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Asset Purchase Programs in European Emerging Markets
Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address market dysfunction and impaired monetary transmission, distinct from the quantitative easing conducted by major advanced economy central banks. Likely reflecting the global nature of the crisis, these APPs defied the traditional emerging market concern of destabilizing the exchange rate or inflation expectations and instead alleviated markets successfully. We uncover some evidence that APPs in European emerging markets stabilized government bond markets and boosted equity prices, with no indication of exchange rate pressure. Examining global an...
Macroprudential Policies and House Prices in Europe
Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system and that can cause serious negative consequences for the real economy.
Regional Spillovers from the Venezuelan Crisis
As a new migration crisis is unfolding in Europe because of the war in Ukraine, the purpose of this paper is to also highlight the ongoing migration crisis in Latin America and the Caribbean (LAC) due to Venezuela’s economic collapse. The stock of Venezuelan migrants reached 5 million in 2019, most of which had settled in other LAC countries. Following a temporary halt during the pandemic, migration from Venezuela has resumed, with the stock of migrants reaching 6.1 million in 2021. These migration flows are expected to continue in the coming years, which can strain public services and labor markets in the recipient economies in LAC. This Departmental Paper focuses on migration spillovers from the Venezuelan economic and social crisis. It sheds light on how migration can raise GDP growth and affect fiscal and external positions in host countries. It also discusses policy options, including greater support for education and integration into the workforce, which could help migrants find jobs to match their skills and help raise growth prospects in recipient countries.
Credit Booms and Macroeconomic Dynamics
Using a comprehensive database on bank credit, covering 135 developing countries over the period 1960–2011, we identify, document, and compare the macro-economic dynamics of credit booms across low- and middle-income countries. The results suggest that while the duration and magnitude of credit booms is similar across country groups, macro-economic dynamics differ somewhat in low-income countries. We further find that surges in capital inflows are associated with credit booms. Moreover, credit booms associated with banking crises exhibit distinct macroeconomic dynamics, while also reflecting a potentially large deviation of credit from country fundamentals. These results suggest that low-income countries should remain mindful of the inter-linkages between financial liberalization, increased cross-border banking activities, and rapid credit growth.
It is Only Natural: Europe’s Low Interest Rates
Estimates of the natural interest rate are often useful in the analysis of monetary and other macroeconomic policies. The topic gathered much attention following the great financial crisis and the Euro Area debt crisis due to the uncertainty regarding the timing of monetary policy normalization and the future path of interest rates. Using a sample of European countries (including several members of the Euro Area), this paper provides estimates of country-specific natural interest rates and some of their drivers between 2000 and 2019. In line with the literature, our findings suggest that natural interest rates declined during this period, and despite a rebound in the last few years of it, they have not recovered to their pre-crisis levels. The paper also discusses the implications of the decline in natural interest rates for monetary conditions and debt sustainability.
Credit Growth and Economic Recovery in Europe After the Global Financial Crisis
This paper reviews the empirical relationships between credit growth, economic recovery, and bank profitability in Europe after the global financial crisis (GFC). We find that the post-GFC recoveries in Europe have been weaker than previous recoveries, with the “double-dip” recessions in 2011–12 in many countries and the worldwide reach of the GFC explaining the underperformance. Bank lending has been subdued as well, but this appears to have only held back the recovery relatively moderately. A 10 percent increase in bank credit to the private sector is associated with a rise of 0.6–1 percent in real GDP and 2–21⁄2 percent in real private investment. These relationships have not changed significantly during and after the GFC. Loan quality, customer deposits, bank equity price index, and bank capital appear to be closely linked to bank lending. As expected, bank profitability is positively and significantly influenced by credit growth, but this relationship has weakened after the GFC.
Premium by Design
There are luxuries that most of us will never be able to afford in a lifetime, but just off the shores of the moneyed is a huge, fast growing, land of premium value which inspires people to get there, even if they need to stretch their budget to reach it. Premium by Design is a thoroughly researched, well argued and well presented study that identifies how global business leaders have succeeded in achieving margins by design. Thanks to original tools and processes, this book shows how you might also succeed. It is about better, but reachable and real, products and services. The book features insights from the world of customer science and design research. The key challenge for the world today is finding out how sustainable is the underlying process that is driving this apparent desire for more and more indulgent material possessiveness? This book might not have all the answers, but it will provoke and trigger a long overdue debate in the premium and image driven industries about tomorrow's values. As a result it is a must read for anyone in this market, or aspiring to it.
Changing Times at Harpers
The next instalment in the bestselling Harpers Emporium series! London Spring 1920 Harpers is beginning to flourish once more after the end of the war but for Sally Harper the problems continue. Husband Ben is moody, sometimes distant, and she feels he is shutting her out at home and at work, but why? It takes a terrible tragedy to make them realise their love and respect is still true. The ladies and girls who work at Harpers continue to battle with problems in their own lives. Marion is still trying to reach her war-damaged husband and Lilly is battling with her pain and shame. It’s a period of transition for all. The doors of Harpers are busy welcoming new and returning staff whilst bidding a fond farewell to others. This is the beginning of a new era and there is a fresh buzz of excitement in the air.
The Dark Arena
Mario Puzo won international acclaim for The Godfather and his other Mafia novels. But before creating those masterpieces, Puzo wrote his first acclaimed novel The Dark Arena-an astounding story of a war-scarred young American in a battle against corruption and betrayal. . . . After coming home at the end of World War II, Walter Mosca finds himself too restless for his civilian role in America. So he returns to Germany to find the woman he had once loved-and to start some kind of life in a vanquished country. But ahead of Walter stretches a dark landscape of defeat and intrigue, as he succumbs to the corrupting influences of a malevolent time. Now he enters a different kind of war, one in which he must make a fateful decision-between love and ambition, passion and greed, life and death. . . .
Components and Sub-Assemblies
Please note this is a Short Discount publication. Access both contact and company information on all 4950 European manufacturers, distributors and agents for 550 electronics components and sub–assembly product classifications throughout West and East Europe in one comprehensive Volume. Applications: • Sourcing of specific product types through local distributors or manufacturers • Location of new regional channels of distribution or identification of new European business partners • Competitor tracking • Sales lead generation Entries include: • Key names executives • Full address, telephone and fax details • Size indications including number of employees • Products • Manufacturers represented and agency status
