Download or read book Banking Union as a Shock Absorber written by Daniel Gros and published by Rowman & Littlefield. This book was released on 2015-12-16 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Great Financial Crisis, which started in 2007-08, was originally called the ‘sub-prime’ crisis because its origins could be traced to excessive lending in the real estate sector in the US, concentrated mostly in sunbelt states like Nevada, Florida and California. There were similar pockets of excess lending for housing in Europe, notably in Ireland and Spain. But a key difference emerged later: in Ireland and Spain, the local banking systems almost collapsed and the governments experienced severe financial stress with large macroeconomic costs. Nothing similar happened in the US. The local financial system remained fully functional and the local governments did not experience increased financial stress in the states with the biggest real estate booms, like Nevada or Florida. This book illustrates how the structure of the US banking market and the existence of federal institutions allowed regional financial shocks to be absorbed at the federal level in the US, thus avoiding local financial crisis. The authors argue that the experience of the US shows the importance of a ‘banking union’ to avoid severe regional (national) financial dislocation in the wake of regional boom and bust cycles. They also discuss the extent to which the institutions of the partial banking union, now in the process of being created for the euro area, should be able to increase its capacity to deal with future regional boom and bust cycles, thereby stabilising the single currency.

Download or read book Banking Union as a Shock Absorber written by Ansgar Belke and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Banking Union Ireland Vs Nevada written by Daniel Gros and published by . This book was released on 2012 with total page 3 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Despite their surprising similarities--in size and their housing booms--Ireland and the American state of Nevada sharply parted company when it came to who bore responsibility for bailing out their failed banks when the booms turned to bust. This latest Commentary by Daniel Gros vividly illustrates the importance of that difference and thus the shock-absorbing capacity of an integrated banking system and a banking union."--Publisher description.

Download or read book Redefining European Economic Integration written by Dariusz Adamski and published by Cambridge University Press. This book was released on 2018-04-19 with total page 517 pages. Available in PDF, EPUB and Kindle. Book excerpt: An innovative, bipartisan and comprehensive account of why European economic integration has been in disarray and how to fix it.

Download or read book Political Fiscal and Banking Union in the Eurozone written by Wharton Financial Institutions Center and published by . This book was released on 2013-09-06 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: PAPERBACK

Download or read book Crises and Challenges for the European Union written by Mark Rhinard and published by Bloomsbury Publishing. This book was released on 2023-10-19 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: The crises of the European Union extend beyond the challenges of Covid-19, Brexit, the Eurozone, and mass migration, cutting to the core of the EU itself. Taking a structural rather than event-based approach, this text unpacks all aspects of the EU in crisis and analyses the implications of these crises for the EU and its member states. This edition argues that crises and challenges are no longer unique and discreet events facing the EU, but rather, they are better understood as sustained conditions that have changed the relationships between member states, the functioning of institutions, the nature of public engagement and the prospects for integration. Chapters broach institutional issues as well as specific policy challenges, covering questions of legitimacy and leadership and offering a full chapter on democracy and Euroscepticism. Working within both historical and theoretical frameworks, this is the perfect companion for those studying and researching contemporary challenges facing the EU, European integration, political crisis management and transboundary crises more broadly.

Download or read book Fiscal Policies in High Debt Euro Area Countries written by Antonella Cavallo and published by Springer. This book was released on 2017-11-15 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the role of national fiscal policies in a selected group of Euro-area countries under the European Economic and Monetary Union (EMU). In particular, the authors characterize the response of output to fiscal consolidations and expansions in the small Euro-area open economies affected by high public and private debt. It is shown that the macroeconomic outcome of fiscal shocks is strongly related to debt levels. The Euro-area countries included in the investigation are Greece, Ireland, Italy, the Netherlands, Spain, and Portugal, over the sample period 1999–2016, i.e., the EMU period. The main econometric tools used in this research are structural vector autoregressive (VAR) models, including panel VAR models. The available literature relating to the subject is also fully reviewed. A further closely investigated topic is the potential spillover effects of German fiscal policies on the selected small Euro-area economies. Moreover, in the perspective of the evolution of the Euro Area towards a full Monetary and Fiscal Union, the authors study the effects of area-wide government spending shocks on aggregate output and other macroeconomic variables during the EMU period. The closing chapter of the book considers evidence on the consequences of austerity policies for European labour markets during recent years.

Download or read book The Metamorphosis of the European Economic Constitution written by Herwig C.H. Hofmann and published by Edward Elgar Publishing. This book was released on 2019 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Demonstrating the ways in which the micro and macro-economic constitutions of Europe have reacted to legal measures enacted to counter the economic crisis of the past decade, this innovative book takes an interdisciplinary approach in its attempt to understand and portray the metamorphosis of the European Economic Constitution. It contains contributions from leading scholars and experts in European economic law, discussing the challenges, solutions found, problems arising and possible approaches to embed the economic constitution in the broader constitutional framework of the EU. p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 10.0px Arial}

Download or read book The Nordic Countries and the European Union written by Caroline Grøn and published by Routledge. This book was released on 2015-02-20 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: In European policy-making, the Nordic countries are often viewed as a relatively coherent bloc; in international and European affairs the Nordic position has traditionally been conditioned on being different from and better than Europe. This book offers a coherent, original and systematic comparative analysis of the relationship between the Nordic countries and the European Union over the past two decades. It looks at the historical frame, institutions and policy areas, addressing both traditional EU areas such as agriculture and more nascent areas affecting the domestic and foreign policies of the Nordic countries. In doing so, it examines how the Nordic approach to European policy-making has developed and explains why the Nordic countries are similar in some respects while differing in others when engaging with EU institutions. In highlighting the similarities and differences between the Nordic countries it explores what lessons – positive and negative – may be drawn from this approach for the Nordic countries and other small states. This book will be of interest to scholars, students and practitioners engaged with the Nordic Countries, EU politics and policy-making, European politics and comparative politics.

Download or read book Crises and Integration in European Banking Union written by Christopher Mitchell and published by Oxford University Press. This book was released on 2024-02-06 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: Crises and Integration in European Banking Union builds a theory of how the combination of crisis severity and origin indicates whether a crisis will produce deep reform, modest reform, or a persistence of the pre-crisis status quo.

Download or read book Shadow Banking and the Conduct of Monetary and Macroprudential Policy written by Philipp Kirchner and published by BoD – Books on Demand. This book was released on 2020-01-01 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the occurrence of the Great Financial Crisis (GFC) in 2007/2008, our understanding of (macro) economics changed fundamentally. The evolution of the GFC revealed fundamental changes in the structural composition of financial systems in that traditional retail banking services, especially in the U.S., shifted progressively into a market-based banking system called the shadow banking system. Consequently, policy makers were forced to adapt the existing toolkit in two ways: implementing unconventional monetary measures to stimulate markets and introducing macroprudential measures as laid down in the BASEL III-framework geared towards the resilience and stability of the financial sector. This thesis addresses these aspects by using state-of-the-art closed- and open-economy dynamic stochastic general equilibrium models to analyze the impact of shadow banking on the business cycle and on the interaction with monetary and macroprudential policy measures.

Download or read book Single Markets written by Michelle Egan and published by OUP Oxford. This book was released on 2015-01-22 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book provides in-depth analytical comparison of the nineteenth century evolution of the American single market with corresponding political, economic, and social developments in post-WWII European efforts to create a single European market. Building the regulatory framework needed for successful adoption of an integrated single market across diverse political units represents one of the most important issues in comparative political economy. What accounts for the political success or failure in creating integrated markets in their respective territories? When social discontent threatens market integration with populist backlash, what must be done to create political support and greater legitimacy? Single Markets focuses on the creation of integrated economies, in which the United States and European Union experienced sharply contested ideas about the operation of their respective markets, conflict over the allocation of institutional authority, and pressure from competing political, economic, and social forces over the role and consequences of increased competition. Drawing upon four case studies, the book highlights the contestation surrounding the US and EUs efforts to create common currencies, expand their borders and territories, and deal with the pressures of populist parties, regional interests and varied fiscal and economic challenges. Theoretically, the book draws on work in European integration and American Political Development (APD) to illustrate that the consolidation of markets in the US and EU took place in conjunction with the expansion of state regulatory power and pressure for democratic reform. Single Markets situates the consolidation of single markets in the US and EU in a broader comparative context that draws on research in economics, public administration, political science, law, and history.

Download or read book The Legal History of the European Banking Union written by Pedro Gustavo Teixeira and published by Bloomsbury Publishing. This book was released on 2020-12-24 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: How was the Banking Union, the most advanced legal and institutional integration in the single market, created? How does European law impact European integration? To answer these questions, this book provides a sweeping account of the evolution of European law. It identifies five integration periods of the single financial market, intertwined with the development of global finance, from its origins, through its expansion and crisis, to the Banking Union. Each period is defined by innovations to deepen integration, such as the single passport for financial services, soft governance and comitology, agencies, or a single rulebook. Providing a far-reaching explanation of the legal and institutional rationality of the European Banking Union, this book demonstrates that the Banking Union is not an accident of history or simply the product of the existential crisis of the Monetary Union. It has deep roots in the evolutionary process of European law and its drive towards supranational integration.

Download or read book Financial Cycles and the Real Economy written by Ewald Nowotny and published by Edward Elgar Publishing. This book was released on 2014-10-31 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the link between the financial cycle - financial booms, followed by busts - and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramoun

Download or read book The Cambridge Handbook of European Monetary Economic and Financial Integration written by Dariusz Adamski and published by Cambridge University Press. This book was released on 2023-10-12 with total page 974 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by experts in the field, this volume offers an in-depth and forward-looking legal, economic, and political science analysis of the rationale, main features, as well as the shortcomings of European economic, monetary, and financial integration. It is primarily intended for an academic audience and policymakers.

Download or read book Financial Regulation written by Ester Faia and published by Cambridge University Press. This book was released on 2015-08-14 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: An assessment of the current state and future prospects of financial regulation in Europe.

Download or read book Global Banks and International Shock Transmission written by Nicola Cetorelli and published by DIANE Publishing. This book was released on 2010-11 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global banks played a significant role in transmitting the 2007-09 financial crisis to emerging-market (EM) economies. The authors examine adverse liquidity shocks on main developed-country banking systems and their relationships to EM across Europe, Asia, and Latin Amer., isolating loan supply from loan demand effects. Loan supply in EM across Europe, Asia, and Latin Amer. was affected significantly through three separate channels: (1) a contraction in direct, cross-border lending by foreign banks; (2) a contraction in local lending by foreign banks¿ affiliates in EM; and (3) a contraction in loan supply by domestic banks, resulting from the funding shock to their balance sheets induced by the decline in interbank, cross-border lending. Charts and tables.