Anke Weber

Regenbogenasche

Jennifer Benkau

Ruth Olshan

Lena Gorelik

Maike Stein

#herzleer - was ich noch sagen wollte

Anne Freytag

Antje Babendererde

Kathrin Schrocke

Caroline Brinkmann

Tobias Steinfeld

Deniz Selek

Tobias Elsäßer

Ilona Einwohlt

Kai Spellmeier

Benni Cullen

Jana Fuhrmann

Geschichten von Lust und Sehnsucht | Liebe in aller Diversität

Lieb doch, wie du willst

Sinnliche Geschichten von bekannten Autor*innen, ab 16 Jahren, herausgegeben von Erfolgsautorin Ilona Einwohlt. Ein Kribbeln zwischen den Zeilen spüren, dem Höhepunkt entgegenfiebern, mit allen Sinnen genießen ... In diesen Erzählungen geht es um Gefühl, Sinnlichkeit und Erotik. Hier wird weitererzählt, wo sonst im Jugendbuch ausgeblendet wird. Unterschiedliche Erfahrungen, jenseits tradierter Rollenklischees und heteronormativer Sexualität, stehen dabei im Mittelpunkt. Texte namhafter Autor*innen zeigen die Vielfalt des Lebens und feiern Diversität – mal schön, mal schmerzhaft, aber immer aufregend! Ein Feuerwerk der Geschichten von Antje Babendererde, Benni Cullen, Ilona Einwohlt, Tobias Elsäßer mit Jana Fuhrmann, Anne Freytag, Kathrin Schrocke, Kai Spellmeier und Tobias Steinfeld.

Mr.Mehdi Raissi

Sebastian Dörr

The Italian economy has been struggling with low productivity growth and bank balance sheet strains. This paper examines the implications for firm productivity of adverse shocks to bank lending in Italy, using a novel identification scheme and loan-level data on syndicated lending. We exploit the heterogeneous loan exposure of Italian banks to foreign borrowers in distress, and find that a negative shock to bank credit supply reduces firms' loan growth, investment, capital-to-labor ratio, and productivity. The transmission from changes in credit supply to firm productivity relates to labor market rigidities, which delay or distort the adjustment of firms' desired labor and capital allocations, and thereby reduce firms' productivity. Effects are stronger for firms with higher capital intensity and external financial dependence.

Credit-Supply Shocks and Firm Productivity in Italy

Mr.Tidiane Kinda

Mrs.Nina Budina

Ms.Andrea Schaechter

This paper provides country-specific information on fiscal rules in use in 81 countries from 1985 to end-September 2012. It serves as background material and update of the July 2012 Working Paper “Fiscal Rules in Response to the Crisis—Toward the ‘Next Generation’ Rules: A New Dataset” and is also available in an easy accessible electronic data visualization tool (http://www.imf.org/external/datamapper/FiscalRules/map/map.htm.).The dataset covers four types of rules: budget balance rules, debt rules, expenditure rules, and revenue rules, applying to the central or general government or the public sector. It also presents details on various characteristics of rules, such as their legal basis, coverage, escape clauses, as well as key supporting features such as independent monitoring bodies.

Country Details from a New Dataset

Fiscal Rules at a Glance

Wenn dein Herz Pogo tanzt. Es ist der Sommer der Festivals. Nayra und Jo begegnen sich auf dem Marschland beim Gig ihrer Lieblingsband – sie stoßen mit ihren Köpfen zusammen und in ihren Herzen sprühen die Funken. Beide verbringen einen wunderbaren Tag zusammen und wollen sich unbedingt wiedersehen. Doch dann wäscht ein Sommergewitter Jos Nummer von Nayras Arm ... Nayra macht sich auf die Suche nach Jo, Jo sucht Nayra. Und so beginnt eine mitreißende Sommer-Lovestory von zweien, die sich finden, verlieren und immer wieder knapp verpassen. Schaffen sie es bis zum Happy End? "Nayra und Jo": Die perfekte Festival-Sommer-Liebesgeschichte, erzählt aus zwei Perspektiven.

Der Beat einer Liebe

Nayra und Jo

Mr.Kamiar Mohaddes

This paper examines whether a tipping point exists for real GDP growth in Italy above which the ratio of non-performing loans (NPLs) to total loans falls significantly. Estimating a heterogeneous dynamic panel-threshold model with data on 17 Italian regions over the period 1997–2014, we provide evidence for the presence of growth-threshold effects on the NPL ratio in Italy. More specifically, we find that real GDP growth above 1.2 percent, if sustained for a number of years, is associated with a significant decline in the NPLs ratio. Achieving such growth rates requires decisively tackling long-standing structural rigidities and improving the quality of fiscal policy. Given the modest potential growth outlook, however, under which banks are likely to struggle to grow out of their NPL overhang, further policy measures are needed to put the NPL ratio on a firm downward path over the medium term.

Can Italy Grow Out of Its NPL Overhang? A Panel Threshold Analysis

Nicoletta Batini

Luc Eyraud

Fiscal multipliers are important tools for macroeconomic projections and policy design. In many countries, little is known about the size of multipliers, as data availability limits the scope for empirical research. For these countries, we propose a simple method—dubbed the “bucket approach”—to come up with reasonable multiplier estimates. The approach bunches countries into groups (or “buckets”) with similar multiplier values, based on their characteristics. It also takes into account the effect of some temporary factors, such as the state of the business cycle.

A Simple Method to Compute Fiscal Multipliers

Ms.Anja Baum

Mr.Marcos Poplawski-Ribeiro

Only a few empirical studies have analyzed the relationship between fiscal multipliers and the underlying state of the economy. This paper investigates this link on a country-by-country basis for the G7 economies (excluding Italy). Our results show that fiscal multipliers differ across countries, calling for a tailored use of fiscal policy. Moreover, the position in the business cycle affects the impact of fiscal policy on output: on average, government spending, and revenue multipliers tend to be larger in downturns than in expansions. This asymmetry has implications for the choice between an upfront fiscal adjustment versus a more gradual approach.

Fiscal Multipliers and the State of the Economy

Mr.Dirk Muir

With fiscal adjustment proceeding quickly in Bulgaria and given the weak economic growth environment, there is keen interest in making the budget composition more growth friendly. This paper quantifies the short-term impact of fiscal policy on economic activity in Bulgaria using econometric and model-based approaches. While fiscal multipliers have been modest in the past, as can be expected in a small open emerging economy, the effect on output is not independent of the speed of adjustment and the specific consolidation measures used. The impact of fiscal policy on economic activity is larger in downturns than in expansions and capital spending and direct taxes are associated with the largest effects on output, while non-targeted government transfers and indirect taxes are associated with a smaller impact. The results suggest that increased capital spending financed by higher indirect tax revenue collections through base broadening has sizeable growth effects over the medium and long-term.

Low But Still Relevant

Fiscal Multipliers in Bulgaria

Lorenzo Forni

Fiscal multipliers are important tools for macroeconomic projections and policy design. In many countries, little is known about the size of multipliers, as data availability limits the scope for empirical research. This note provides general guidance on the definition, measurement, and use of fiscal multipliers. It reviews the literature related to their size, persistence and determinants. For countries where no reliable estimate is available, the note proposes a simple method to come up with reasonable values. Finally, the note presents options to incorporate multipliers in macroeconomic forecasts.

Size, Determinants, and Use in Macroeconomic Projections

Fiscal Multipliers

Anke Weber

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