219 resultados para QE


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Seleccionado en la convocatoria: Ayudas para proyectos de temática educativa, Gobierno de Aragón 2010-11

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mē'ēt Šālôm Ben-Yaʿaqōv Kôhēn

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mē'ēt Šālôm Ben-Y. Kōhēn. Zehr fermehrṭ und ferbeserṭ fon Wolf Maier

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With inflation in the eurozone stubbornly remaining on a downward trajectory, pressure is growing on the ECB to do “something” to prevent outright deflation. But, given the financial structure of eurozone countries, would the preferred "something" – quantitative easing – actually do the trick?

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In response to the sustained pressure recently experienced by the Danish krone, Denmark may be forced to abandon its 30-year old peg to the euro. If this scenario unfolds, this CEPS Commentary argues that it will be no bad thing for the eurozone.

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The recent crises have shown that the eurozone countries’ government debt is not immune to default. Applying a large-exposure requirement also to eurozone government debt would be a logical measure towards breaking the bank-government doom loop, given the low probability and high loss-given government default. But what would be the impact of the application of the large-exposure requirement on the banking sector as well as on government funding? This CEPS Policy Brief presents the results of a simulation exercise performed for 109 systemic banks in the eurozone, showing that their eurozone government debt portfolios would have to decrease by 3.2% or €63 billion, if a 50% of own-funds cap would be applied on large exposures. The eurozone central banks’ demand for sovereign bonds under the extended asset purchase programme further creates momentum to start gradually implementing the restriction.

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After pointing out several surprising coincidences and contradictions that arise in nearly every aspect of the QE debate, Daniel Gros arrives at the conclusion in this CEPS Commentary that evaluating the policy’s effectiveness is more of an art than a science, which leaves plenty of room for distortion and bias.

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Universidade Estadual de Campinas . Faculdade de Educação Física