scholarly journals Fiscal Activism in the Euro Area and in Other Advanced Economies: New Evidence

2019 ◽  
Author(s):  
Maria Grazia Attinasi ◽  
Alessandra Anna Palazzo ◽  
Beatrice Pierluigi
Keyword(s):  
Euro Area ◽  
Advanced Economies ◽  
New Evidence

scholarly journals The Rate of Return on Everything, 1870–2015*

2019 ◽  
Vol 134 (3) ◽  
pp. 1225-1298 ◽  
Author(s):  
Òscar Jordà ◽  
Katharina Knoll ◽  
Dmitry Kuvshinov ◽  
Moritz Schularick ◽  
Alan M Taylor
Keyword(s):  
Growth Rate ◽  
Rate Of Return ◽  
Annual Data ◽  
Real Rate ◽  
Data Set ◽  
Long Run ◽  
Advanced Economies ◽  
New Findings ◽  
Asset Classes ◽  
New Evidence

Abstract What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the long run? Which particular assets have the highest long-run returns? We answer these questions on the basis of a new and comprehensive data set for all major asset classes, including housing. The annual data on total returns for equity, housing, bonds, and bills cover 16 advanced economies from 1870 to 2015, and our new evidence reveals many new findings and puzzles.

At a Glance … The world economy

2012 ◽  
Vol 222 ◽  
pp. F2-F2
Keyword(s):  
Euro Area ◽  
World Economy ◽  
List Type ◽  
Advanced Economies ◽  
The Us ◽  
The World ◽  
Depression Era ◽  
The Impact ◽  
India And China

World growth is expected to remain below trend at 3.1 per cent in 2012 and 3.4 per cent in 2013.The Euro Area is forecast to contract by 0.5 per cent this year and grow only marginally next year with unemployment reaching ‘depression-era’ rates in some periphery economies. The US is likely to grow by 2 per cent in each year.Growth in Brazil, Russia, India and China will be below long-term potential next year, although ‘hard-landings’ will be avoided; the impact on advanced economies will be offset by a large gain in competitiveness.Debt to GDP ratios in OECD countries will, on average, be higher in 2014 than at present.

scholarly journals MONETARY POLICY IN ADVANCED ECONOMIES DURING THE GLOBAL FINANCIAL CRISIS: LESSONS FOR LITHUANIA

Ekonomika ◽  
2014 ◽  
Vol 93 (1) ◽  
pp. 40-56
Author(s):  
Birutė Visokavičienė
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Empirical Studies ◽  
Policy Instruments ◽  
Policy Tools ◽  
Currency Board ◽  
Advanced Economies ◽  
Maastricht Criteria

Abstract. The main goal of the research is to develop monetary policy tools and measures enabling to achieve macroeconomic goals of integration into the euro area in the immediate future. It is noted that until the introduction of the euro Lithuania does not have a monetary policy and applies the currency board regime pegging the litas invariably to the euro (hard peg regime). Therefore, it is not only difficult but also risky to try to achieve financial and economic stability in accordance with the relevant Maastricht criteria through fiscal policy measures alone. Monetary policy instruments are necessary to achieve price stability and the overall financial stability. Currently, Lithuania should address the problem of balancing the currency board regime and the Maastricht criteria as a macroeconomic objective through monetary policy tools and measures.The analysis of monetary policies of advanced economies and, first of all, of the euro area reveals the main features of transmission of the monetary policy to a real economy, which can contribute to the successful integration into the euro area. A systemic analysis of the monetary policy is based on monetary and economic theories, laws and patterns, scientific literature and empirical studies. The method used is the logical analysis and systemising of academic literature and modelling of the monetary policy. Such a methodological position enables the justification of the influence of the euro and monetary policy on the future development of the national economy.Key words: monetary policy, euro, exchange rate, inflation, indicators

scholarly journals Expectations or macroeconomic innovations: What drives the stakeholders’ decisions? Evidence from the euro area

2015 ◽  
Vol 12 (3) ◽  
pp. 185-189
Author(s):  
S. Ali Shah Syed ◽  
Hélène Syed Zwick
Keyword(s):  
Interest Rate ◽  
Stock Returns ◽  
Euro Area ◽  
Stock Markets ◽  
Empirical Relationship ◽  
Equity Market ◽  
Monthly Data ◽  
Macroeconomic Variables ◽  
Long Run ◽  
New Evidence

This study brings new evidence supporting the existence of the linkage between equity market and macroeconomic variables in the Euro area. Using the monthly data from January 1999 to September 2014 we show empirical relationship between stock returns and interest rate in the 19 countries using the euro. The results confirm that in Euro Area stock markets, the stockowners decisions are significantly influenced by the macroeconomic expectations, particularly the long run interest rate

scholarly journals Investigating ASEAN’s Participation in Global Value Chains: Production Fragmentation and Regional Integration

2021 ◽  
Vol 38 (02) ◽  
pp. 159-188
Author(s):  
SHENG ZHONG ◽  
BIN SU
Keyword(s):  
Economic Integration ◽  
Emerging Economies ◽  
Regional Integration ◽  
Value Added ◽  
Global Value Chains ◽  
Value Chains ◽  
Advanced Economies ◽  
New Evidence ◽  
Do So

This paper focuses on the Association of Southeast Asian Nations (ASEAN)—a major final assembler in production—where studies and evidence on the role of the region in global value chains are limited. We seek to provide new evidence regarding the extent and patterns of international fragmentation in ASEAN. To do so, we derive the foreign value-added shares of final products for all global value chains of ASEAN. Using the Asian Development Bank’s multiregional input–output tables for 2000–2017, we document a series of stylized facts. The results show declining foreign value-added shares in ASEAN. Regional economic integration within ASEAN has increased, while value-added contributions vary widely across its members. We find evidence of increasing value-added contributions from emerging economies to ASEAN, whereas the contributions from advanced economies have declined.

SNB move will accentuate bond-equity divergence

2015 ◽  
Keyword(s):  
Euro Area ◽  
Yield Curve ◽  
Equity Markets ◽  
Bond Markets ◽  
Quantitative Easing ◽  
Bond Yields ◽  
Content Type ◽  
Sovereign Bond ◽  
Advanced Economies ◽  
The Us

Significance The move mainly aims to pre-empt the widely anticipated launch of a sovereign quantitative easing (QE) programme by the ECB on January 22. However, it will accentuate divergences between bond and equity markets. Sovereign bond yields for most advanced economies are falling to new lows and are increasingly negative at the shorter end of the yield curve, because of deflation fears and lacklustre growth outlooks. Yet equity markets are hovering near record highs, buoyed by the US recovery and expectations of further monetary stimulus in the euro-area. Impacts Bond markets will be driven by deflation fears, while equity markets, especially US stocks, will be buoyed by Goldilocks-type conditions. Market expectations that the ECB will launch a sovereign QE programme will make bond yields fall further. Bond yields will be suppressed by investor scepticism about the ECB's ability to reflate the euro-area economy.

Managing Director’s Global Policy Agenda

Policy Papers ◽  
2012 ◽  
Vol 2012 (92) ◽  
Author(s):  
Keyword(s):  
Euro Area ◽  
Policy Framework ◽  
Banking Union ◽  
Policy Agenda ◽  
Fiscal Consolidation ◽  
Medium Term ◽  
Global Policy ◽  
Advanced Economies ◽  
Debt Ceiling ◽  
The U.S

The global recovery has suffered new setbacks with uncertainty weighing heavily on confidence and prospects. Output is contracting in the euro area and growth has decelerated in many other advanced economies and major emerging markets. Markets have been buoyed by central bank action in the advanced economies which provides an opportunity to lay the basis for a recovery. Policymakers must detail, and aggressively implement, measures to address the underlying weaknesses—fiscal, financial, and structural. In the Euro area the ESM and the OMT need to be deployed, banking union advanced, and national authorities should implement strong policies to credibly ensure fiscal consolidation over the medium-term and to raise growth and employment. In the U.S., the immediate priority is to resolve the fiscal cliff and raise the debt ceiling, while developing an appropriately ambitious medium-term fiscal consolidation plan. In the Euro area, the Fund will support members’ efforts by assisting in the development and monitoring of well-designed adjustment programs and providing analysis and advice on options for banking and fiscal union. For other advanced economies, the Fund will assess the implications of the underlying policy framework.

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