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Author: Angana Banerji
Publisher: International Monetary Fund
ISBN: 1451870698
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.
Author: Angana Banerji
Publisher: International Monetary Fund
ISBN: 1451870698
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.
Author: Paul de Vries
Publisher: IOS Press
ISBN: 1607506653
Category : Political Science
Languages : en
Pages : 227
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Book Description
This study discusses ways of measuring and explaining the development of house prices. The goal of the research underpinning this dissertation was to develop a methodological framework for studying these developments. This framework relates, first, to correcting for changes in the composition of dwellings and, second, to the fundamentals of the price development. Using the weighted repeat sales method and sale price appraisal ratio (SPAR) method, house price indexes were developed for the Netherlands. Both the Dutch land registry office and Statistics Netherlands publish the SPAR based house price index monthly. To explain and predict changes in prices, a house price model is presented. As suggested in literature on western housing markets, the Dutch house price developments can be explained by demand-oriented short-run term variables and a long-run term variable.
Author: Mr.Jeffrey R. Franks
Publisher: International Monetary Fund
ISBN: 1484338499
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
Author: Armin Steinbach
Publisher: Routledge
ISBN: 1317689615
Category : Business & Economics
Languages : en
Pages : 238
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Book Description
The European debt crisis has given new impetus to the debate on economic policy coordination. In economic literature, the need for coordination has long been denied based on the view that fiscal, wage and monetary policy actors should work independently. However, the high and persistent degree of macroeconomic disparity within the EU and the absence of an optimum currency area has led to new calls for examining policy coordination. This book adopts an institutional perspective, exploring the incentives for policymakers that result from coordination mechanisms in the fields of fiscal, monetary and wage policy. Based on the concept of externalities, the work examines cross-border spillovers (e.g. induced by fiscal policy) and cross-policy spillovers (e.g. between fiscal and monetary policies), illuminating how they have empirically changed over time and how they have been addressed by policymakers. Steinbach introduces a useful classification scheme that distinguishes between vertical and horizontal coordination as well as between cross-border and cross-policy coordination. The author discusses farther-reaching forms of fiscal coordination (e.g. debt limits, insolvency proceedings, Eurobonds) with special attention to how principals of state organization affect their viability. Federal states and Bundesstaaten differ in the incentives they offer for debt accumulation – and thus in their suitability for fiscal coordination. Steinbach finds that the originally strict separation between policy areas has undergone significant change during the debt crisis. Indeed, recent efforts to coordinate policy are no longer limited to one policy area, but now extend to several areas. Steinbach argues that further fiscal policy coordination can be effectively deployed to address policy externalities, but that the coordination mechanisms used must match the form of state organization in the first place. Regarding wage policies, there are significant barriers to coordination. Notwithstanding some empirical successes in the implementation of a productivity-oriented wage policy, the high heterogeneity of national wage-setting institutions is likely to prevent any wage coordination.
Author: James A. Caporaso
Publisher: Oxford University Press
ISBN: 0198755732
Category : Business & Economics
Languages : en
Pages : 314
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Book Description
This is the first book to provide a full and dispassionate account of the politics and economics of the Eurozone crisis, focusing on the interlinked origins and impacts of the Euro-Zone crisis and the policy responses to it. The book is distinguished from existing research by its avoidance (and rejection) of the too-often simplistic analysis that has characterized political, media and regrettably some academic coverage, and by its attempt to escape from the tyranny of day-to-day events and short-term developments. Each of the contributors identifies an important question and undertakes a careful empirical, theoretically-informed analysis that produces novel perspectives. Together they seek to balance many of the existing accounts that have rushed to sometimes unwarranted conclusions, concerning, for example, the locus of institutional power in European crisis-management; the power and centrality of particular member states, notably Germany which has been attributed with 'hegemonic' status; the supposed entrapment of EU policy makers by an 'austerity ideology'; and the deep flaws that apparently afflict the solutions to the crisis put painstakingly in place, such as Banking Union. While it will be some time before the EU can put the crisis behind it, and the dust finally settles on the revised institutional system that emerges, The Political and Economic Dynamics of the Eurozone Crisis marks an important step towards a considered, reflective analysis of the tumultuous events and developments of the crisis period.
Author: Merijn Knibbe
Publisher: Routledge
ISBN: 1351136682
Category : Business & Economics
Languages : en
Pages : 197
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Book Description
Ideally, scientific theory and scientific measurement should develop in tandem, but in recent years this has not been the case in economics. There used to be a time when leading economists, or their students, established or led statistical offices and took care that the measurements were consistent with the theory (and vice versa). Not anymore. Macroeconomic theorists and macroeconomic statisticians do not even speak the same language any longer. They do use the same words, such as ‘consumption’, ‘investments’ or ‘unemployment’ but the meanings can often be different. This book maps the differences between macroeconomic theory and measurement and explores them in some detail while also tracking their intellectual, historical and, in some cases, ideological origins. It also explores the possible policy implications. In doing so, the book draws on two separate strands of literature which are seldom used in unison: macro-statistical manuals and theoretical macro-papers. By doing so, the book contributes to the effort to bridge the gap between them without compromising on the idea that a meaningful science of economics should, in the end, be based upon individual people and households and their social and cultural embedding instead of a ‘representative consumer’, or Robinson Crusoe figure. This work is essential reading for students, economists, statisticians, and professionals.
Author: William Wickham
Publisher: Lulu.com
ISBN: 0955848806
Category : Business & Economics
Languages : en
Pages : 178
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Book Description
This book evaluates the economic and political implications of Britain's possible adoption of the Euro in a manner intended to be intelligible to laymen as well as professionals. It was begun at a time when there seemed to be an acute public need for a rational analysis of the issue and it initially explores some observations about economic behaviour drawn from a lifetime's work experience. As well as reviewing the UK Treasury's later findings on the question it assesses its important political aspects, including the recently rejected EU Constitution. Anticipating that China's rise as an economic power could prove the catalyst that induces the countries of the Euro-zone to adopt more market-oriented economic policies, the book insists that the question of Britain's membership of the Euro must continue to be monitored and attacks the apparent intransigence of Conservative Party policy on Europe. Its final pages are devoted to personal political reflections of vital relevance to Britain's long-term future.
Author: Krisztina Arató
Publisher: Routledge
ISBN: 042953700X
Category : Political Science
Languages : en
Pages : 252
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Book Description
The idea for this volume came from the enigma that some Central and Eastern European (CEE) European Union (EU) member states have been keen to join the Eurozone while others have shown persistent reluctance. Moreover, the attitudes towards joining have seemingly not correlated with either the level of economic development or the time spent as part of the EU, nor with any other rational reason such as the level of integration into the EU real economy, or the level of trust in the EU on the part of the public. Therefore, at first sight, the answer to the question ‘why in, why out?’ remains rather unclear. The attractiveness of the currency union has nevertheless not disappeared for the CEE countries. Despite the Eurozone crisis of 2010–13, it was during that time that the Baltic states introduced the euro. Then, after a few years of inactivity, Croatia and Bulgaria successfully applied for membership of the exchange rate mechanism in July 2020, amid the economic crisis caused by the coronavirus (COVID-19) pandemic. At the same time, the three Visegrad countries still using their national currencies – Poland, Czechia and Hungary – no longer have a target date to join the monetary union. This volume aims to discuss these issues from horizontal aspects and through country studies, with contributions from expert authors from, or closely related to, the CEE region.
Author: Mark Kleinman
Publisher: Routledge
ISBN: 1134699204
Category : Science
Languages : en
Pages : 321
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Book Description
Good mix of analytical chapters and descriptive case studies Authors are very well known in the field
Author: Havard Rue
Publisher: CRC Press
ISBN: 0203492021
Category : Mathematics
Languages : en
Pages : 280
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Book Description
Gaussian Markov Random Field (GMRF) models are most widely used in spatial statistics - a very active area of research in which few up-to-date reference works are available. This is the first book on the subject that provides a unified framework of GMRFs with particular emphasis on the computational aspects. This book includes extensive case-studie
