DIW Berlin: Thema Europa

Thema Europa

424 Ergebnisse, ab 401
Weitere Aufsätze

Banking Supervision in the Eurozone

In: Intereconomics 48 (2013), 1, S. 2-3 | Dorothea Schäfer
DIW Economic Bulletin 1 / 2013

A Transfer Mechanism as a Stabilization Tool in the EMU

With the crisis in the euro area, the issue of the institutional structure of the monetary union has gained in significance. One problem with regard to the longer-term stability of the euro area is the absence of mechanisms to adequately absorb asymmetric cyclical shocks in the individual member states. Such an instrument is essential in order to be able to implement a single monetary policy

2013| Kerstin Bernoth, Philipp Engler
Externe referierte Aufsätze

Current Account Imbalances in the Euro Area: Does Catching up Explain the Development?

In the debate on global imbalances, the euro area countries received inreasing attention since the outbreak of the financial crisis. While the current account is on balance for the entire area, divergences between individual member states have increased since the introduction of the common currency and are part of the excessive imbalances procedure. This paper explores the determinants of the

In: Review of International Economics 21 (2013), 1, S. 6-17 | Ansgar Belke, Christian Dreger
Externe referierte Aufsätze

Does Euro Area Membership Affect the Relation between GDP Growth and Public Debt?

We analyse the relationship between the debt-to-GDP ratio and real per capita GDP growth for euro area members and a broader set of industrial countries by distinguishing periods of sustainable and non-sustainable debt. Thresholds for debt are theory-driven and depend on macroeconomic conditions. If the nominal interest rate exceeds nominal output growth, primary budget surpluses are required to

In: Journal of Macroeconomics 38 (2013), Part B, S. 481-486 | Christian Dreger, Hans-Eggert Reimers
DIW Wochenbericht 44 / 2013

Liquiditätsmanagement des Eurosystems im Zeichen der Krise

Im Zahlungssystem der Eurozone, Target 2, sind seit 2007 hohe Verbindlichkeiten der Krisenländer gegenüber den übrigen Mitgliedern der Währungsunion aufgelaufen. Auf dem Höhepunkt dieser Entwicklung Mitte 2012 hatte allein die Deutsche Bundesbank Target-Forderungen in Höhe von 750 Milliarden Euro. Mittlerweile ist dieser Posten auf 570 Milliarden Euro zurückgegangen; er ist damit aber immer noch S

2013| Marcel Fratzscher, Philipp König, Claudia Lambert
DIW Wochenbericht 44 / 2013

Target-Salden - ein Anker der Stabilität

Die Debatte über Target 2 - das Zahlungsverkehrssystem des Europäischen Systems der Zentralbanken - hat in den vergangenen Jahren zu kontroversen Diskussionen in Deutschland geführt. Die vorliegende Studie des DIW Berlin kommt zu dem Ergebnis, dass die in diesem Zusammenhang vielfach geäußerten Ängste vor den Risiken für Deutschland größtenteils unbegründet sind. Demzufolge ist Deutschland nicht -

2013| Marcel Fratzscher, Philipp König, Claudia Lambert
Diskussionspapiere 1333 / 2013

Credit Rating Agency Announcements and the Eurozone Sovereign Debt Crisis

This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and also increased its volatility.

2013| Christopher F. Baum, Margarita Karpava, Dorothea Schäfer, Andreas Stephan
Externe referierte Aufsätze

Sovereign Risk Premiums in the European Government Bond Market

This paper provides a study of bond yield differentials among EU government bonds on the basis of a unique data set of issue spreads in the US and DM (Euro) bond market between 1993 and 2009. Interest differentials between bonds issued by EU countries and Germany or the USA contain risk premiums which increase with fiscal imbalances and depend negatively on the issuer's relative bond market size.

In: Journal of International Money and Finance 31 (2012), 5, S. 975-995 | Kerstin Bernoth, Jürgen von Hagen, Ludger Schuknecht
Diskussionspapiere 1212 / 2012

Internet Offer Prices for Flats and Their Determinants: A Cross Section of Large European Cities

In this paper, we construct a data set of Internet offer prices for flats in 48 large European cities from 24 countries. The data are collected in January - April 2012 from 33 websites, where the advertisements of flats for sale are placed. Using these data we investigate the determinants of the flat prices. Four factors are found to be relevant for the flats' price level: income per capita,

2012| Konstantin A. Kholodilin
424 Ergebnisse, ab 401