European Economics: Macroeconomics & Monetary Economics eJournal最新文献

{"title":"Contractual Saving for Housing as Early Financial Development and Its Clients in Weimar Germany","authors":"J. Braun, Hans-Peter Burghof, M. Gehrung, Daniel Schmidt","doi":"10.2139/ssrn.3742623","DOIUrl":"https://doi.org/10.2139/ssrn.3742623","url":null,"abstract":"Even today, contractual saving for housing (CSH) through building societies (Bausparkassen) is one of the major sources for housing financing in several countries in Continental Europe. In its continental variety, it can be traced back to 1920s Germany. In this time, a weak and financially constrained government and a financial system devastated by hyperinflation could not cope with the shortage of financing for residential property. In our paper, we use hand-picked data from the first of the respective building societies to show the geographical spread of this new form of financial development from Southwest Germany across the Weimar Republic. We observe that CSH was especially popular in the industrial and more liberal states and areas of Germany, whereas clients in the Prussian heartland in the East showed relatively little interest. With regard to social classes and occupations of CSH customers, we find that especially the upper lower and the lower middle class used this financial development, and even members of the upper class used CSH relatively often. In this sense, CSH helped the middle class in overcoming financing constraints. Thus, CSH in Germany can be understood as financial development by demand.","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"232 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121304624","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Lending Quality and Contracts Enforcement Reforms","authors":"Vincenzo D’Apice, Franco Fiordelisi, G. W. Puopolo","doi":"10.2139/ssrn.3786050","DOIUrl":"https://doi.org/10.2139/ssrn.3786050","url":null,"abstract":"We investigate the causal relationship between the efficiency of country’s judicial system and the quality of bank lending, using the contracts enforcement reforms that have been implemented in four European countries as a quasi-natural experiment. We find that strengthening of contract enforcement determines large, significant, and persistent reductions of banks’ non-performing-loans (NPLs). Our results have important policy implications: they point at judicial efficiency as a key determinant of the stability of the banking sector and its resilience to negative shocks such as the recent COVID-19 pandemic.","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124185364","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Adapting lending policies in a “negative-for-long” scenario","authors":"Oscar J. Arce, Miguel García-Posada, S. Mayordomo, S. Ongena","doi":"10.2139/ssrn.3161924","DOIUrl":"https://doi.org/10.2139/ssrn.3161924","url":null,"abstract":"What is the long-term impact of negative interest rates on bank lending? To answer this question we construct a unique summary measure of negative rate exposure by individual banks based on exclusive survey data and banks’ balance sheets and couple it with the credit register of Spain and firms’ balance sheets to identify this impact on the supply of credit to firms. We find that only after a few years of negative rates do affected banks (relative to non-affected banks) decrease their supply and increase their rates, especially when lowly capitalized and lending to risky firms. This suggests that the adverse effects of the negative interest rates on banks’ intermediation capacity only show up after a protracted period of ultra-low rates.","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117215799","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate Social Responsibility (CSR) and Environmental Social Governance (ESG) – Disclosure of European Banks","authors":"Edgar Loew, Giulia Erichsen, Benjamin Liang, Margret Louise Postulka","doi":"10.2139/ssrn.3778674","DOIUrl":"https://doi.org/10.2139/ssrn.3778674","url":null,"abstract":"In the European Union the goal of transition towards a carbon-neutral economy by 2050 is identified as a major aim of the European Commission. The integral role of the financial services sector in funding such investments and enhancing the (re-) direction and allocation of capital flows towards sustainable projects and investments is increasingly acknowledged. Besides the integration of ESG and CSR into the banks’ operations, it can serve and be utilized as risk management tools. \u0000 \u0000This paper investigates the effectiveness of the EU Non-Financial Reporting Directive (2014/95/EU) with respect to the CSR disclosure quality in European banks from 2017-2019. After an overview of the EU’s path towards a sustainable financial sector from 2013 till present, the most important regulations will be assessed in detail, namely the Non-Financial Reporting Directive (2014/95/EU) and the Taxonomy Regulation on Sustainable Economic Activity (2020/852/EU). By constructing a multi-category CSR disclosure index to “translate” and quantify disclosed CSR information in the banks’ annual filings, a positive comparative development over the years is identified – indicating the general effectiveness of the directive. The construction of the disclosure index and the content analysis of the banks’ CSR disclosures is based on textual analysis. \u0000 \u0000In order to not only analyse and evaluate the level of CSR disclosure in European banks from 2017-2019, but also to identify potential factors influencing its quality, the collection of multiple data inputs is necessary. The paper examines the association between three factors of the balance sheet and the P&L on their significance on the disclosure score. These factors are asset size in million euro (proxy for size), common equity tier 1 ratio (proxy for market discipline) as defined in the Basel III regulatory framework (proxy for market discipline) and pre-tax return on assets (proxy for profitability). Furthermore, the association of other non-balance sheet factors and their correlation on the disclosure score is examined which are listing status (listed or non-listed), country of the head-quarter, (external) auditor and bank´s CSR report type. Therefore, this adds detail to research, as existing majorly focus on how CSR-related information is disclosed and not to what extent and quality. \u0000 \u0000This paper targets accountants, financial institutions, regulatory authorities, shareholders, investors and stakeholders in general who are affected by and interested in the overall CSR disclosure quality of European banks.","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130256191","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Economic Culture of Ukraine in the Context of European Integration","authors":"P. Lepak, Kulish Larysa","doi":"10.21303/2504-5571.2021.001586","DOIUrl":"https://doi.org/10.21303/2504-5571.2021.001586","url":null,"abstract":"Condition research of economic culture of Ukraine in the context of European integration is fundamental for the formation of effective reforms and strategies of public administration and the need for further methodological improvement. \u0000The theoretical and methodological basis of the article is the scientific research of scientists and reports of international organizations, in particular the condition research of world values, conducted as part of the research \"World values ​​Survey\" (WVS), in the period 2017-2020. \u0000General approaches and research methods were used during the preparation of the article: theoretical generalization, analysis, synthesis and system method, statistical research, sociological research and expert opinions. \u0000The use of these methods allowed to consider the current position of economic culture and entrepreneurial culture in the context of European integration, through the prism of economic values, which are empirically studied. \u0000In this research, the author's determination of the state of economic culture in the transformation process was carried out","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125880067","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Brexit: The scapegoating of the EU for the failures of British Neoliberalism?","authors":"H. Mahmud","doi":"10.2139/ssrn.3854841","DOIUrl":"https://doi.org/10.2139/ssrn.3854841","url":null,"abstract":"The fallout and aftershocks from the United Kingdom’s (UK) decision to exit the European Union (EU) in 2016 are still reverberating. With a nationwide schism dividing the countries that comprise the United Kingdom of Great Britain and Northern Ireland to discord and resentment amongst the populace, the fissures created by this unprecedented occurrence have yet to be fully understood. Despite the contribution and coalescence of varying factors in determining the referendum result, this paper will put forth the case that the underlying pressures of economic insecurity caused by decades of neoliberal globalisation (NLG) were at the root of people’s disaffection, particularly following the global financial crisis of 2008 and the austerity measures enacted thereafter. Onus has been placed on the reclaiming of sovereignty, control over national borders and immigration from within the EU – factors that have been given the mantle of proxy scapegoat for what are essentially issues derived from the overarching theme of economic insecurity that prevails in the UK. Economic insecurity fed by socio-economic policies of past and present governments that have resulted in de-industrialisation and a squeeze on regional economies due to increased global competition, whilst simultaneously diverting investment into the financial and services sector in the South East of England to the detriment of the rest of the country. Such disparities in wealth and increasing inequalities provided fertile ground for the Eurosceptic rhetoric of the Leave campaign to leverage anti-immigration messaging tied to national identity politics in order to propel the electorate into making one of the most contentious and significant decisions the UK has faced in the post-war era.","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122165280","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of Regional Banking Systems on Firms and SMEs – Evidence from five European Countries","authors":"Daniel Schmidt","doi":"10.2139/ssrn.3742117","DOIUrl":"https://doi.org/10.2139/ssrn.3742117","url":null,"abstract":"Banks perform similar functions all over the world. Nevertheless, the banking systems around the world are very different. This paper analyses how the difference affects local firms as well as small and medium-sized enterprises. For my project, I combine banking and economic data of five EU countries on NUTS 2 level. I focus on different characteristics of regional banking systems such as the corporate forms of banks (private banks, co-operative banks, savings banks) or the bank size. I combine this data set with information from almost 850,000 companies in these countries. My results show that regional banking systems, with smaller banks on average, lead to better profitability of enterprises in the respective region. Co-operative banks, LLCs and savings banks foster local firm performance. The results apply to small and medium-sized enterprises in particular.","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126393765","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Future of Payments in a DLT-based European Economy: A Roadmap","authors":"Alexandra Bechtel, Agata Ferreira, Jonas Gross, Philipp G. Sandner","doi":"10.2139/ssrn.3751204","DOIUrl":"https://doi.org/10.2139/ssrn.3751204","url":null,"abstract":"Distributed ledger technology (DLT) enables a wide range of innovative industrial use cases and business models, such as through programmable payments and the seamless exchange of assets, goods, and services. To exploit the full potential of a DLT-based European economy, it is crucial to integrate the euro into DLT networks. In this paper, we propose a framework for developing payment solutions for a DLT-based European economy. To this end, we decompose the digital payments value chain into three pillars: (1) contract execution system, (2) digital payment infrastructure, and (3) monetary unit. Based on this framework, we systematically compare account- and token-based payment solutions, including a bridge solution, e-money tokens, synthetic central bank digital currencies (CBDCs), and a central bank digital currency (CBDC). Taking into account current circumstances, we conclude that no individual payment solution will be sufficient to address all emerging use cases. Instead, a broad array of payment solutions will emerge and co-exist. These solutions will apply to a variety of different use cases and will be launched at different points in time.","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131325224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"International Monetary Policy Uncertainty Spillover","authors":"Yeqian Feng, Li Li","doi":"10.2139/ssrn.3747852","DOIUrl":"https://doi.org/10.2139/ssrn.3747852","url":null,"abstract":"In this paper, we examine the spillover effect of US monetary policy uncertainty (MPU) on China's real economic activities, and study the international transmission mechanisms of MPU shock from the view of financial integration, on both aggregate and firm level. Based on the macro level evidences, we find that an increase in US MPU will depress not only domestic output but also the real economic activities in China. The international spillover effect of US MPU shock will be intensified when international financial markets get more integrated. The firm level evidence based on Chinese listed firms further corroborate the deflationary effect of US MPU shock. Theoretically, we build a two-country New Keynesian DSGE model featuring monetary uncertainty shock to confirm the empirical evidences.","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"194 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132764278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Inflation and Economic Activity in Advanced and Emerging Economies","authors":"Apostolos Serletis, Jinan Liu","doi":"10.2139/ssrn.3744306","DOIUrl":"https://doi.org/10.2139/ssrn.3744306","url":null,"abstract":"Although the inflation rates have been low in recent years, the uncertainties that put downward pressure on inflation remain the key uncertainties that economies around the world are facing, and they could be unexpectedly persistent. In this paper, we investigate the relation between nominal uncertainty and macroeconomic performance in the G7 and EM7 countries. We use a bivariate VARMA GARCH-in-Mean asymmetric BEKK model to estimate the response of output growth to inflation uncertainty We find that inflation uncertainty is persistent in move of the G7 and EM7 countries. The uncertainty surrounding future inflation lowers output growth in most of the G7 countries, however, the effect is mixed in the EM7 countries.","PeriodicalId":191513,"journal":{"name":"European Economics: Macroeconomics & Monetary Economics eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122305726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}