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COVID-related fiscal measures and debt sustainability Prepared for the ESM seminar on debt sustainability Panel II “Policy implications in the ‘new normal’”
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30 years of monetary reform in Estonia: Lessons learned for the decade ahead Keynote speech dedicated to the 30th anniversary of monetary reform in Estonia
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Acquisition of financial assets and external financing in Germany in the second quarter of 2017 Results of the financial accounts by sector
At the end of the second quarter of 2017, households' financial assets amounted to €5,723 billion; this figure was just over €45 billion (or 0.8%) higher than in the first quarter of 2017. As valuation losses reduced financial wealth by roughly €8 billion, the rise was solely attributable to the transaction-based acquisition of financial assets
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Growth in renminbi business in Germany
Renminbi trade in Germany has experienced strong growth: German-issued securities denominated in renminbi (RMB) have more than quadrupled since last spring. The issuance of numerous "Goethe bonds" and other debt securities caused the volume to rise from just under RMB 5 billion to over RMB 21 billion.
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Cross-border bank lending, risk aversion and the financial crisis Alexander Lipponer
658 KB, PDF
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Do what you know and leave the rest to the experts: Quantifying the gains from efficient trade Mario Larch, Philipp Meinen, Arne J. Nagengast, Yoto V. Yotov
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How do credit supply shocks propagate internationally? A GVAR approach S. Eickmeier, T. Ng
188 KB, PDF