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Working Paper

The EU-EFIGE/Bruegel-Unicredit dataset

This paper describes the EU-EFIGE/Bruegel-UniCredit dataset (in short the EFIGE dataset), a database recently collected within the EFIGE project (European Firms in a Global Economy: internal policies for external competitiveness) supported by the Directorate General Research of the European Commission through its 7th Framework Programme and coordinated by Bruegel. • The database, for the first […]

By: and Date: October 4, 2012 Topic: Digital economy and innovation

This paper describes the EU-EFIGE/Bruegel-UniCredit dataset (in short the EFIGE dataset), a database recently collected within the EFIGE project (European Firms in a Global Economy: internal policies for external competitiveness) supported by the Directorate General Research of the European Commission through its 7th Framework Programme and coordinated by Bruegel.

• The database, for the first time in Europe, combines measures of firms’ international activities (eg exports, outsourcing, FDI, imports) with quantitative and qualitative information on about 150 items ranging from R&D and innovation, labour organisation, financing and organisational activities, and pricing behaviour. Data consists of a representative sample (at the country level for the manufacturing industry) of almost 15,000 surveyed firms (above 10 employees) in seven European economies (Germany, France, Italy, Spain, United Kingdom, Austria, Hungary). Data was collected in 2010, covering the years from 2007 to 2009. Special questions related to the behaviour of firms during the crisis were also included in the survey.

• We illustrate the construction and usage of the dataset, capitalising on the experience of researchers who have exploited the data within the EFIGE project. Importantly, the document also reports a comprehensive set of validation measures that have been used to assess the comparability of the survey
data with official statistics. A set of descriptive statistics describing the EFIGE variables within (and across) countries and industries is also provided.

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Opinion

EU policy recommendations: A stronger legal framework is not enough to foster national compliance

In 2011, the EU introduced stricter rules to monitor the implementation of country-specific policy recommendations. Using a new dataset, this column investigates whether these new laws have increased national compliance. There is no evidence that these stricter processes matter for implementation rates, whereas macroeconomic fundamentals and market pressure are important determinants of implementation progress. These results suggest ways to improve the effectiveness of European policy coordination that go beyond stronger legal processes.

By: Konstantinos Efstathiou, Guntram B. Wolff and Bruegel Topic: Macroeconomic policy Date: July 23, 2019
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Blog Post

Latest data shows developing trends in the European Central Bank’s refinancing operations

The stock of liquidity supplied through the ECB’s open market operations has remained relatively stable, though there is a clearer change in the country composition.

By: Konstantinos Efstathiou and Bruegel Topic: Banking and capital markets, Macroeconomic policy Date: December 12, 2017
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Blog Post

An update: sovereign bond holdings in the euro area – the impact of quantitative easing

Since the European Central Bank’s announcement in January 2015 of its quantitative easing programme, national central banks have been buying government and national agency bonds. In this post we look at the effect of QE on sectoral holdings of government bonds, updating calculations that we published initially in May 2016.

By: Pia Hüttl and David Pichler Topic: Macroeconomic policy Date: October 10, 2017
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Blog Post

An update: Sovereign bond holdings in the euro area – the impact of QE

Since the ECB’s announcement of its QE programme in January 2015, national central banks have been buying government and national agency bonds. In this post we look at the effect of QE on sectoral holdings of government bonds, updating our calculations published in May and November 2016.

By: Pia Hüttl, Inês Goncalves Raposo and Bruegel Topic: Macroeconomic policy Date: March 9, 2017
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Blog Post

An update: Sovereign bond holdings in the euro area – the impact of QE

Since the ECB’s announcement of its QE programme in January 2015, national central banks have been buying government and national agency bonds. In this post we look at the effect of QE on sectoral holdings of government bonds, based on our recently updated dataset.

By: Pia Hüttl, Silvia Merler and Bruegel Topic: Macroeconomic policy Date: November 22, 2016
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Blog Post

Update of the EFIGE dataset

The EFIGE dataset on firms' competitivenes was recently updated by extending the panel-level balance sheet data until the year 2014. This post highlights the main features of the brand new data.

By: Tommaso Aquilante, Domenico Favoino and Bruegel Topic: Digital economy and innovation Date: August 22, 2016
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Blog Post

Sovereign bond holdings in the euro area - the impact of QE

Since the announcement of the QE programme by the European Central Bank (ECB) on 22 January 2015, national central banks have been buying government and national agency bonds. In this post we look at the effect of QE on sectoral holdings of government bonds, based on our recently updated dataset.

By: Pia Hüttl, Silvia Merler and Bruegel Topic: Macroeconomic policy Date: May 19, 2016
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Policy Contribution

Financial regulatory transparency: new data and implications for EU policy

This paper introduces a new international financial regulatory data transparency index - the Financial Regulatory Transparency (FRT) Index - in order to address the exisiting gap in measuring regulatory transparency.

By: Mark Copelovitch, Christopher Gandrud, Mark Hallerberg and Bruegel Topic: Banking and capital markets Date: December 10, 2015
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Blog Post

Real exchange rates in conflict zones

Several countries experiencing conflict have been able to maintain a stable nominal exchange rate and thereby their real exchange rates were either stable or even increased due to high inflation. In contrast, nominal exchange rates have recently crashed in Syria, Ukraine and Russia, but high inflation has partially or fully counteracted its impact on the real exchange rate.

By: Zsolt Darvas and Bruegel Topic: Macroeconomic policy Date: November 26, 2015
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External Publication

Does money matter in the euro area? Evidence from a new Divisia index

Zsolt Darvas created a a dataset on euro-area Divisia-money aggregates. In this paper, Zsolt estimates theoretically correct responses to money, user cost and interest rate shocks using structural vector-autoregressions. 

By: Zsolt Darvas Topic: Macroeconomic policy Date: June 17, 2015
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Blog Post

Real exchange rates after the Swiss tsunami

The surprise abolition of the 1.2 Swiss franc/euro exchange rate floor by the Swiss National Bank sent shock waves to currency markets. The instant reaction was more than 30 percent appreciation of the Swiss franc, which corrected somewhat later and other currency rates have changed too. Today the franc is traded at a rate of about 1 to the euro, implying 20 percent nominal appreciation.

By: Zsolt Darvas Topic: Macroeconomic policy Date: January 19, 2015
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Blog Post

Introducing the Bruegel dataset of sovereign bonds holdings (and more)

Early this year Jean Pisani-Ferry and I wrote a policy contribution titled “Who’s afraid of sovereign bonds”, where we were investigating the role of euro area banks in holding of domestic government debt securities, one of the important aspects of the sovereign-banking crisis loop. In order to do so, we needed to know how the […]

By: Silvia Merler Topic: Macroeconomic policy Date: August 27, 2012
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