Uusi EU-säädös, jolla tehostetaan pankkitileillä olevien varojen jäädyttämistä, tuli voimaan 18. tammikuuta 2017. EU:ssa on nykyisin käytössä velkojia varten vakiomenettely, jolla ne voivat saada velallisen pankkitilit jäädytetyiksi turvatakseen velan maksun, vaikka tuomioistuin ei olisikaan vie...
We study how differences in the aggregate structure of corporate debt financing affect the transmission of monetary policy. Using high-frequency financial market data to identify monetary policy shocks in a panel of euro area countries, we find that: bond finance dampens the overall response of ...
Given the importance of the residential real estate (RRE) sector for financial and macroeconomic stability, the European Systemic Risk Board (ESRB), alongside national macroprudential authorities and the European Central Bank (ECB), has a responsibility to help prevent RRE vulnerabilities from b...
Existing proposals for reform in the euro area, including the introduction of an orderly sovereign debt restructuring mechanism and of forms of debt mutualisation, rely on similar implicit or explicit assumptions: The “diabolic loop” between sovereign debt and domestic banks is to be mitigated o...
We analyze the strategic interaction between undercapitalized banks and a supervisor who may intervene by preventive recapitalization. Supervisory forbearance emerges because of a commitment problem, reinforced by fiscal costs and constrained capacity. Private incentives to comply are lower when...
Using a pan-European data set of 8.5 million firms, this paper finds that firms with high debt overhang invest relatively more than otherwise similar firms if they are operating in sectors facing good global growth opportunities. At the same time, the positive impact of a marginal increase in de...
This in-depth review (IDR) takes a broad view of the Dutch economy in line with the scope of the surveillance under the macroeconomic imbalance procedure (MIP). Section 2 looks into developments covering the external and internal dimensions. Section 3 focuses specifically on the current account ...
The approach to Debt Sustainability Assessments (DSAs) has substantially evolved after the global crisis, with the goal of improving detection of risks. DSAs cover an increasing number of indicators, systematically look into implicit and contingent liabilities, and use statistical methods to qua...
The approach to debt sustainability analysis (DSA) followed by the IMF and European Commission (EC) are broadly similar. The commonality derives from the fact that debt levels, deficits and interest rates costs are linked by universal accounting relationships. DSA is a standard instrument of fis...
The corporate income tax gap (CIT Gap) is the gap between corporate tax revenues as they “should be” collected and as they “are” collected. The gap is an indication of potential CIT revenue losses. The topic has gained in prominence in the public domain given its impact on public finances, on th...
