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External Imbalances And Public Finances In The Eu
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Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 : Total Pages :140 pages Book Rating :4.:/5 (318 download)
Book Synopsis External Imbalances and Public Finances in the EU by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book External Imbalances and Public Finances in the EU written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2010 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investigates the nature and consequences of the relationship between external imbalances and public finances and focusses on the role that fiscal policy can play in addressing and correcting existing and emerging external imbalances in the context of the global financial crisis.
Book Synopsis Deficit and Debt in Transition by : István Benczes
Download or read book Deficit and Debt in Transition written by István Benczes and published by Central European University Press. This book was released on 2014-07-01 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: The adjustment problems of public finance in countries of Central and Eastern Europe (CEE) are often misunderstood and misinterpreted by western scholars. This book contributes to the bridging of the gap between what is being thought by external observers and what the actual public finance reality is, as described by competent local scholars. Popular political economy research has remained biased towards advanced countries and has neglected developing and transition economies. Publications on CEE countries' public finances seem to be reluctant to apply the conceptual framework of standard political economy to these countries because of the assumption that CEE economies are different from their Western peers. But is this really the case? Are CEE economies so much different that none of the well-known "Western" political economy concepts or models can be applied to the analysis of fiscal performance in the region? Benczes demonstrates that they can be safely applied in the context of CEE economies as well. He sees no need to develop a separate or unique theory designed for the study and understanding of (one-time) transition economies.
Book Synopsis Europe and Global Imbalances by : Philip R. Lane
Download or read book Europe and Global Imbalances written by Philip R. Lane and published by International Monetary Fund. This book was released on 2007-06 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.
Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 : Total Pages :62 pages Book Rating :4.F/5 ( download)
Book Synopsis Macroeconomic Imbalances by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book Macroeconomic Imbalances written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR), prepared in accordance with Article 3 of Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device, helping to identify Member States that warrant further in-depth analysis to determine whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission will establish whether it considers that an imbalance exists and what type of policy follow-up it will recommend to the Council. The AMR suggested the need to look more closely at whether the UK is suffering from macroeconomic imbalances of an internal and external nature. The AMR noted that, on the internal side, the high level of private debt is a concern, also in a context of a weak public finance situation with high and increasing government debt. The high value of private debt largely reflects household mortgages in a context of high accumulated increases in house prices. While both the levels of real household debt and real house prices have reduced, they still remain comparatively high which suggests that their unwinding has further to go where the speed of adjustment is an important aspect. On the external side, the UK lost export market share over the last decade, although some stabilisation can be noted in recent years. This loss of market shares took place despite a substantial depreciation of sterling between 2007 and 2009. At the same time and since 1997, the UK recorded small but significant current account deficits albeit below the indicative threshold. The purpose of the present in-depth review is to investigate the findings presented in the AMR and to ascertain whether macroeconomic imbalances of either an internal or external nature effectively exist in the UK and, if so, whether they are excessive in the meaning of Regulation no. 1176/2011. Sections 2 and 3 of this review analyse the existence and nature of potential macroeconomic imbalances in the UK. Section 2 takes a broad perspective of the UK economy, while section 3 focuses on two potential areas of concern for the UK: household debt and the housing market on the one hand, and external competitiveness on the other hand. Section 4 presents possible policy considerations.
Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 : Total Pages :50 pages Book Rating :4.F/5 ( download)
Book Synopsis Scoreboard for the Surveillance of Macroeconomic Imbalances by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book Scoreboard for the Surveillance of Macroeconomic Imbalances written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The design of the initial scoreboard is presented in the first Alert Mechanism Report (AMR) issued by the Commission on 14 February 2012. This paper adds to the AMR by describing in more detail the rationale of the different indicators, the choices made in the selection process and how they should be economically understood in the context of the MIP. The scoreboard consists of a set of ten indicators with indicative thresholds: two indicators aim at monitoring external positions, three indicators capture competitiveness developments and the subsequent five indicators reflect internal imbalances." (EU Bookshop).
Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 : Total Pages :44 pages Book Rating :4.F/5 ( download)
Book Synopsis Macroeconomic Imbalances by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book Macroeconomic Imbalances written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR) in accordance with the Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device to identify Member States that warrant further in depth analysis into whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission concludes whether it considers that an imbalance exists or not, and if so whether it is excessive or not, and what type of follow-up it will recommend to the Council to address to the Member State. This in-depth review concludes that Hungary is experiencing serious macroeconomic imbalances, which are not excessive but need to be addressed. In particular, certain macroeconomic developments such as the highly negative size of the net international investment position and public debt deserve very close attention so as to reduce the important risks of adverse effects on the functioning of the economy.
Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 : Total Pages :36 pages Book Rating :4.F/5 ( download)
Book Synopsis Macroeconomic Imbalances by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book Macroeconomic Imbalances written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR), prepared in accordance with Article 3 of Regulation (EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device, helping to identify Member States that warrant further in-depth analysis to determine whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission will establish whether it considers that an imbalance exists and what type of policy follow-up it will recommend to the Council. For Slovenia, the AMR noted that two indicators in the scoreboard exceeded their thresholds in 2010 and suggested the need to assess the development and drivers of potential imbalances. The AMR explained that in the years before the crisis, Slovenia enjoyed strong growth and domestic demand conditions, coupled with some losses in price competitiveness and a gradual widening of the current account deficit. It identified signs that overheating occurred, particularly as regards private sector credit growth, construction value added and property prices. The Slovenian economy was hit hard by the global crisis and the AMR noted that this has brought some, perhaps temporary, adjustment in the external balance but this is still at an early stage. Against this background, Section 2 examines the external and internal dimensions of imbalances including developments in competitiveness, private sector indebtedness and in asset markets. This is followed by a closer look at the implications of indebtedness of non-financial corporations for the banking sector in Section 3. Section 4 presents possible policy considerations.
Book Synopsis Causes and Consequences of Economic Imbalances: Comparison of US-Asia and Europe by : Ariane Hillig
Download or read book Causes and Consequences of Economic Imbalances: Comparison of US-Asia and Europe written by Ariane Hillig and published by diplom.de. This book was released on 2014-10-01 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past ten years, huge economic imbalances among US-Asia as well as eurozone countries have built up which have led to numerous crisis situations. Thus, the goal of this book is to find out if economic imbalances are sustainable or if they need to be rebalanced? What role do distinct national policies play? The author is going to compare the imbalances of US-China with the intra-euro imbalances of Germany, Spain and Italy. Firstly, the historical development of the economic imbalances is presented in order to point out the unprecedented height of the mentioned imbalances. Furthermore, the author is analyzing the causes of imbalances by presenting the development of the competitiveness, the saving-/investment rates, the financial markets as well as the different national policies. It is shown that distinct national policies were the underlying causes for the development of such high economic imbalances. After having seen the historical development as well as the causes, the author describes the possible costs and benefits of having imbalances as well as the implications of the global financial crisis and the current European crisis. Due to the increasing globalization, the financial crisis spread fast and led to huge losses and decreasing investor’s trust in European countries. This resulted in the European crisis which subsequently could also endanger the global economy. Because of the huge crisis’ impact, traditional and alternative balancing channels are also compared. Despite supporting measures such as restrictive fiscal policies and financial assistance, Europe is still suffering from an economic downturn whereas the US returned to a slow economic recovery. At the end, the author concludes that global imbalances need to be rebalanced in order not to avoid reaching an unsustainable level. The occurring as well as rebalancing of economic imbalances highly depends on distinct national policies. Unless the international coordination and cooperation increases, economic imbalances will continue to occur and will lead to economic crises when reaching an unsustainable level.
Book Synopsis External Imbalances and Financial Crises by : Alan Taylor
Download or read book External Imbalances and Financial Crises written by Alan Taylor and published by International Monetary Fund. This book was released on 2013-12-20 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consider two views of the global financial crisis. One view looks across the border: it blames external imbalances, the unprecedented current account deficits and surpluses in recent years. Another view looks within the border: it faults domestic financial systems where risks originated in excessive credit booms. We can use the lens of macroeconomic and financial history to confront these dueling hypotheses with evidence. The credit boom explanation is the most plausible predictor of crises since the late nineteenth century; global imbalances have only a weak correlation with financial distress compared to indicators drawn from the financial system itself.
Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 : Total Pages :58 pages Book Rating :4.F/5 ( download)
Book Synopsis Macroeconomic Imbalances by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book Macroeconomic Imbalances written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR) in accordance with the Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device to identify Member States that warrant further in depth analysis into whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission concludes whether it considers that an imbalance exists or not, and if so whether it is excessive or not, and what type of follow-up it will recommend to the Council to address to the Member State. This in-depth review concludes that Spain is experiencing very serious macroeconomic imbalances, which are not excessive but need to be urgently addressed. In particular, macroeconomic developments, notably related to the significant level of private sector debt, the large negative external position and the financial sector, which were influenced by housing market developments, require close monitoring and urgent economic policy attention in order to avert any adverse effects on the functioning of the economy and of economic and monetary union.
Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 : Total Pages :50 pages Book Rating :4.F/5 ( download)
Book Synopsis Macroeconomic Imbalances - Bulgaria by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book Macroeconomic Imbalances - Bulgaria written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This in-depth review takes a broad view of the Bulgarian economy in order to identify actual or potential imbalances and the possible macroeconomic risks which they may entail. Following an economic boom in 2006-2008, the necessary adjustment is taking place. But the burden on the labour market is unnecessarily high. Moreover, more needs to be done to ensure the sustainability of the adjustment once the economy recovers to its growth trend. The main observations of this review are: Following EU accession, some notable internal and external imbalances built up in the Bulgarian economy. The labour market has been hit hard by the crisis and the reintegration of low-skilled workers has proven difficult. The main labour market challenges relate to skills mismatches in some sectors and regions. Despite a pronounced deceleration, unit labour cost (ULC) growth remains one of the fastest in the EU. The current account adjustment is largely structural and is driven by sizable export market share gains, but major vulnerabilities remain. Deleveraging of the corporate sector is on-going, but the still high level of indebtedness will lengthen the adjustment process and keep the corporate sector vulnerable to changes in market sentiment. Fiscal policy is facilitating the adjustment process. In this context, the in-depth review concludes that Bulgaria is experiencing macroeconomic imbalances, which are not excessive but need to be addressed. In particular, the level of external indebtedness as well as certain macroeconomic developments related to corporate sector deleveraging and the adjustment process through labour markets deserve attention so as to reduce the risk of adverse effects on the functioning of the economy. Possible policy responses should focus on reducing skills and regional labour market mismatches and on reviewing the minimum thresholds for social security contributions. Also, emphasis on boosting total factor productivity remains crucial given that the deleveraging of the corporate sector will probably dampen investment. As a small open catching-up economy with unfettered capital flows and a fixed exchange rate tends to be inherently volatile, macroeconomic policies and banking regulation in Bulgaria should focus on reducing the risks of repeating boom-cycles and on strengthening the risk absorption capacity of economic agents.
Book Synopsis Economic Crisis in Europe by : Paul van den Noord
Download or read book Economic Crisis in Europe written by Paul van den Noord and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European economy is emerging from its deepest recession since the 1930s. This volume, which brings together economic analysis from the European Commission services, explains how swift policy response avoided a financial meltdown. Europe also needs an improved co-ordinated crisis-management framework to help it respond to any similar situations that may arise in the future. Economic Crisis in Europe is a much-anticipated volume which shows that the beginnings of such a crisis-management framework are emerging, building on existing institutions and legislation and complemented by new initiatives.
Book Synopsis External Imbalances in the Euro Area by : Ruo Chen
Download or read book External Imbalances in the Euro Area written by Ruo Chen and published by . This book was released on 2012-09-28 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world –in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions’ securities, and cross-border interbank lending) which permitted external imbalances to grow over time.
Book Synopsis Fiscal Rules—Anchoring Expectations for Sustainable Public Finances by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Fiscal Rules—Anchoring Expectations for Sustainable Public Finances written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2009-12-11 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.
Book Synopsis A Banking Union for the Euro Area by : Rishi Goyal
Download or read book A Banking Union for the Euro Area written by Rishi Goyal and published by International Monetary Fund. This book was released on 2013-02-12 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SDN elaborates the case for, and the design of, a banking union for the euro area. It discusses the benefits and costs of a banking union, presents a steady state view of the banking union, elaborates difficult transition issues, and briefly discusses broader EU issues. As such, it assesses current plans and provides advice. It is accompanied by three background technical notes that analyze in depth the various elements of the banking union: a single supervisory framework; a single resolution and common safety net; and urgent issues related to repair of weak banks in Europe.
Book Synopsis Monetary Policy in Times of Crisis by : Massimo Rostagno
Download or read book Monetary Policy in Times of Crisis written by Massimo Rostagno and published by Oxford University Press. This book was released on 2021 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Book Synopsis External Imbalances in the Euro Area by : Ruo Chen
Download or read book External Imbalances in the Euro Area written by Ruo Chen and published by . This book was released on 2014 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world -in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions' securities, and cross-border interbank lending) which permitted external imbalances to grow over time.
