Conflict and Social and Political Preferences: Evidence from World War II and Civil Conflict in 35 European Countries
In: Comparative Economic Studies, Band 56, Heft 3, S. 424-451
In: Comparative Economic Studies, Band 56, Heft 3, S. 424-451
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In: Comparative Economic Studies, Band 56, Heft 3, S. 396-423
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In: ECB Working Paper No. 1505
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Working paper
In: IMF Working Paper No. 13/131
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In: ECB Working Paper No. 1500
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Working paper
In: Journal of common market studies: JCMS, Band 50, Heft 6, S. 881-898
ISSN: 0021-9886
World Affairs Online
In: ECB Working Paper No. 1467
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Working paper
The world has been struck by a mutating systemic financial crisis that is unprecedented in terms of financial losses and fiscal costs, geographic reach, and speed and synchronisation. The crisis from August 2007 to date can be divided into three main phases: the financial turmoil from August 2007 to the collapse of Lehman Brothers; the global financial crisis from September 2008 until spring 2010; and the euro area sovereign debt crisis from spring 2010 to the current period. While each phase has brought significant challenges, the current sovereign debt crisis has been the most critical stage for the euro area. It has brought unprecedented challenges for the monetary union and triggered extraordinary adjustments in both monetary policy and institutional arrangements at the euro area level. The purpose of this article is to outline the features of each crisis phase, to describe the actions taken by the European Central Bank (ECB) during each phase and to explain the rationale for such measures. It also discusses the need to strengthen further the economic union in order to guarantee the sustainability of the monetary union of the euro area. In this respect, it is argued that the recent institutional adjustments made at the EU level would have been necessary independently of the financial crisis.
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In: IMF Working Papers, S. 1-45
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In: ECB Working Paper No. 988
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This paper assesses the possible contemporaneous relationship between stock index prices, earnings and long-term government bond yields for a large number of countries and over a time period that spans several decades. In a cointegration framework, our analysis looks at three hypotheses. First, is there a long-term contemporaneous relationship between earnings, stock prices and government bond yields? Second, does a deviation from this possible long-run equilibrium impact stock prices such that the equilibrium is restored? Third, do government bond yields play a significant role in the long-run relationship or does the latter only involve stock prices and earnings? We also study the short-term impact of changes in long-term government bond yields on stock prices and discuss our short-term and long-term results in light of the recent developments regarding the so-called Fed model.
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This paper assesses the possible contemporaneous relationship between stock index prices, earnings and long-term government bond yields for a large number of countries and over a time period that spans several decades. In a cointegration framework, our analysis looks at three hypotheses. First, is there a long-term contemporaneous relationship between earnings, stock prices and government bond yields? Second, does a deviation from this possible long-run equilibrium impact stock prices such that the equilibrium is restored? Third, do government bond yields play a significant role in the long-run relationship or does the latter only involve stock prices and earnings? We also study the short-term impact of changes in long-term government bond yields on stock prices and discuss our short-term and long-term results in light of the recent developments regarding the so-called Fed model.
BASE
In: Journal of institutional and theoretical economics: JITE, Band 138, Heft 1, S. 167
ISSN: 0932-4569
In: Cahiers BEI: EIB papers, Band 3, Heft 1, S. 99-114
ISSN: 0257-7755
World Affairs Online