the monetary union and the introduction of the euro A list of the variables used in the ... growth rate of both real and potential output The fact that the change in the debt ratio and the budget deficits are linearly and negatively associated with growth (and with the long-term interest...
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Báo cáo lâm nghiệp: "Effect of species composition, stand density and site index on the basal area increment of oak trees (Quercus sp.) in mixed stands with beech (Fagus sylvatica L.) in northern France" potx

Báo cáo lâm nghiệp: "Effect of species composition, stand density and site index on the basal area increment of oak trees (Quercus sp.) in mixed stands with beech (Fagus sylvatica L.) in northern France" potx
Ngày tải lên : 07/08/2014, 16:20
... used the parameters of the stand density rule calculated by Dhôte and Le Moguédec [15], and then applied them to the dataset available of oak and beech for northern France Due to differences in the ... into the growth and yield of these mixtures The objective of the present study was therefore to investigate the effect of beech admixture on the relationship between basal area increment and stem ... sum of the latter is limited to the value for the whole stand [13] Starting from the larger diameter side of a given distribution at a given diameter, when the sum reaches the stand basal area...
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Tài liệu IMPACT OF BANK COMPETITION ON THE INTEREST RATE PASS-THROUGH IN THE EURO AREA pptx

Tài liệu IMPACT OF BANK COMPETITION ON THE INTEREST RATE PASS-THROUGH IN THE EURO AREA pptx
Ngày tải lên : 15/02/2014, 05:20
... Given the prominent role of the banking sector in the euro area s financial system, it is of significant importance for the ECB to monitor the degree of competitive behaviour in the euro area ... prominent role of the banking sector in the euro area s financial system, it is of significant importance for the ECB to monitor the degree of competitive behaviour in the euro area banking market ... only with the explicit written authorisation of the ECB or the author(s) The views expressed in this paper not necessarily reflect those of the European Central Bank The statement of purpose for the...
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Tài liệu Trade and Financial Integration in East Asia: Effects on Co-movements docx

Tài liệu Trade and Financial Integration in East Asia: Effects on Co-movements docx
Ngày tải lên : 17/02/2014, 21:20
... the countries in the same area that experience ebb and tide of capital at the same time For example, during the Asian crisis and the Latin American crises, a number of countries in the same area ... regressing the interest rate of each country on the interest rate of the US and use the residuals An alternative way is to normalise trade by the sum of total trade made by the pair of countries The ... sample I and Panel B for sample II THE IMPACTS OF TRADE AND FINANCIAL INTEGRATION ON CO-MOVEMENTS As trade and financial integration deepen, the business cycle dynamics of output, consumption and price...
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Tài liệu MECHANICAL PROPERTIES OF THE HEART AND ITS INTERACTION WITH THE VASCULAR SYSTEM ppt

Tài liệu MECHANICAL PROPERTIES OF THE HEART AND ITS INTERACTION WITH THE VASCULAR SYSTEM ppt
Ngày tải lên : 22/02/2014, 09:20
... varies with atrial contraction and instantaneous atrial volume) The pressure of the point at the bottom right corner of the loop is the pressure in the ventricle at the end of the cardiac cycle and ... walls The primary factor that determines valve opening and closure is the pressure gradient between the atrium and the ventricle However, the papillary muscles contract synchronously with the other ... rises and falls during each beat and this underlies the cyclic rise and fall of muscle force The greater the peak calcium the greater the number of potential actin-myosin bonds, the greater the...
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Credit Default Swaps Calibration and Option Pricing with the SSRD Stochastic Intensity and Interest-Rate Model pot

Credit Default Swaps Calibration and Option Pricing with the SSRD Stochastic Intensity and Interest-Rate Model pot
Ngày tải lên : 06/03/2014, 04:21
... 0.0651, √ and the standard deviation is 0.0651 = 0.2551 We know that the standard error in the Monte Carlo method is given by the standard deviation of the object we are simulating divided by the square ... simulations of the left-hand sides We take the α and β parameters as from Section 3.3, and assume T = 5y We obtain the results of Tables and The Vasicek mapped volatilities are σ V,5y = 0.016580 and ν ... the quality of the approximation under stress, we multiply all parameters k, θ, σ and κ, µ, ν by three and check again the approximation We obtain the results shown in Tables and 4, and now the...
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OccasiOnal Pa Per series nO 133 / aPril 2012: sHaDOW BanKinG in THe eUrO area an OVerVieW pptx

OccasiOnal Pa Per series nO 133 / aPril 2012: sHaDOW BanKinG in THe eUrO area an OVerVieW pptx
Ngày tải lên : 06/03/2014, 09:22
... of the size and the structure of shadow banking within the euro area, using the statistical data sources available to the ECB/Eurosystem Although overall shadow banking activity in the euro area ... banking in the euro area regarding the key elements of maturity transformation and leverage behaviour? EVALUATING THE SIZE OF SHADOW BANKING IN THE EURO AREA Before analysing the euro area, it ... BANKING” IN THE EURO AREA: A SNAPSHOT 4.1 Evaluating the size of shadow banking in the euro area 4.2 Interconnections of OFIs with the regulated banking system 4.3 Size of shadow banking in euro area...
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Rising Income Inequality: Technology, or Trade and Financial Globalization? pot

Rising Income Inequality: Technology, or Trade and Financial Globalization? pot
Ngày tải lên : 06/03/2014, 19:20
... countries on the one hand and emerging and developing countries on the other hand A differentiated effect 16 17 The validity of these instruments was confirmed using the Anderson and Hansen tests ... of the population ages 15 and older are from the Barro-Lee (2000) data set The series used are the average schooling years in the population, and the share of the population with secondary and/ or ... research in progress by the author(s) and are published to elicit comments and to further debate We examine the relationship between trade and financial globalization and the rise in inequality...
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Doing Business with the Euro potx

Doing Business with the Euro potx
Ngày tải lên : 06/03/2014, 21:20
... STRATEGIES AND OPERATIONS VI THE EURO: IMPLICATIONS FOR GLOBAL TRADE AND INVESTMENT The final session of the conference examined the benefits of the euro for trade and investment and the implications ... Trends Since the late 1990s, trade within the Euro area has clearly expanded more rapidly than trade between the EMU member states and the other three EU countries The EMU effect on trade can be ... encourage the international use of the euro By faithfully fulfilling its core mandate—maintaining price stability in the Euro area and thereby safeguarding the internal purchasing power of the euro the...
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Volume of retail trade down by 0.8% in euro area ppt

Volume of retail trade down by 0.8% in euro area ppt
Ngày tải lên : 06/03/2014, 23:20
... and Poland (both +2.2%) and Estonia (+1.9%) Annual comparison In December 2012, compared with December 2011, “Food, drinks and tobacco” fell by 2.1% in the euro area and by 1.8% in the EU27 The ... 2012, compared with November 2012, “Food, drinks and tobacco” fell by 0.8% in the euro area and by 0.6% in the EU27 The non-food sector declined by 1.0% and 0.7% respectively Among the Member States ... anastassios.giannoplidis@ec.europa.eu Eurostat news releases on the internet: http://ec.europa.eu/eurostat Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators Volume of retail trade...
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Energy Efficiency in Buildings: Combining New Financial Instruments with the MFF docx

Energy Efficiency in Buildings: Combining New Financial Instruments with the MFF docx
Ngày tải lên : 07/03/2014, 16:20
... Joint European Support for Sustainable Investment in City Areas  A management and advisory programme, launched by the EU Commission in collaboration with EIB, to assist Member States and regions ... public and private sector resources for the benefit of sustainable and integrated urban development (schemes)  Expertise - new partnerships and synergies Utilise financial, managerial and project ... buildings have taken “decision” to participate in the programme – circa 60 of these have already procured contractors and in negotiations with the financial intermediaries for loan financing… Average...
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THE EURO AREA BANK LENDING SURVEY - JANUARY 2012 - docx

THE EURO AREA BANK LENDING SURVEY - JANUARY 2012 - docx
Ngày tải lên : 15/03/2014, 09:20
... upon by the lender and the borrower In the context of the bank lending survey, they consist of the direct price or interest rate, the maximum size of the loan and the access conditions, and other ... 0.5) The mean and standard deviation are calculated by attributing the values to starting with the first possible answer and consequently for the other answers These values are then multiplied with ... 0.5) The mean and standard deviation are calculated by attributing the values to starting with the first possible answer and consequently for the other answers These values are then multiplied with...
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