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Cover -- Contents -- Abstract -- I. Introduction -- II. Structural Issues -- III. Balance Sheets and Asset Prices -- IV. Inflation -- V. Conclusion and Policy Implications -- References -- Table -- 1. Regression Results -- Figures -- 1: Demographics in Korea and Japan -- 2. Korea's and Japan's Potential Growth -- 3: Productivity -- 4. Product Market Regulation in Upstream Sectors -- 5: Non-regular and Temporary Workers -- 6: Balance Sheets -- 7: Asset Prices -- 8: Inflation -- 9: Weight in CPI Basket of Items with Year-on-year Inflation below 1 Percent or Negative

Volatility in Italian sovereign spreads has increased since mid-2011. This paper finds that news on the euro area debt crisis and country specific events were important drivers of sovereign spreads. Movements in sovereign spreads affect CDS spreads and bond yields of Italian banks, and are transmitted rapidly to firm lending rates. Banks with lower capital ratios and higher nonperforming loans were found to be more sensitive to swings in sovereign spreads. Credit supply constraints due to bank funding shortages from the sovereign debt crisis were a major factor behind the lending slowdown in l

This paper assesses the role of international commodity prices, cyclical fluctuations, and convergence in driving inflation in 18 European emerging economies. Country specific VARs and panel estimates indicate that international commodity price shocks have a significant impact on domestic inflation, but the inflation response is asymmetric for positive and negative shocks. Cyclical fluctuations explain a relative small share of inflation variability, and the inflation response is asymmetric during upturns and downturns. Price convergence is estimated to add nearly 3 percentage points to headli

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