We develop a new measure of financial conditions (FCs) that targets the growth of financial liabilities using the partial least square methodology. We then estimate financial condition indexes (FCIs) across European economies, both at the aggregate and sectoral levels. We decompose the changes in FCs into several factors including credit availability and costs, price of risk, policy stance, and funding constraints. Our results show that FCs loosened during the pandemic thanks to policy support but started to tighten significantly since mid-2021. Using the inverse probability weighting method over the sample period from 2000 to 2023, we find that a shift from a neutral to a tight FCI regime such as the ongoing episode for most European countries will on average lower output and inflation by 2.2 percent and 0.7 percentage points respectively and increase unemployment by 0.3 percentage points over a three-year horizon.
Over the past year, euro area sovereign spreads have exhibited an unprecedented degree of volatility. This paper explores how much of these large movements reflected shifts in (i) global risk aversion (ii) country-specific risks, directly from worsening fundamentals, or indirectly from spillovers originating in other sovereigns. The analysis shows that earlier in the crisis, the surge in global risk aversion was a significant factor influencing sovereign spreads, while recently country-specific factors have started playing a more important role. The perceived source of contagion itself has changed: previously, it could be found among those sovereigns hit hard by the financial crisis, such as Austria, the Netherlands, and Ireland, whereas lately the countries putting pressure on euro area government bonds have been primarily Greece, Portugal, and Spain, as the emphasis has shifted towards short-term refinancing risk and long-term fiscal sustainability. The paper concludes that debt sustainability and appropriate management of sovereign balance sheets are necessary conditions for preventing sovereign risk from feeding back into broader financial stability concerns.
Over the past year, euro area sovereign spreads have exhibited an unprecedented degree of volatility. This paper explores how much of these large movements reflected shifts in (i) global risk aversion (ii) country-specific risks, directly from worsening fundamentals, or indirectly from spillovers originating in other sovereigns. The analysis shows that earlier in the crisis, the surge in global risk aversion was a significant factor influencing sovereign spreads, while recently country-specific factors have started playing a more important role. The perceived source of contagion itself has changed: previously, it could be found among those sovereigns hit hard by the financial crisis, such as Austria, the Netherlands, and Ireland, whereas lately the countries putting pressure on euro area government bonds have been primarily Greece, Portugal, and Spain, as the emphasis has shifted towards short-term refinancing risk and long-term fiscal sustainability. The paper concludes that debt sustainability and appropriate management of sovereign balance sheets are necessary conditions for preventing sovereign risk from feeding back into broader financial stability concerns.
We develop a new measure of financial conditions (FCs) that targets the growth of financial liabilities using the partial least square methodology. We then estimate financial condition indexes (FCIs) across European economies, both at the aggregate and sectoral levels. We decompose the changes in FCs into several factors including credit availability and costs, price of risk, policy stance, and funding constraints. Our results show that FCs loosened during the pandemic thanks to policy support but started to tighten significantly since mid-2021. Using the inverse probability weighting method over the sample period from 2000 to 2023, we find that a shift from a neutral to a tight FCI regime such as the ongoing episode for most European countries will on average lower output and inflation by 2.2 percent and 0.7 percentage points respectively and increase unemployment by 0.3 percentage points over a three-year horizon.
Mites pose a serious problem to plants worldwide, attacking crops and spreading disease. When mites damage crops of economic importance the impacts can be felt globally. Mites are among the most diverse and successful of invertebrates, with over 45,000 described species, with many more thousands to be discovered. They are responsible for a significant portion of the losses of crops for food, fibre, industry and other purposes, and require expensive and often controversial pest control measures. Understanding these mites is vital for entomologists, pest researchers, agronomists and food producers. Knowledge of mite pests helps to inform control strategies and optimize the production of economic plants and the agrarian economy. This encyclopedia provides a thorough coverage of the mites and the problems they cause to crops, yet it is easily searchable, organised by mite species and subdivided into helpful headings. It takes a worldwide view of the issue of mites injurious to economic plants, describing mites prevalent in different regions and discussing control methods appropriate in different environments. This book provides an encyclopaedic reference to the major mites, described by family in terms of their internal and external morphology, bio-ecology and family systematics. Methods of mite collection and laboratory study is described, as well as species diagnostic characteristics, worldwide distribution, host plants, identification by the type of damage they cause and control strategies, including chemical and biological intervention and integrated pest management measures. Mites of the following families are included: (Eriophyoidea, Tarsonemidae, Tuckerellidae, Tenuipalpidae, Tetranychidae, Acaridae, Penthaleidae). Mites of Economic Plants is an important resource for students of entomology and crop production, and as a thorough reference guide for researchers and field workers involved with mites, crop damage and food production.
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