scholarly journals The Stability of Tax Elasticities Over the Business Cycle in European Countries

2017 ◽  
Author(s):  
Melisso Boschi
Keyword(s):  
Business Cycle ◽  
European Countries ◽  
The Business Cycle ◽  
The Stability

Interbank financing and business cycle in Europe

2019 ◽  
Vol 46 (6) ◽  
pp. 1280-1291 ◽  
Author(s):  
Ly Kim Cuong ◽  
Vo Xuan Vinh
Keyword(s):  
Business Cycle ◽  
Banking Sector ◽  
Financial Structure ◽  
Policy Makers ◽  
Content Type ◽  
Level Data ◽  
The Business Cycle ◽  
The Stability ◽  
Liquidity Shock

Purpose The knowledge of the link between interbank financing and business cycle fluctuations is important in assessing the stability and soundness of the banking sector. The purpose of this paper is to investigate the simultaneous relationship between interbank financing and the business cycle with respect to the financial structure of the bank-based and market-based systems in European countries by using bank-level data from 2007 to 2011. Design/methodology/approach The study employs an innovative instrumenting technique with an instrument of the financial structure to address the simultaneous determination of interbank financing and the business cycle. Findings The results suggest that banks establish pro-cyclical interbank borrowing by increasing their interbank position during booms and reducing it during downturns. Bank-based system performs better in redistributing the liquidity in the economy than the market-based system when there are imperfectly correlated liquidity shocks across regions during the 2007–2009 financial crisis. Practical implications The improvement of banks’ liquidity risk management should be aligned with a specific financial system. The macro-prudential supervisor should require banks in the market-based system to disclose their interbank position on the extent of risk exposure during the liquidity shock period to stabilize the EU banking industry. Originality/value This study is the first to provide policy makers with some novel empirical results concerning the linkage among bank liquidity, the macroeconomic condition and financial structure.

scholarly journals The Prediction of Business Cycle Phases: Financial Variables and International Linkages

2002 ◽  
Vol 182 ◽  
pp. 96-105 ◽  
Author(s):  
Denise R. Osborn ◽  
Marianne Sensier
Keyword(s):  
Stock Market ◽  
Business Cycle ◽  
European Countries ◽  
Financial Variables ◽  
The Third ◽  
The Us ◽  
International Linkages ◽  
The Business Cycle ◽  
The Uk

This paper discusses recent research at the Centre for Growth and Business Cycle Research on the prediction of the expansion and recession phases of the business cycle for the UK, US, Germany, France and Italy. Financial variables are important predictors in these models, with the stock market playing a key role in the US but not the European countries, including the UK. In contrast, international linkages are important for the European countries. Our models suggest that the US and German economies have now emerged from the recession of 2001, and that all five countries will be in expansion during the third quarter of this year.

scholarly journals A Statistical Investigation of Business Cycles Characteristics in Pakistan

2017 ◽  
Vol II (I) ◽  
pp. 73-84
Author(s):  
Niaz Ali ◽  
Muhammad Tariq ◽  
Asia Baig
Keyword(s):  
Business Cycles ◽  
Business Cycle ◽  
Statistical Investigation ◽  
Test Results ◽  
Full Sample ◽  
Long Time ◽  
Time Periods ◽  
The Business Cycle ◽  
The Stability ◽  
Nominal Variables

This study investigates the business cycle characteristics for Pakistan using three sets of variables namely expenditure components of GDP, nominal variables and real variables. The findings reveal that the volatility of expenditure components are greater than GDP during the full sample of 1973 to 2015. Whereas, in the Pre-SAP and Post-SAP periods i.e. 1973-1988 and 1989-2015, real variables and nominal variables show more volatility than GDP. And, in terms of co-movement, expenditure components of GDP showed strong pro-cyclicality and relationship with GDP against other sets of variables. Moreover, the nominal variables show positive persistence and the business cycles caused by it, lasting for a long time against real variables and expenditure components of GDP. Furthermore, the results show that the correlation between CPI and GDP across all periods is counter cyclical. The stability test results show that business cycles features remained stable during two time periods.

scholarly journals Do COVID-19 Lock-Downs Affect Business Cycle? Analysis Using Energy Consumption Cycle Clock for Selected European Countries

Energies ◽  
2022 ◽  
Vol 15 (1) ◽  
pp. 340
Author(s):  
Tadeusz Kufel ◽  
Paweł Kufel ◽  
Marcin Błażejowski
Keyword(s):  
Energy Consumption ◽  
Business Cycle ◽  
Electricity Consumption ◽  
Economic Recession ◽  
European Countries ◽  
Pharmaceutical Drugs ◽  
Test Results ◽  
Global Pandemic ◽  
The Business Cycle ◽  
Pharmaceutical Interventions

On 11 March 2020, the WHO declared the COVID-19 epidemic to be a global pandemic. This was a consequence of the rapid increase in the number of people with positive test results, the increase in deaths due to COVID-19, and the lack of pharmaceutical drugs. Governments introduced national lockdowns, which have impacted both energy consumption and economies. The purpose of this paper is to answer the following question: do COVID-19 lockdowns affect the business cycle? We used the cycle clock approach to assess the magnitude of decrease in electricity consumption in the three waves of the epidemic, namely, April 2020, November 2021, and April 2021. Additionally, we checked the relation between energy consumption and GDP by means of spectral analysis. Results for selected 28 European countries confirm an impact of the introduced non-pharmaceutical interventions on both energy consumption and business cycle. The reduction of restrictions in subsequent pandemic waves increased electricity consumption, which suggests movement out of the economic recession.

scholarly journals Stability of Tax Revenue in Poland’s National Budget in 2004-2020

2021 ◽  
Vol 16 (1) ◽  
pp. 87-100
Author(s):  
Wioletta Wierzbicka ◽  
Aleksandra Nierobisz ◽  
Maciej Sobiecki
Keyword(s):  
Business Cycle ◽  
Tax Revenue ◽  
Research Results ◽  
Public Finances ◽  
National Budget ◽  
The Business Cycle ◽  
The Stability

Both the amount and structure of tax revenue may change in time as they depend on numerous variables, including factors of the business cycle. However, the stability of tax revenue affects the balance of public finances and the ability to meet public obligations. The aim of this study is to evaluate the stability of tax revenue in Poland’s national budget in 2004-2020. The research results indicate that both the amount and the structure of tax revenue in the national budget in 2004-2020 were stable.

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