Suchergebnisse

ABSTRACTThe aim of this study is to investigate whether digital technologies affect the credit market in the European Union (EU). The impact of digital technology on three types of bank loans (residential mortgage loans, consumer loans and corporate loans) is analysed separately for two groups of EU countries: Central and Eastern Europe and Western Europe. A dynamic panel regression model is employed based on yearly data on the individual bank level. The sample panel data cover the period 2010–2019. The results show that digital technology affects the growth of loans for households, mortgages and consumer loans. We also find heterogeneity between the Central and Eastern European and Western European banking sectors. Furthermore, the impact of digital technology on bank loan development is significantly stronger in foreign banks. Finally, the findings confirm the dominant role of digital technologies in loans for households during the analysed period. This is the first comprehensive study on the determinants of different loan types in the context of digital technology use in the EU.

AbstractThe issue of volatility spillovers between the black and official exchange markets for U.S. dollars in Greece for 1975–89 is examined. A vector error correction‐bivariate EGARCH model is developed and estimated to capture potential asymmetric effects of innovations and volatility. During the period under investigation, reciprocal spillovers are found between the black and official exchange markets for dollars. Furthermore, spillovers are asymmetric in that bad news in one market has a greater effect on the volatility of the other market than good news. Additionally, the size of spillover effects is greater from the official market to the black market. Finally, the removal of the foreign exchange controls in January 1986 made the volatility of the official exchange rate higher and changed the nature of volatility spillovers between the two markets.JEL Classification: F31, F32

Banking sector transformation, economic growth and inequality and exchange rate arrangements are critical issues whose importance has been highlighted during the recent financial crisis. This volume contains new research on the relationships between economic growth, inequality and the financial sector.