Spain

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The Market for Safe Assets

The holding and market of certain so-called safe assets play an essential role in financial stability. The definition of these assets is not consensual, as various qualities can contribute to the safety offered by a financial security: countercyclicality, liquidity, credit quality and stability. The study identifies a set of securities that play the role of safe assets according to these criteria... Lire la suite

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The Expected Benefits of the European Recovery Plans Introduced in the Wake of the COVID-19 Pandemic

European Union Member States agreed on an unprecedented joint response based on common debt to support the post-COVID-19 recovery. The European recovery is expected to foster the convergence in living standards within the EU, and support innovation, productive potential and the reduction of structural unemployment. It will also help take up the challenge of the green and digital transitions.... Lire la suite

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How Does the European Union’s Carbon Market Impact Firm Productivity?

The European Union Emissions Trading System (EU ETS) was created in 2005 to reduce greenhouse gas emissions from emitting sectors in the EU. Its impact on productivity is unclear, however, as it imposes constraints on production processes. This paper shows that the EU ETS was not detrimental to firm productivity from 2005 to 2017, despite heterogeneous effects depending on factors such as a firm’s... Lire la suite

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Measurement of Government Consumption and Its Impacts on Output in 2020 and 2021

Public consumption encompasses the services provided to households by government departments. In the first half of 2020, it fell significantly in France and the United Kingdom while remaining stable or rising in Germany, Italy and Spain. These divergences are essentially due to different manners of measuring public service activity during the lockdowns. They argue in favour of prudent interpretati... Lire la suite

Miniature

European Union's Emissions Trading System and Productivity: Firm-Level Evidence for France, Italy and Spain

This working paper seeks to study the effect of the European Union Emissions Trading System on total factor productivity for manufacturing firms in France, Italy and Spain, from 2000 to 2017. As a general rule, the instrument is not found to be detrimental to regulated firms’ productivity. However, firms have reacted differently depending on their initial efficiency, size, financial constraints, s... Lire la suite