共查询到19条相似文献,搜索用时 62 毫秒
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Bartsch Daniele Antonucci 《海外经济评论》2009,(49):23-24
欧洲统计局速报数据显示,3季度欧元区GDP环比增长0.4%(未折算为年率),此结果与主流预测值基本相符,但低于我们的预期。我们原本预计,欧元区经济至少会出现0.9%以上的环比增长,从而与美国增势持平,然而欧洲的经济势头没有达到我们的预期。由于关于各国需求面和生产面的数据还不充分,因此我们还难以解释欧元区经济增势不及预期水平的原因。 相似文献
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欧洲现有救援工具应有助于缓解税收和融资的协调。如果没有增长,债务问题也不能得到解决,欧洲央行应该考虑财政刺激的举措,使经济得以恢复。 相似文献
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Athanasios Orphanides 《Atlantic Economic Journal》2014,42(3):243-263
This paper explores the dominant role of politics in decisions made by euro area governments during the crisis. Decisions that appear to have been driven by local political considerations to the detriment of the euro area as a whole are discussed. The domination of politics over economics has led to crisis mismanagement. The underlying cause of tension is identified as a misalignment of political incentives. Member state governments tend to defend their own interests in a noncooperative manner. This has magnified the costs of the crisis and has resulted in an unbalanced and divisive incidence of the costs across the euro area. The example of Cyprus is discussed, where political decisions resulted in a transfer of about half of 2013 GDP from the island to cover losses elsewhere. In the absence of a federal government, no institution can adequately defend the interests of the euro area as a whole. European institutions appear weak and incapable of defending European principles and the proper functioning of the euro. Political reform is needed to sustain the euro but this is unlikely to pass the political feasibility test with the current governments of Europe. 相似文献
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Building on the celebrated Keynes–Ohlin debate and on Lane and Milesi-Ferretti (Rev Econ Stat 86:841–857, 2004), the paper
investigates the transfer problem for the Euro area vis-à-vis the rest of the world. The analysis is developed in a theoretically
and statistically consistent way and is intended as a contribution to the empirical literature on EMU. The main result of
the paper is that the accumulation of net foreign asset in the Euro area is consistent with real exchange appreciation, largely
through the relative price of nontradables rather than through the terms of trade.
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Paolo Paesani (Corresponding author)Email: |
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欧元区东扩的进程、问题及其影响 总被引:2,自引:0,他引:2
欧元区的扩大进程正在紧锣密鼓地进行。欧元区东扩,即欧盟10个新成员加入欧元区,将是欧洲经济与货币一体化的重要里程碑,也是欧盟一体化进程中的巨大挑战之一。2007~2010年间,欧盟的10个东欧新成员将分别加入欧元区,欧元区可能将由现在的12国扩大为22国。目前,10个新成员正在积极创造条件加入欧元区,其中有5个国家已经达标(《马斯特里赫特条约》规定的趋同标准)。本文认为,新成员是否应该加入欧元区,应权衡得失,从成本和收益方面综合考虑。理性的选择应是在合适的时间、收益高于成本的情况下加入欧元联盟;应该从经济、政治利益方面综合考虑作出决定,而不应该单纯从政治上考虑。欧元区东扩对新老成员的影响利大于弊。欧元的国际地位上升,但未来欧元汇率的不确定性因素增加,国际货币格局将发生重大变化。 相似文献
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The Effects of Monetary Policy in the Euro Area 总被引:1,自引:0,他引:1
Ehrmann Michael; Gambacorta Leonardo; Martinez-Pages Jorge; Sevestre Patrick; Worms Andreas 《Oxford Review of Economic Policy》2003,19(1):58-72
This paper presents evidence on the monetary transmission processin the euro area, based on macroeconomic data and on micro dataon banks. According to the estimations of macro vector autoregressionand macroeconometric models, a monetary policy tightening significantlyreduces output andafter a time lagalso prices.The effect on output is temporary, while that on prices is permanent.Clear patterns of significant asymmetries in the monetary policyeffects across countries do not emerge. The estimations basedon micro data on banks show that the main factor that determinesthe average bank's response to monetary policy is its degreeof liquidity: the lower its share of liquid assets in totalassets, the more strongly does a bank reduce its lending inresponse to a monetary tightening. Bank size does not emergeas an important factor for a bank's reaction to monetary policy.These results hold for virtually all member countries of theEuropean Monetary Union, despite the differences in their bankingsystems. 相似文献
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欧元区经济:复苏受阻于外部冲击 总被引:1,自引:0,他引:1
2002年,欧元区经济实现国内生产总值(GDP)70635亿欧元,按不变价计算,比2001年增长0.8%,低于2001年1.5%的增长率。欧元区2002年GDP增长率虽然继续下降,但经济似乎出现了复苏迹象:第二季度GDP同比增长0.9%,扭转了连续7个季度以来的下降趋势;第三季度和第四季度经济继续缓慢... 相似文献
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Open Economies Review - Building upon a Behavioural Equilibrium Exchange Rate model, estimated at a quarterly frequency since 1999 on a broad sample of 57 countries, this paper assesses both the... 相似文献
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Central bank credit has expanded dramatically in some of the Euro Area member countries since the beginning of the financial crisis. This paper makes two contributions to understand this stylized fact. First, we discuss a simple model of monetary policy that includes (i) a credit channel and (ii) a common pool problem in a monetary union. We illustrate that the interaction of the two elements leads to an inflation bias that is independent of the standard time-inconsistency bias. Secondly, we present an institutional analysis that is consistent with the view of fragmented monetary policy and empirical evidence that illustrates the heterogeneity of central bank credit expansion. 相似文献
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Atlantic Economic Journal - This paper explores whether similarities in production structures have been an important determinant of business cycle co-movement in the Euro Area. We constructed an... 相似文献