Opinions regarding capital account openness have been undergoing changes. On the one hand, financial liberalization and integration are viewed as sources of economic growth and prosperity due to a better allocation of capital to productive uses. In .
A timely and incisive look at austerity measures that succeed—and those that don’t. Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that ...
Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on ..
The project examines the transmission channels between public investment and private investment activity in Germany, estimating the aggregate relationship with econometric models, focusing on the specific effects of individual investment categories ...
The comparison of long-term care (LTC) expenditures is a difficult task. National LTC systems differ widely in terms of eligibility criteria, level of benefits, institutional variety and regional heterogeneity. In this commentary I will first give ..
Ten years after the 2008 financial crisis, in the euro area investment is still below the pre-crisis level. Public and private investment growth is so weak that capital per worker (capital intensity) has virtually remained constant. An increase in ..
Using panel data of 17 OECD countries for 1980–2011, we find that the distributional consequences of fiscal consolidations depend significantly on the level of private indebtedness. Austerity leads to a strong and persistent increase in income ...
Structural VAR models are frequently identified using sign restrictions on contemporaneous impulse responses. We develop a methodology that can handle a set of prior distributions that is much larger than the one currently allowed for by traditional
The original goal of the Finnish experiment of 2017 and 2018 was to try to get some evidence on how a new social policy instrument mimicking a basic income would work and what kind of behavioral consequences it would have. The realized experiment was ...
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