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Adjustment in Euro Area Deficit Countries

Adjustment in Euro Area Deficit Countries »

Source: Adjustment in Euro Area Deficit Countries : Progress, Challenges, and Policies

Volume/Issue: 2014/7

Series: Staff Discussion Notes

Author(s): Thierry Tressel , Shengzu Wang , Joong Kang , Jay Shambaugh , Jörg Decressin , and Petya Koeva Brooks

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 July 2014

ISBN: 9781498373814

Keywords: European Economic and Monetary Union, Europe, Euro Area, Current account deficits, Crisis, Current account, Rebalancing, Competitiveness, External stability, Labor market

Imbalances within the euro area have been a defining feature of the crisis. This paper provides a critical analysis of the ongoing rebalancing of euro area 'deficit economies' (Greece, Ireland, Portugal, and Spain)...

A Banking Union for the Euro Area

A Banking Union for the Euro Area »

Source: A Banking Union for the Euro Area

Volume/Issue: 2013/1

Series: Staff Discussion Notes

Author(s): Rishi Goyal , Petya Koeva Brooks , Mahmood Pradhan , Thierry Tressel , Giovanni Dell'Ariccia , and Ceyla Pazarbasioglu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2013

ISBN: 9781475521160

Keywords: Austria, Bank regulations, Bank resolution, Bank supervision, Belgium, Banking systems, Deposit insurance, Euro Area, Europe, Financial safety nets

The SDN elaborates the case for, and the design of, a banking union for the euro area. It discusses the benefits and costs of a banking union, presents a steady state view of the banking union, elaborates difficult...

Revisiting the Economic Case for Fiscal Union in the Euro Area

Revisiting the Economic Case for Fiscal Union in the Euro Area »

Volume/Issue: 2018/3

Series: Departmental Papers / Policy Papers

Author(s): Helge Berger , Giovanni Dell'Ariccia , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2018

DOI: http://dx.doi.org/10.5089/9781484340424.087

ISBN: 9781484340424

Keywords: Sweden, Switzerland, United Kingdom, Monetary unions, Spain, Italy, Fiscal policy, France, Germany, Greece

The paper makes an analytical contribution to the revived discussion about the euro area's institutional setup. After significant progress during the euro crisis, the drive to complete Europe's Economic and Monetar...

Drivers of Spain's Export Performance and the Role of the Labor Market Reforms1

Drivers of Spain's Export Performance and the Role of the Labor Market Reforms1 »

Source: Drivers of Spain's Export Performance and the Role of the Labor Market Reforms

Volume/Issue: 2018/283

Series: IMF Working Papers

Author(s): Jorge Salas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2018

ISBN: 9781484386941

Keywords: Employment, Europe, Export competitiveness, Export growth, Developed countries, Labor market reforms, Spain, Cross-country analysis, Competitiveness, Employment Protection

Spain's export performance strengthened after the global financial crisis, and exports now represent more than a third of GDP. This paper argues that several factors contributed to that achievement: external demand...

A Banking Union for the Euro Area

A Banking Union for the Euro Area »

Volume/Issue: 2013/1

Series: Staff Discussion Notes

Author(s): Rishi Goyal , Petya Koeva Brooks , Mahmood Pradhan , Thierry Tressel , Giovanni Dell'Ariccia , and Ceyla Pazarbasioglu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2013

DOI: http://dx.doi.org/10.5089/9781475521160.006

ISBN: 9781475521160

Keywords: Austria, Bank regulations, Bank resolution, Bank supervision, Belgium, Banking systems, Deposit insurance, Euro Area, Europe, Financial safety nets

The SDN elaborates the case for, and the design of, a banking union for the euro area. It discusses the benefits and costs of a banking union, presents a steady state view of the banking union, elaborates difficult...

A Strategy for Resolving Europe's Problem Loans

A Strategy for Resolving Europe's Problem Loans »

Volume/Issue: 2015/19

Series: Staff Discussion Notes

Author(s): Shekhar Aiyar , Wolfgang Bergthaler , Jose Garrido , Anna Ilyina , Andreas Jobst , Kenneth Kang , Dmitriy Kovtun , Yan Liu , Dermot Monaghan , and Marina Moretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2015

DOI: http://dx.doi.org/10.5089/9781513591278.006

ISBN: 9781513591278

Keywords: Bank resolution, Banks, Debt restructuring, Europe, Non-performing loans, Corporate debt, Nonperforming loans, NPL resolution, credit growth, debt

Europe's banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorit...

Adjustment in Euro Area Deficit Countries
			: Progress, Challenges, and Policies

Adjustment in Euro Area Deficit Countries : Progress, Challenges, and Policies »

Volume/Issue: 2014/7

Series: Staff Discussion Notes

Author(s): Thierry Tressel , Shengzu Wang , Joong Kang , Jay Shambaugh , Jörg Decressin , and Petya Koeva Brooks

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 July 2014

DOI: http://dx.doi.org/10.5089/9781498373814.006

ISBN: 9781498373814

Keywords: European Economic and Monetary Union, Europe, Euro Area, Current account deficits, Crisis, Current account, Rebalancing, Competitiveness, External stability, Labor market

Imbalances within the euro area have been a defining feature of the crisis. This paper provides a critical analysis of the ongoing rebalancing of euro area 'deficit economies' (Greece, Ireland, Portugal, and Spain)...

Drivers of Spain's Export Performance and the Role of the Labor Market Reforms

Drivers of Spain's Export Performance and the Role of the Labor Market Reforms »

Volume/Issue: 2018/283

Series: IMF Working Papers

Author(s): Jorge Salas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2018

DOI: http://dx.doi.org/10.5089/9781484386941.001

ISBN: 9781484386941

Keywords: Employment, Europe, Export competitiveness, Export growth, Developed countries, Labor market reforms, Spain, Cross-country analysis, Competitiveness, Employment Protection

Spain's export performance strengthened after the global financial crisis, and exports now represent more than a third of GDP. This paper argues that several factors contributed to that achievement: external demand...

Paths to Eurobonds

Paths to Eurobonds »

Volume/Issue: 2012/172

Series: IMF Working Papers

Author(s): Ashoka Mody , Stijn Claessens , and Shahin Vallée

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

DOI: http://dx.doi.org/10.5089/9781475505207.001

ISBN: 9781475505207

Keywords: Eurobonds, eurozone, fiscal risk-sharing, bonds, bond, financial markets, moral hazard, Financial Markets and the Macroeconomy, International Monetary Arrangements and Institutions, Financial Aspects of Economic Integration

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the medium-term, help...

Political Institutions, State Building, and Tax Capacity
			: Crossing the Tipping Point

Political Institutions, State Building, and Tax Capacity : Crossing the Tipping Point »

Volume/Issue: 2016/233

Series: IMF Working Papers

Author(s): Vitor Gaspar , Laura Jaramillo , and Philippe Wingender

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2016

DOI: http://dx.doi.org/10.5089/9781475558142.001

ISBN: 9781475558142

Keywords: Nigeria, Political economy, Income taxes, Taxation, Tax evasion, Sub-Saharan Africa, Tax administration, Spain, Western Hemisphere, China

An empirical finding by Gaspar, Jaramillo and Wingender (2016) shows that once countries cross a tax-to-GDP threshold of around 12¾ percent, real GDP per capita increases sharply and in a sustained manner over the...