From The Scientific Life: International Conference on the Borderline between Games Theory and Environmental Economics
In: Politická ekonomie: teorie, modelování, aplikace, Band 51, Heft 1, S. 127
ISSN: 0032-3233
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In: Politická ekonomie: teorie, modelování, aplikace, Band 51, Heft 1, S. 127
ISSN: 0032-3233
In: CESifo Working Paper Series No. 6453
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In: ECB Working Paper No. 740
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In: Politická ekonomie: teorie, modelování, aplikace, Band 54, Heft 3, S. 366-381
ISSN: 0032-3233
In: Politická ekonomie: teorie, modelování, aplikace, Band 52, Heft 6, S. 757-771
ISSN: 0032-3233
We analyze the link between banking sector quality and sovereign risk in the whole European Union over 1999–2014. We employ four different indicators of sovereign risk (including market- and opinion-based assessments), a rich set of theoretically and empirically motivated banking sector characteristics, and a Bayesian inference in panel estimation as a methodology. We show that a higher proportion of non-performing loans is the single most influential sector-specific variable that is associated with increased sovereign risk. The sector's depth provides mixed results. The stability (capital adequacy ratio) and size (TBA) of the industry are linked to lower sovereign risk in general. Foreign bank penetration and competition (a more diversified structure of the industry) are linked to lower sovereign risk. Our results also support the wake-up call hypothesis in that markets re-appraised a number of banking sector-related issues in the pricing of sovereign risk after the onset of the sovereign crisis in Europe.
BASE
In: IMF Working Papers
In this paper we develop a two-country dynamic general equilibrium model by means of which we seek to explain the long-run paths of a converging emerging market economy. We borrow a paradigm from the New Open Economy Macroeconomics literature and amend it to address specific features such as initial asymmetry in development and size of economies as well as different speed of capital accumulation. Using a calibration of productivity and deep parameters for the Czech economy we demonstrate the ability of the model to consistently replicate dynamics in key macroeconomic variables that are essenti
In: IMF Working Paper No. 16/241
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In: IMF Working Paper No. 13/192
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In: ECB Working Paper No. 1284
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In: IMF Working Papers, S. 1-48
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In: ECB Working Paper No. 2011
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Working paper
In: ECB Occasional Paper No. 175
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