scholarly journals Exchange Rate Implications of Reserve Changes: How Non-EZ European Countries Fared during the Great Recession

2014 ◽  
Vol 56 (2) ◽  
pp. 229-252 ◽  
Author(s):  
Kathryn Dominguez
Keyword(s):  
Exchange Rate ◽  
Great Recession ◽  
European Countries ◽  
The Great Recession

scholarly journals Vehicle Currency Pricing and Exchange Rate Pass-Through

2021 ◽  
Author(s):  
Natalie Chen ◽  
Wanyu Chung ◽  
Dennis Novy
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Great Recession ◽  
Firm Level ◽  
Bilateral Exchange ◽  
The Great Recession ◽  
Pass Through ◽  
Exchange Rate Changes ◽  
Exchange Rate Pass Through ◽  
The Relationship

Abstract Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive, with more than half of the transactions in our sample invoiced in neither sterling nor the exporter’s currency. We then study the relationship between invoicing currencies and the response of import unit values to exchange rate changes. We find that for transactions invoiced in a vehicle currency, import unit values are much more sensitive to changes in the vehicle currency than in the bilateral exchange rate. Pass-through therefore substantially increases once we account for vehicle currencies. This result helps to explain why UK inflation turned out higher than expected when sterling depreciated during the Great Recession and after the Brexit referendum. Finally, within a conceptual framework we show why bilateral exchange rates are not suitable for capturing exchange rate pass-through under vehicle currency pricing. Overall, our results help to clarify why the literature often finds a disconnect between exchange rates and prices when vehicle currencies are not accounted for.

Returning to the parental home after the Great Recession: a matter of partnership dissolution or unemployment?

2019 ◽  
Author(s):  
Fernanda Mazzotta ◽  
Lavinia Parisi
Keyword(s):  
Young People ◽  
Great Recession ◽  
Living Arrangements ◽  
European Countries ◽  
Parental Home ◽  
The Great Recession ◽  
Returning Home ◽  
Two Peaks

Abstract This article provides an analysis of the return of young people to the parental home in 23 European countries. It analyses the effect of the Great Recession, considering the period between 2006 and 2014 and controlling for two key determinants of living arrangements: employment and partnership. The main finding is that the Great Recession has increased the probability of returning home: two peaks are observed in 2009 and 2011, with a percentage of returnees almost double that at the beginning of the period under consideration. Returning home seems more closely linked to partnership than to employment.

scholarly journals The Well-Being Gap during the Great Recession: The Role of Growth and Institutions

2020 ◽  
Vol 12 (2) ◽  
pp. 24
Author(s):  
Marco Ciziceno ◽  
Pietro Pizzuto
Keyword(s):  
Low Income ◽  
Great Recession ◽  
Potential Role ◽  
Well Being ◽  
European Countries ◽  
Economic Downturn ◽  
Subjective Well Being ◽  
Negative Effects ◽  
The Great Recession

The purpose of this paper is to examine the well-being dynamics across European countries during the Great Recession and to investigate the potential role of the quality of formal institutions in mitigating the negative effect of the economic downturn. This study uses the club convergence methodology by Phillips and Sul (2007; 2009) to group EU-28 countries that present similar features in terms of well-being during the period 2005-2017. The study also applies probit models to investigate the potential role of several social and institutional characteristics that are supposed to affect subjective well-being levels. The results show the existence of a “well-being gap” among European countries. The economic downturn started in 2008 has impacted the perceived well-being more in low-income and low-growth countries (less developed transition and Southern countries), than in high-income and more developed transition countries. The study also shows that countries that present well-functioning institutional systems and, more in general, good institutional performances show higher life satisfaction levels and tend to be more resilient to the negative effects generated by the economic shock.

scholarly journals A fuzzy set approach to economic crisis, austerity and public health. Part I. European countries’ conformity to ideal types during the economic downturn

2017 ◽  
Vol 45 (18_suppl) ◽  
pp. 41-47 ◽  
Author(s):  
Therese Saltkjel ◽  
Mari Holm Ingelsrud ◽  
Espen Dahl ◽  
Knut Halvorsen
Keyword(s):  
Economic Crisis ◽  
Fuzzy Set ◽  
Great Recession ◽  
European Countries ◽  
Economic Downturn ◽  
The European Union ◽  
Ideal Types ◽  
The Great Recession ◽  
Current Economic Crisis ◽  
Welfare Generosity

Aims: This is the first part of a two-part paper that takes an explorative approach to assess crisis and austerity in European countries during the Great Recession. The ultimate aim of this two-part paper is to explore the “crisis–austerity” thesis by Stuckler and Basu and assess whether it is the interplay between austerity and crisis, rather than the current economic crisis per se, that can led to deterioration in population health. In Part I of this paper we offer one way of operationalizing crisis severity and austerity. We examine countries as specific configurations of crisis and policy responses and classify European countries into “ideal types.” Methods: Cases included were 29 countries participating in the European Union Statistics on Income and Living Conditions (EU-SILC) surveys. Based on fuzzy set methodology, we constructed two fuzzy sets, “austerity” and “severe crisis.” Austerity was measured by changes in welfare generosity; severe crisis was measured by changes in gross domestic product (GDP) per capita growth. Results: In the initial phase of the Great Recession, most countries faced severe crisis combined with no austerity. From 2010–2011 onward, there was a divide between countries. Some countries consistently showed signs of austerity policies (with or without severe crisis); others consistently did not. Conclusions: The fuzzy set ideal-type analysis shows that the European countries position themselves, by and large, in configurations of crisis and austerity in meaningful ways that allow us to explore the “crisis–austerity” thesis by Stuckler and Basu. This exploration is the undertaking of Part II of this paper.

scholarly journals Legitimacy and the Paradox of Technocratic Government in Newer European Democracies: The Fischer Administration in the Czech Republic Revisited

2017 ◽  
Vol 32 (1) ◽  
pp. 78-100 ◽  
Author(s):  
Seán Hanley
Keyword(s):  
Czech Republic ◽  
Eastern Europe ◽  
Great Recession ◽  
European Countries ◽  
Eurozone Crisis ◽  
Weak Basis ◽  
Academic Interest ◽  
The Czech Republic ◽  
The Great Recession ◽  
Mass Publics

The creation of technocratic caretaker governments in several European countries in the wake of the Great Recession (2008–2009) and the Eurozone crisis led to renewed academic interest in such administrations. Although such governments are often assumed to be illegitimate and democratically dysfunctional, there has been little empirical consideration of if and how they legitimate themselves to mass publics. This question is particularly acute given that, empirically, caretaker technocrat-led administrations have been clustered in newer, more crisis-prone democracies in Southern and Eastern Europe where high levels of state exploitation by parties suggest a weak basis for any government claiming technocratic impartiality. This article uses Michael Saward’s “representative claims” framework to re-examine the case of one of Europe’s longer-lasting and most popular technocratic administrations, the 2009–2010 Fischer government in the Czech Republic. The article maps representative claims made for Fischer and his government, as well as counterclaims. Claims drew on the electoral mandate of sponsoring parties, the government’s claimed technocratic neutrality, and on Fischer’s “mirroring” of the values and lifestyle of ordinary Czechs (echoing some populist framings of politics). The article argues that the Fischer government benefited from multiple overlapping representative claims, but notes the need for robust methodology to assess the reception claims by their intended constituency. It concludes by considering the implications of actors’ ability to combine populist and technocratic claims, noting similarities in technocratic governments and some types of anti-establishment party.

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