Marc-O. Strauss-Kahn's presentation "Rebalancing the €A: Insights from #BdFeco research", 13th CompNet Annual Conference, Brussels, June 29 2017. Other slides available at https://ec.europa.eu/info/sites/info/files/conference_program_-_version_6_july_2017.pdf
Expansionary Fiscal Contraction? An Irish PerspectiveLatvijas Banka
Presentation by Franc Barry, Professor of International Business and Economic Development, Trinity College Dublin (Ireland) at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?"
Current account imbalances in the €A: competitiveness or demand shock? G. Gau...Soledad Zignago
Presentation of Guillaume Gaulier, Banque de France, "Current account imbalances in the €A: competitiveness or demand shock?", at the workshop “External imbalances: causes, consequences and rebalancing”, October 14, 2016, University Lille 1 and Research axis “Sustainable and International Finance”of the European Research Group (GdRe) Money, Banking, Finance http://gdre.leo-univ-orleans.fr/prog/prog37.pdf
Against a backdrop of sluggish growth in Europe and the rest of the world, the French economy is facing weakness on both the demand and supply sides. The risk today is this situation will become self-perpetuating, causing long-lasting damage to the French economy. An increase in investment would bolster demand. However, compared to its main partners France has managed to maintain the level of both public and private investments throughout the crisis. The issue is therefore mostly about improving investment to increase the country’s potential output growth.
Read more:
http://strategie.gouv.fr/english-language-articles-and-papers/20172027-improving-investment-foster-growth-critical-actions
Presentation by Philip R. Lane, Professor of Political Economy, Trinity College Dublin at the Conference "Have We Learnt Anything from the Crisis?" in Riga, Latvia. 17.10.2014
How much of a fiscal union for the EMU? Has the answer to this, and related questions regarding the EMU fiscal and monetary framework, changed after 2016?
Expansionary Fiscal Contraction? An Irish PerspectiveLatvijas Banka
Presentation by Franc Barry, Professor of International Business and Economic Development, Trinity College Dublin (Ireland) at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?"
Current account imbalances in the €A: competitiveness or demand shock? G. Gau...Soledad Zignago
Presentation of Guillaume Gaulier, Banque de France, "Current account imbalances in the €A: competitiveness or demand shock?", at the workshop “External imbalances: causes, consequences and rebalancing”, October 14, 2016, University Lille 1 and Research axis “Sustainable and International Finance”of the European Research Group (GdRe) Money, Banking, Finance http://gdre.leo-univ-orleans.fr/prog/prog37.pdf
Against a backdrop of sluggish growth in Europe and the rest of the world, the French economy is facing weakness on both the demand and supply sides. The risk today is this situation will become self-perpetuating, causing long-lasting damage to the French economy. An increase in investment would bolster demand. However, compared to its main partners France has managed to maintain the level of both public and private investments throughout the crisis. The issue is therefore mostly about improving investment to increase the country’s potential output growth.
Read more:
http://strategie.gouv.fr/english-language-articles-and-papers/20172027-improving-investment-foster-growth-critical-actions
Presentation by Philip R. Lane, Professor of Political Economy, Trinity College Dublin at the Conference "Have We Learnt Anything from the Crisis?" in Riga, Latvia. 17.10.2014
How much of a fiscal union for the EMU? Has the answer to this, and related questions regarding the EMU fiscal and monetary framework, changed after 2016?
Fiscal Spillovers in Europe - Size, Sign and DeterminantsLatvijas Banka
A presentation by Josef Hollmayr (Deutsche Bundesbank) and Georgios Georgiadis (European Central Bank) at the Workshop on Public Finances in Riga on 21 June 2016
Regional productivity catching up: the role of EU cohesion policy and the OEC...OECD CFE
Presentation by Lewis Dijkstra, Head of the Economic Analysis Sector, DG for Regional and Urban Policy at the OECD session on "Regional productivity catching up: The role of the EU cohesion policies and the OECD perspective", 3 June 2018, Trento, Italy
More info https://oe.cd/festival
Preliminary analysis and potential suggestions 201508mtakeuchi
This material was created by Mikiya Takeuchi, Senior Business Management Advisor assigned to Zambia Chamber of Small and Medium Business Assoiations by JICA and shared with District Business Associations in Zambia.
This seminar, hosted jointly by the British Embassy and Afi School of Finance, was aimed at companies seeking alternative financing, as well as investors looking for new investment opportunities. It was also of interest to government officials and regulators.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Baltic economies: more pain in the past, more gain in the future?Latvijas Banka
Presentation by Dr. Raul Eamets, Professor of Macroeconomics, Head of the Institute of Economics, University of Tartu (Estonia) at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?"
Riga, November 2, 2012.
Here are the slides used in the contact sessions and voice-over PPT lecture video's. Watch the video on YouTube and then use your textbook to supplement the slides to make your own set of notes.
Chapter 3 deals with the circular flow of economic activity.
Productivity and Credit Constraint, Gilbert Cette June 18, 2018Soledad Zignago
Gilbert Cette's slides on "Productivity and Credit Constraint", Productivity dynamics after the criisis, Banque de France & Collège de France conference, Paris June 18, 2018
Fiscal Spillovers in Europe - Size, Sign and DeterminantsLatvijas Banka
A presentation by Josef Hollmayr (Deutsche Bundesbank) and Georgios Georgiadis (European Central Bank) at the Workshop on Public Finances in Riga on 21 June 2016
Regional productivity catching up: the role of EU cohesion policy and the OEC...OECD CFE
Presentation by Lewis Dijkstra, Head of the Economic Analysis Sector, DG for Regional and Urban Policy at the OECD session on "Regional productivity catching up: The role of the EU cohesion policies and the OECD perspective", 3 June 2018, Trento, Italy
More info https://oe.cd/festival
Preliminary analysis and potential suggestions 201508mtakeuchi
This material was created by Mikiya Takeuchi, Senior Business Management Advisor assigned to Zambia Chamber of Small and Medium Business Assoiations by JICA and shared with District Business Associations in Zambia.
This seminar, hosted jointly by the British Embassy and Afi School of Finance, was aimed at companies seeking alternative financing, as well as investors looking for new investment opportunities. It was also of interest to government officials and regulators.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Baltic economies: more pain in the past, more gain in the future?Latvijas Banka
Presentation by Dr. Raul Eamets, Professor of Macroeconomics, Head of the Institute of Economics, University of Tartu (Estonia) at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?"
Riga, November 2, 2012.
Here are the slides used in the contact sessions and voice-over PPT lecture video's. Watch the video on YouTube and then use your textbook to supplement the slides to make your own set of notes.
Chapter 3 deals with the circular flow of economic activity.
Productivity and Credit Constraint, Gilbert Cette June 18, 2018Soledad Zignago
Gilbert Cette's slides on "Productivity and Credit Constraint", Productivity dynamics after the criisis, Banque de France & Collège de France conference, Paris June 18, 2018
Efeitos de crescimento das reformas estruturais na Europa do Sul - 511: O cas...Cláudio Carneiro
Este trabalho desenvolve um modelo de crescimento semi-endógena para analisar os efeitos intertemporais das reformas estruturais nos países do sul da Europa (Itália, Espanha, Portugal e Grécia). O modelo segue o paradigma variedade de produtos em um ambiente semi-endógena, e inclui uma desagregação do trabalho em grupos diferentes de habilidade. Nós usamos um conjunto abrangente de indicadores estruturais, a fim de calibrar o modelo de relações macroeconômicas importantes e os níveis de produtividade e do emprego. Nossos resultados mostram que as reformas estruturais produzir ganhos econômicos significativos a médio e longo prazo. Os resultados apontam para a importância das reformas dos mercados de produtos e de reformas educacionais e fiscais do mercado de trabalho como as áreas mais promissoras de intervenções de política estrutural. Este documento também defende a colocar mais ênfase na política de educação que é fundamental na melhoria da força de trabalho, especialmente naqueles países onde a percentagem de trabalho pouco qualificado está entre as mais altas na área do euro.
Productivity and GDP per capita growth: A long-term perspective, Bergeaud, Ce...Soledad Zignago
Gilbert Cette's slides at the Secular Stagnation and Growth Measurement Conference, Banque de France, January 16, 2017, with Antonin Bergeaud & Remy Lecat https://www.banque-france.fr/stagnation-seculaire-et-mesure-de-la-croissance-conference-organisee-par-la-banque-de-france-et-le
2017 European Semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic imbalances, and results of in-depth reviews under Regulation (EU) No 1176/2011
Économie : où sont les femmes ? S. Zignago, Jéco 7/11/18Soledad Zignago
Présentation de Soledad Zignago à la Séance #Jeco2018 Pourquoi les inégalités F/H ne diminuent plus ? Mercredi 7 novembre, Palais de la Mutualité, Lyon #BdFeco
Banking, Trade, and the Making of a Dominant Currency, Gita Gopinath Paris Ju...Soledad Zignago
Banking, Trade, and the Making of a Dominant Currency, Gita Gopinath, Paris, June 22 https://www.banque-france.fr/en/conferences-and-media/seminars-and-symposiums/research-conferences-and-symposiums/monetary-policy-challenges
The Cost of Non-Europe Revisited, by Mayer, Vicard & Zignago, June 2018Soledad Zignago
The Cost of Non-Europe Revisited, Thierry Mayer, Vincent Vicard & Soledad Zignago, #BdFeco Working Paper https://publications.banque-france.fr/en/cost-non-europe-revisited XIVth Danish International Economics Workshop, 14-15 June 2018
Conf BdF/BEI sur l’investissement en France, Paris 3 mai 2018Soledad Zignago
L’investissement en France et son financement : Accélérer le momentum, conférence Banque de France et Banque Européenne d'Investissement, à Paris le 3 mai 2018
La croissance sur longue période : le regard rétrospectif et prospectif de Gi...Soledad Zignago
La croissance sur longue période : un regard rétrospectif et prospectif, présentation de Gilbert Cette à Orléans, le 19 février 2018, Conférence BdF ERBP #BdFeco https://www.banque-france.fr/economie/evenements
Financement des TPE-PME : où en sommes-nous ? Olivier Garnier, 13/3/18Soledad Zignago
Présentation d'Olivier Garnier, Financement des TPE-PME : où en sommes-nous ? au colloque ASF du 13 mars 2018 #BdFeco https://www.banque-france.fr/economie/evenements
Olivier Garnier à la commission finances sur les prévisions économiques Franc...Soledad Zignago
Présentation d'Olivier Garnier, Banque de France, à la Commission finances de l'Assemblée nationale sur les prévisions économiques France 24/01/18 #BdFeco
Intro à "l'avenir de la monnaie", La Nuit des idées #BdFeco 25/1/18Soledad Zignago
Slides de Marc-Olivier Strauss-Kahn en Introduction à "l'avenir de la monnaie", La Nuit des idées, L'imagination au pouvoir #BdFeco 25/1/18 https://www.banque-france.fr/conferences-et-medias/seminaires-colloques-et-symposiums/conferences-de-recherche-et-symposiums/la-nuit-des-idees-edition-2018-lavenir-de-la-monnaie
The Cost of Non-Europe Revisited, Mayer, Vicard & Zignago, Sept 2017Soledad Zignago
The Cost of Non-Europe Revisited, Thierry Mayer, Vincent Vicard & Soledad Zignago, Banque de France seminar, Sept 6 2017 https://www.banque-france.fr/conferences-et-medias/seminaires-colloques-et-symposiums/seminaires-de-recherche
Laurent Ferrara's comments on: ”Volatility spillovers of Federal Reserve & EC...Soledad Zignago
Laurent Ferrara's comments on: ”Volatility spillovers of Federal Reserve and ECB balance sheet expansions to EMEs” by A. Apostolou and J. Beirne, Global financial linkages and monetary policy transmission, #BdFeco conference, Paris, Friday 30 June 2017. Other presentations and discussions available online https://www.banque-france.fr/conferences-et-medias/seminaires-colloques-et-symposiums/conferences-de-recherche-et-symposiums/global-financial-linkages-and-monetary-policy-transmission
The Cost of Non-Europe Revisited, Mayer, Vicard & Zignago, CompNet Conf June ...Soledad Zignago
The Cost of Non-Europe Revisited, Thierry Mayer, Vincent Vicard & Soledad Zignago, CompNet Conf June 29-30 2017. Other slides available at https://ec.europa.eu/info/sites/info/files/conference_program_-_version_6_july_2017.pdf
The Cost of Non-Europe Revisited, Vincent Vicard's presentation June 2017Soledad Zignago
Vincent Vicard's presentation of "The Cost of Non-Europe Revisited" with Thierry Mayer & Soledad Zignago, DG Trade Chief Economist Seminar, Bruxelles, June 2017
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
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Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
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NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...
Rebalancing the €A: Insights from #BdFeco research, Marc-O. Strauss-Kahn
1. Rebalancing the euro area:
insights from BDF research
Marc-Olivier Strauss-Kahn
(Director general, Banque de France) *
* Views expressed are those of the author and not necessarily those of the Banque de France
CompNet 13th Annual Conference: “Innovation, firm size, productivity
and imbalances in the age of de-globalization?”
Chief Economist Panel - Brussels, 29 June 2017
2. Large/persistent euro area (EA) current account imbalances
3 periods of 8 years:
1995-02: limited imbalances
2003-10: ↑ internal imbalances but
EA balance
2011-18: larger/persistent imbalances,
internal (see FR vs. GE) AND external
OUTLINE:
1. Price Competitiveness
2. Non-Price Competitiveness
3. Need for a regional approach
2
3. Example of Spain : its shift from a deficit
to a surplus is due first to less imports
(demand side) and, then, to more exports
(supply side + structural reforms).
-6%
-4%
-2%
0%
2%
4%
6%
8%
Trade balance extra-EA
Allemagne Espagne France Italie
Annex 1
…Reflecting different evolutions of both X/M & intra/extra EA
-6%
-4%
-2%
0%
2%
4%
Trade balance intra-EA
Source : Eurostat, BDF calculations. 3
French deficit ≈ intra
60
80
100
120
140
160 Spain
(goods, value - Base 100 = 2008)
Exports ImportsSource : OECD
4. 1. PRICE COMPETITIVENESS: low RER-elasticity of export
Along the extensive margin (theoretical paper):
non-exporting firms should be productive
enough (Di Mauro/Pappada, 2014)
Along the intensive margin:
large productive firms dominate aggregate
exports but only weakly react to Δ RER
(Berthou/Dhyne, 2017)
This applies even if Marshall Lerner condition
verified within the EA, suggesting that ΔRER
(e.g. due to Δ relative inflation rates) can, in
principle, contribute to adjusting trade balance
(Bussière & al., 2016).
Focusing on exports, trade elasticities are weak, which implies that
large changes in real exchange rate (RER) may be required to rebalance
4
Sample : 11 EU countries: BEL, EST, FRA, FIN,
HUN, ITA, LIT, POL, POR, SLK, SLV.
5. 1… and weak efficiency of cuts in Unit Labor Cost
After the crisis, many MS with deficits have tried to reduce labor costs,
notably: FR, ES, GR, IT, PT. Let’s focus on FR with persistent deficit.
Tax credit scheme (CICE) adopted as of 2013:
• €19 bn in 2016, around 0.85% of GDP (proportional to wage bill).
• But in the short-run (2013-15), little impact on exports is found
(Carbonnier & al., 2017).
This may be explained by :
(i) low RER elasticity of exports,
(ii) firms did not perceive the program as permanent,
(iii) firms took the opportunity to improve their margins.
5
6. 2. NON-PRICE COMPET (NPC): quality/financing/innovation
Quality: let’s go on with the example of France.
French exports suffer more from an insufficient quality-price ratio than
from poor product or geographical positioning. Estimated contributions of
NPC place France significantly behind Germany (main competitor). French
NPC deteriorated further after 2008 (Bas & al., 2015).
Even over 2000-07, NPC of French exports lagged behind that of Germany
(Berthou/Emlinger, 2012).
Financial frictions:
Relevant for long distance destinations (Bourgeon/Bricongne, 2016).
USD funding matters to export to USD destinations (Berthou & al., 2017)
Innovation: the most productive exporting firms have more incentives to
innovate in response to positive demand shocks (Aghion & al., 2017).
6
7. 2… while public funding of innovation is not enough
The public share in R&D activities is ≈ 35% in the EU
(tax credit or direct grants, source: Eurostat).
Public intervention is useful but cannot substitute for the emergence
of venture capital funds (Tirole/Landier, CAE notes, 2016).
Reforming the Research Tax Credit in 2008 had (Bozio & al., 2014):
- a positive but limited impact on R&D investment,
- no impact on innovation as measured by patent counts.
Literature shows ambiguous results as regards the efficiency of public
support to innovation.
7
8. 3. NEED FOR A REGIONAL APPROACH
Thus, policies in favor of equity financing are called for:
• Capital Market Union (CMU) with Banking Union & Junker Plan
• Taxation system less biased in favor of debt financing
Innovate
more
More
equity
financing
Take more
risks
NFC liabilities: net equity capital and financial debt, % of GDP
70 67
88
125
70 71
67
45
0
20
40
60
80
100
120
140
160
180
France Euro area
(excl. Germany)
United Kingdom United States
equity debt
Towards a Financing Union for Investment/Innovation
Innovative projects are risky & take time to pay back: equity > debt
8
REGIONAL SOLUTIONS FOR REGIONAL CHALLENGES
Annexes 2 & 3
9. More coordination of national policies (fiscal & structural)
Stimulating public/private spending in surplus countries (Germany “Plus”:
e.g. infrastructures) = efficient way to resorb intra/extra EA imbalances.
3… And towards a better EA governance
‘‘Growth Triangle’’
F. Villeroy, 6.1.17
9
11. Annex 1a: Diverging productivity levels, with 3 groups
Source : Bergeaud, Cette & Lecat, 2016
• 3 groups:
1/ High productivity: DE/FR/NL
2/ Diverging: ES/IT
3/ Non-converging: PT
• TFP convergence needed for a
sustainable EA in the long run
• Structural reforms are of the
essence: cf. Spanish case
11
Back
12. Annex 1b: Exports / Imports DE-FR-IT
12
60
80
100
120
140
Germany
(goods, value - base 100 = 2008)
Exports Imports
60
80
100
120
140
France
(goods, value - base 100 = 2008)
Exports Imports
60
80
100
120
140
Italy
(goods, value - Base 100 = 2008)
Exports Imports
Back
Source : OECD
13. 14
16
18
20
22
24
EA savings EA investment
US savings US investment
Annex 2: The EA is lagging ‘structurally’ behind the U.S.
13
Investment gap & productive investment (equipment + intellectual property)
% of GDP
Back
14. 0
2
4
6
8
10
12
14
2009M4 2011M4 2013M4 2015M4 2017M4
NFC's Cost of Equity : Euro area
CoE (Buybacks, Eurostoxx 600) Risk free rate (Bund 10Y)
Stable CoE for large EA firms
versus lower risk-free rate
Source: Bloomberg, Datastream. BDF estimates.
Annex 3: Cost of Equity (CoE) and risk-free rate
15
Despite low(er) risk-free rates, CoE has remained ± stable & high
Back
CoE = expectations of total cash flows to shareholders, incl. both dividends and share buybacks