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CREDIT-RELATED SHOCKS IN VAR MODELS: THE CASE OF LITHUANIA

Tomas Reichenbachas
2018 Ekonomika  
This article provides empirical evidence on the role played by credit-related shocks over the business cycle in Lithuania.  ...  We find evidence that credit-related shocks have a significant effect on housing and credit market variables, while the effect on GDP is less pronounced but still significant.  ...  To our knowledge, there were no attempts to specifically analyze credit supply shocks for the case of Lithuania, though some authors include credit variables in their empirical analyses.  ... 
doi:10.15388/ekon.2017.3.11547 fatcat:56alzzdnczhhngbcytiko7m23m

MODELLING OF INTERBANK PAYMENTS

Donatas Bakšys, Leonidas Sakalauskas
2006 Technological and Economic Development of Economy  
The article analyses the opportunities for simulating the interbank payment system and presents a model of interbank payments flow.  ...  The model is constructed on the analysis of real flow of payments in the payment system.  ...  operate in the country, Central Securities Depository of Lithuania, brokerage companies, Central Credit Union of Lithuania and clearing houses registered in the Republic of Lithuania.  ... 
doi:10.3846/13928619.2006.9637753 fatcat:rkwr5uwo4bglpo5ywkyryijlge

ANALYSIS AND MODELING OF THE LITHUANIAN REAL ESTATE SECTOR

Edmundas Kazimieras Zavadskas, Romualdas Ginevičius, Artūras Kaklauskas, Audrius Banaitis
2005 Journal of Business Economics and Management  
In order to demonstrate the application of the above research by developing a model for an efficient real estate sector, a selection of rational housing investment instruments and lenders will be considered  ...  The model for an efficient real estate sector as suggested by this research is based on the presumption that the efficiency of a real estate sector depends on many macro and micro level variables.  ...  [21] presented an analysis on the modeling and forecasting of housing credit access by applying developed methods of multiple criteria analysis. Zavadskas et al.  ... 
doi:10.3846/16111699.2005.9636102 fatcat:b566cy77nrdsxhrndjyobikwse

Conceptual modelling of sustainable Vilnius development

Arturas Kaklauskas, Edmundas Kazimieras Zavadskas, Jonas Šaparauskas
2009 Technological and Economic Development of Economy  
countries and Vilnius; a development of some of the general recommendations as how to improve the efficiency levels for a sustainable Vilnius; submission of particular recommendations for the city of  ...  The obtained results have partially confirmed the available data, and interesting trends of the development of established cities have been noted.  ...  We are truly grateful to the citizen of Australia -Nin Bizis for the contribution with English language of the paper.  ... 
doi:10.3846/1392-8619.2009.15.154-177 fatcat:s67uiat72vedhfoycnqtcykvhe

How well prepared are the New Member States for the European Monetary Union?

Fritz Breuss, Gerhard Fink, Peter Haiss
2004 Journal of Policy Modeling  
The benefits of early accession (reduction of administrative costs, serious commitment, etc.) outweigh or even reduce most of the remaining risks.  ...  The only significant risk of early EMU enlargement for confidence in the Euro would emerge from the high level of bad debts in Poland and Malta, but this could be resolved within a year if serious action  ...  Whereas the "earlier Mundell model" (1961) favored a small monetary union, the "later Mundell model" (1973b) is supportive to a large EMU.  ... 
doi:10.1016/j.jpolmod.2004.08.003 fatcat:4zin6gnhrvbn5abmlcbfqv4pqy

Central Europe in Transition: Emerging Models of Welfare and Social Assistance

Alfio Cerami
2008 Social Science Research Network  
This paper discusses the emergence of a new model of welfare and social assistance in Central and Eastern Europe.  ...  As it will be argued, social assistance schemes did not only play a crucial role in the process of democratic transition cushioning the negative effects of the economic transformation, but they also represent  ...  In CEE, young women have access to long maternal leaves (longer than in Western Europe), tax exemptions and, in some countries, also to special credits for buying a house (e.g.  ... 
doi:10.2139/ssrn.1123551 fatcat:4qalv2otl5eapcgn6j6jwn4qzq

Wealth and the dynamics of macroeconomic adjustment

Adam Bennett
1987 Economic Modelling  
The deleveraging process that is now taking place, although necessary, stands as a source of concern in terms of its implications for economic activity.  ...  The current crisis revealed the unsustainability of private sector indebtedness levels, fuelled, in the recent past, by a prolonged period of rapid credit expansion in some EU Member States.  ...  of houses, due to the aforementioned foreclosures, drives house prices down and, consequently, leads to a decrease in the value of the collateral, which further limits the access to credit (amplifying  ... 
doi:10.1016/0264-9993(87)90002-2 fatcat:4b7ktiixyvcfnelw3p3n67bvo4

Coordinating macroprudential policies within the Euro area: The case of Spain

Margarita Rubio, José A. Carrasco-Gallego
2016 Economic Modelling  
In this paper, we propose a two-country, two-sector monetary union dynamic stochastic general equilibrium model (DSGE) with housing to analyze the optimal implementation of macroprudential policies in  ...  We ...nd that such a policy is welfare enhancing for the Euro area.  ...  Acknowledgements This paper was presented at the 47  ... 
doi:10.1016/j.econmod.2016.06.006 fatcat:3bsz2uya5rb7ddlw34yukr4yce

Adjustable-rate mortgages in the era of global reflation: How to model additional default risk?

Ádám Banai, Edina Berlinger, Barbara Dömötör, Haijun Yang
2022 PLoS ONE  
We present a stress test model to quantify potential losses stemming from this specific risk from the perspective of lender institutions.  ...  This asymmetry in the regulation creates perverse incentives both for banks and households, which can lead to aggressive risk-taking, over-indebtedness of unhedged households, high procyclicality of mortgage  ...  In practice, market risk can translate into credit risk also in the case of mortgage portfolios.  ... 
doi:10.1371/journal.pone.0263599 pmid:35312687 pmcid:PMC9048703 fatcat:2bgokjgdy5a5xifarqj5hb332y

Macroeconomic and financial stability in a monetary union: The case of Lithuania

Margarita Rubio, Mariarosaria Comunale
2018 Economic Systems  
With this purpose, we develop a two-country monetary union new Keynesian general equilibrium model with housing and collateral constraints, to be calibrated for Lithuania and the rest of the euro area.  ...  We ...nd that an extended Taylor rule is indeed e¤ective in reducing the volatility of credit but it comes with a cost in terms of higher in ‡ation volatility.  ...  In this case, the extended Taylor rule reduces credit by more in the rest on the euro area while the LTV rule is more e¤ective in Lithuania.  ... 
doi:10.1016/j.ecosys.2017.04.002 fatcat:sp5o245zabcurh2ddmcvoxtbbq

The Market Potential Assessment Model for Private Pension Savings

Ilja Arefjevs, Marija Lindemane
2014 Procedia - Social and Behavioral Sciences  
The market growth, saturation and competition model is developed for the markets of Finland, Estonia, Latvia, Lithuania and Poland for the time period 2000-2012.  ...  The aim of the report is to develop the market potential assessment model for private pension savings to assist financial companies in strategic decision making in a specific marketplace.  ...  Other studies try to identify whether incomes are higher in countries or regions with access to larger markets for their goods, as would be consistent with recent economic geography models (Hanson, 1996  ... 
doi:10.1016/j.sbspro.2013.12.920 fatcat:da45w5mxwrdt7ofifuvmtkaybq

Exploring the implications of different loan-to-value macroprudential policy designs

R. Basto, S. Gomes, D. Lima
2019 Journal of Policy Modeling  
The analysis is carried out within a fully structural, multi-country model, that prominently includes financial frictions and a banking sector.  ...  This is consistent with policy goals of curbing credit growth but avoiding an abrupt immediate contraction in lending.  ...  The lower demand for housing contributes to decrease house prices, further constraining the access to credit, as the value of the collateral decreases.  ... 
doi:10.1016/j.jpolmod.2018.10.001 fatcat:rfn3vb2swne5ppfr7yi6iqibym

Lithuania in the Euro Area: Monetary Transmission and Macroprudential Policies

Margarita Rubio, Mariarosaria Comunale
2016 Eastern European Economics  
In this paper, we develop a two-country monetary union new Keynesian general equilibrium model with housing and collateral constraints, to be calibrated for Lithuania and the rest of the euro area.  ...  As a macroprudential tool, we propose a decentralized Taylortype rule for the LTV which responds to national deviations in output and house prices.  ...  As in the previous case, the increase of mortgaged houses is higher in Lithuania.  ... 
doi:10.1080/00128775.2016.1255558 fatcat:7nmxz77pmzfrndpczh3mlhsgky

Crisis, structural reform and the dismantling of the European Social Model(s)

Christoph Hermann
2016 Economic and Industrial Democracy  
The fourth part deals with the consequences of austerity and structural reform, including for poverty and inequality.  ...  The essay ends with some reflections on the role of solidarity and the future of the European Social Model.  ...  international investment position; real effective exchange rate; export market shares; labour unit costs; house prices; private sector credit flow; private sector debt; general government debt; unemployment  ... 
doi:10.1177/0143831x14555708 fatcat:w3s7m25epjb5himlnxawa6q5zu

Fundamental housing prices in the Baltic States: empirical approach

Darius Kulikauskas
2016 Baltic Journal of Economics  
ABSTRACT This paper investigates if the imbalances in the Baltic residential real estate markets that were mounting up prior the crisis of  ...  Disclaimer The views expressed in this paper are those of the author and may not necessary represent the position of the Bank of Lithuania or its staff. ORCID  ...  Acknowledgements I am very thankful to the anonymous referees, Yannick Lucotte, Marius Jurgilas, Mihnea Constantinescu and Tomas Ramanauskas for providing helpful comments and suggestions.  ... 
doi:10.1080/1406099x.2016.1173446 fatcat:kg5z7l4xbbhp3nbwlhg4364syq
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