Search results for "Balances"

The eio proposal for a directive and mafia trials: Striving for balance between efficiency and procedural guarantees

2013

PD EIO could mark a turning point in the development of “European criminal procedure.” The Proposal will obtain evidence in cross-border cases and is particularly suitable for investigations on the subject of international organized crime. From the long gestation period and the contents of the Proposal emerges, however, the difficulty of making a balance between the investigation of crimes and the guarantees of the individuals involved. The use of collected of evidence from different legal systems is often an overly neglected aspect. Doubt surrounds the regulation of banking instruments, the rules on wiretapping, and all provisions for undercover investigations.

El capitalismo, contra el planeta / 5

2007

Testing for external sustainability under a monetary integration process. Does the Lawson doctrine apply to Europe?

2015

Monetary integration, and more specifically, the creation of a monetary union in Europe, raises new economic questions concerning its functioning and governance. In particular, we focus on the implications of high and persistent current account deficits for the economic performance of monetary union members in the medium term. Recent literature has argued that conventional measures of external sustainability are misleading because they omit the effects of capital variations on net foreign asset positions due to, among others, stock or debt market crises. In this paper we revisit external sustainability making use of the database developed by Lane and Milesi-Ferretti (2007) that includes the…

Labor and product market reforms and external Imbalances: Evidence from advanced economies

2021

We explore the impact of major labor and product market reforms on current account dynamics using a new “narrative” database of major changes in employment protection for regular workers and product market regulation for non-manufacturing industries covering 26 advanced economies over the past four decades. Our main finding is that product market deregulation is associated with a weakening of the current account, while labor market deregulation is associated with an improvement. These effects are transitory and driven by both saving and investment responses. Labor and product market reforms both have a more positive impact on the current account balance when implemented under weak macroecon…

Cross-country variation in patience, persistent current account imbalances and the external wealth of nations

2022

This paper is the first to utilize large-scale international surveys on economic preferences to examine the long-run relationships between patience, current accounts and external wealth. We find robust empirical evidence that countries with more patient individuals tend to run persistent current account surpluses, which in turn result in the accumulation of foreign assets. This theoretically plausible but empirically unexplored relationship holds true for euro area current account imbalances, global current account imbalances and net foreign asset positions worldwide. While the existing current account literature concentrates on proximate macroeconomic determinants, this paper’s extension o…

Planning Rehabilitation Actions on Water Distribution Networks in Condition of Data Scarcity

2011

The paper shows a viable approach to the selection of water networks rehabilitation actions, in condition of data scarcity and uncertainty, based on the use of four concise performance literature indices, allowing the analysis and identification of efficient, reliable and robust rehabilitation alternatives, even if assessed on the basis of a relatively small amount of data. A promising statistical sampling method of water consumptions is also described, that may be fruitfully employed within the proposed approach for drafting water balances at network district scale in order to quantify the extent of leakages. The illustrated case study shows that the selected indices are capable to describ…

Addressing the Net Balances Problem as a Prerequisite for EU Budget Reform: A Proposal

2009

Presentado también como comunicación en el XI Encuentro de Economía Aplicada, celebrado del 5 al 7 de junio de 2008 en la Universidad de Salamanca (España)

Holes in the Dike: the global savings glut, U.S. house prices and the long shadow of banking deregulation

2015

We explore empirically how capital inflows into the US and financial deregulation within the United States interacted in driving the run-up (and subsequent decline) in US housing prices over the period 1990-2010. To obtain an ex ante measure of financial liberalization, we focus on the history of interstate-banking deregulation during the 1980s, i.e. prior to the large net capital inflows into the US from China and other emerging economies. Our results suggest a long shadow of deregulation: in states that opened their banking markets to out-of-state banks earlier, house prices were more sensitive to capital inflows. We provide evidence that global imbalances were a major positive funding sh…

Blessed Mary, Forgive Us Our Deficits

2013

Many studies have explored the medium-term determinants of current account balances. This paper contributes to the existing literature by introducing religious variables that until now have been omitted. We propose that Catholic countries tend to run current account deficits. This result remains robust even if we include both the official financial flows and the variables measuring the quality of institutions. In total we control for close to all of the variables that have been included in previous studies. To rationalize our result we consulted the World Values Survey and discovered that Roman Catholics do not consider thrift as important as other religious groups.

MEDIUM-TERM DETERMINANTS OF INTERNATIONAL INVESTMENT POSITIONS: THE ROLE OF STRUCTURAL POLICIES

2012

This paper provides an empirical investigation of the medium-term determinants of international investment positions for a large sample of advanced and emerging economies. In addition to the usually considered drivers of foreign assets and liabilities, the analysis focuses on the role of structural policy indicators. Using cross-section and panel regression techniques the results suggest that structural policy settings are important medium-term drivers of capital flows, having a relatively large impact on gross and net foreign capital positions and on their composition. In particular, the results suggest that certain kinds of structural policy reform could help to narrow global imbalances,…