Search results for "Interest"
showing 10 items of 624 documents
What determines the duration of a fiscal consolidation program?
2013
This paper assesses the determinants of the length of fiscal consolidation using annual data for 17 industrial countries over the period 1978-2009. Relying on a narrative approach to identify fiscal consolidation episodes, we show that fiscal variables (such as the budget deficit and the level of public debt) and economic factors (such as the degree of openness, the inflation rate, the interest rate and per capita GDP) are crucial for the fiscal consolidation process. Additionally, we employ duration analysis over a set of consolidation spells and find that, as time goes by, the likelihood of a fiscal consolidation ending is higher. However, the hazard function is not monotonic: indeed, it …
Intertemporal substitution and the liquidity effect in a sticky price model
2002
Abstract The liquidity effect, defined as a decrease in nominal interest rates in response to a monetary expansion, is a major stylized fact of the business cycle. This paper first confirms that, with separable preferences, a low degree of intertemporal substitution in consumption is a necessary condition for the existence of the liquidity effect. In contrast to this result, in a model with non-separable preferences and capital accumulation it takes an implausibly high elasticity of intertemporal substitution to produce a liquidity effect. The robustness of these results to alternative degrees of nominal rigidities, capital adjustment costs and stochastic monetary processes is also analysed…
Is the Fisher effect non-linear? some evidence for Spain, 1963–2002
2005
In this paper the role of non-linearities in the relationship between nominal interest rates and inflation is examined, in order to shed some additional light on the mostly unfavourable evidence on the presence of a full Fisher effect. The analysis is applied to the case of Spain for the period 1963–2002, which allows previous results on the subject to be re-examined and extended. The empirical methodology makes use of recent developments on threshold cointegration, so that cointegration between a pair of variables should be expected only once a certain threshold was reached.
Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union
2020
We study the macroeconomic effects of internal devaluations undertaken by a periphery of countries belonging to a monetary union. We find that internal devaluations have large and positive output effects in the long run. Through an expectations channel, most of these effects carry over to the short run. Internal devaluations focused on goods markets reforms are generally more powerful in stimulating growth than reforms aimed at moderating wages, but the latter are less deflationary. For a monetary union with a periphery the size of the euro area's, the countries at the periphery benefit from internal devaluations even at the zero lower bound (ZLB) of the nominal interest rate. Nevertheless,…
Results of the NA31 Experiment on K0Decays
1989
Decays of neutral kaons are of high interest in high energy physics. The discovery of CP violation1 opened up a field of new physics. Today, interest is concentrated on precision measurements of CP-violating parameters as well as on searches for rare decays that are suppressed or forbidden in the standard model.
Spanish Journal of Human Nutrition and Dietetics editors Conflicts of Interest declaration 2020-2022
2020
Se reconoce como Conflicto de Interés (COI), al conjunto de condiciones en las que el juicio profesional en relación a un interés primario, tiende a ser indebidamente influenciado por un interés secundario (como por ejemplo el beneficio económico)1 . Esta situación no es ajena a los procesos editoriales de revistas científicas, estando presente desde la producción de manuscritos por los/as autores/as, la revisión por pares y las gestiones de los/as miembros de los equipos editoriales.
Concentration Dynamics in the Market for Audit of Public Interest Entities in Latvia
2020
This paper studies the dynamics of concentration levels in the market for audit of public interest entities (further PIEs) in Latvia from 2016 to 2018. This is important to identify initial effects on concentration and the likely consequences of the new EU statutory audit legislation (i.e. Directive 2014/56/EU and Regulation 537/2014) entered into force in June 2016. This paper relies primarily on the analysis of the annual reports of Latvian PIE audit firms and their associates and computes some key measures describing concentration – the Herfindahl-Hirschman index and concentration ratios CR1 or CR4. It also analyses market concentration in different categories of PIEs, notably banks. The…
Impact of burn-out syndrome in oncology personnel and its improvement through specific interventions
2019
Abstract Background Burn-Out Syndrome (BOS) in oncology nurses, has few experiences reported about its incidence and impact in its three different areas: emotional and physical exhaustion, cynism and despersonalization and no personal nor profesional fulfillment. There is a lack of resources for its diagnosis and management, although it impacts negatively in the patient attention/ care quality and the quality of institutional processes, added the personal impact in personal workers lives. Our objective was to determine the incidence of the BOS in our workers, analyze its causes and reduce in 20% the percentage of workers suffering or at risk of suffering BOS. Methods 23 nurses / nurse assis…
Quantifying Preferential Trading in the e-MID Interbank Market
2013
Interbank markets allow credit institutions to exchange capital for purposes of liquidity management. These markets are among the most liquid markets in the financial system. However, liquidity of interbank markets dropped during the 2007-2008 financial crisis, and such a lack of liquidity influenced the entire economic system. In this paper, we analyze transaction data from the e-MID market which is the only electronic interbank market in the Euro Area and US, over a period of eleven years (1999-2009). We adapt a method developed to detect statistically validated links in a network, in order to reveal preferential trading in a directed network. Preferential trading between banks is detecte…
La capitalización de los arrendamientos operativos: Análisis del impacto en las empresas del IBEX 35
2018
Purpose: This paper analyzes the consequences of the change in the accounting rules about operating leases in the companies and users of financial information. Design/methodology: We use the constructive capitalization method to estimate the liabilities and leased assets and perform an ex ante analysis of the regulatory impact in the IBEX 35 non-financial companies. Non-parametric tests are employed to examine the effect on certain ratios, and through a multivariate regression we investigate the business characteristics that explain the variation of EBITDA. Findings: The ratios under study are significantly affected by the capitalization of operating leases. The explanatory analysis shows t…