110 resultados para Belgium
Resumo:
The purpose of these working papers is to promote the circulation of research results (Research Series) and analytical studies (Documents Series) made within the National Bank of Belgium or presented by external economists in seminars, conferences and conventions organised by the Bank. The aim is therefore to provide a platform for discussion. The opinions expressed are strictly those of the authors and do not necessarily reflect the views of the National Bank of Belgium.
Resumo:
The rarity with which firms reduce nominal wages has been frequently observed, even in the face of considerable negative economic shocks. This paper uses a unique survey of fourteen European countries to ask firms directly about the incidence of wage cuts and to assess the relevance of a range of potential reasons for why they avoid cutting wages. Concerns about the retention of productive staff and a lowering of morale and effort were reported as key reasons for downward wage rigidity across all countries and firm types. Restrictions created by collective bargaining were found to be an important consideration for firms in euro area countries but were one of the lowest ranked obstacles in non-euro area countries. The paper examines how firm characteristics and collective bargaining institutions affect the relevance of each of the common explanations put forward for the infrequency of wage cuts.
Resumo:
The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: the probability of holding debt, the amount of debt held and, in the case of secured debt, the interest rate paid on the main mortgage. Second, we examine the role of legal and economic institutions in accounting for these differences. We use data from the first wave of a new survey of household finances, the Household Finance and Consumption Survey, to achieve these aims. We find that the patterns of secured and unsecured debt outcomes vary markedly across countries. Among all the institutions considered, the length of asset repossession periods best accounts for the features of the distribution of secured debt. In countries with longer repossession periods, the fraction of people who borrow is smaller, the youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low-income households are higher. Regulatory loan-to-value ratios, the taxation of mortgages and the prevalence of interest-only or fixed-rate mortgages deliver less robust results.
Resumo:
In the aftermath of World War II, about 20,000 people who had experienced displacement entered Belgium.1 Among those there were about 350 soldiers serving in the Polish armed forces in the West, and about 4,000 ostarbeiterinnen - young female Soviet citizens who were deported to Nazi Germany to do forced labour. All the soldiers and Soviet women married Belgian citizens, and most settled in the home town or city of their spouses. This paper focuses on the war memories of these migrants in post-war life, memories that were arguably shaped not only by the characteristics of their war experiences themselves, but also by the changing positions which they held within their home and host societies. Following the migrants from their moment of settlement until today, the article highlights the changing dynamics of their war memories over time, starting during the Cold War era and ending up in present day Europe. As such, the study finds itself on the crossroads of memory and migration studies, two academic disciplines that only recently started to dialogue with each other.2 Before analysing the arrival, settlement and war memories of the Displaced Persons at study, I give an interpretation of academic literature on memory of World War II from the perspective of migration studies.
