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Isabel Schnabel: From laggard to leader? Closing the euro area's technology gap

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Thursday, April 18, 2024

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Greece Construction Industry Report 2024: Expansion of 4.8% in real terms Expected this Year, Driven by Recovery in Tourism and Leisure Sectors, & Rise in Building Permits

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Monday, April 1, 2024

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Construction industry in Greece to grow by 4.8% in real terms in 2024, driven by recovery in tourism and leisure sectors, along with a rise in building permits.

Key Points:

Construction industry in Greece to grow by 4.8% in real terms in 2024, driven by recovery in tourism and leisure sectors, along with a rise in building permits.
Moreover, investments as part of the European Union (EU's) Recovery and Resilience Facility (RRF).
The government aims to increase the share of renewable energy in the total energy mix to 35% by 2030.
Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Greece, featuring details of key growth drivers.

Consumer participation in the credit market during the COVID-19 pandemic and beyond

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Tuesday, April 2, 2024

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We find that credit demand is highest when

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We find that credit demand is highest when
the first lockdown ends and it drops when supportive monetary compensation schemes are implemented.
Credit is more likely to be
accepted under favourable borrowing conditions and after the approval of national recovery plans.
We also find
that demographic, economic factors, perceptions and expectations are associated with the demand for credit and
the credit grant.
First, it adds to a rapidly growing literature on household
borrowing behaviour during the COVID-19 pandemic; see, for example, Ho et al.
We provide evidence that credit applications and credit acceptances display a different pattern over
time.
Credit is more likely to be accepted under favourable borrowing conditions and after the
approval of national recovery plans.
In almost all countries
households are significantly less likely to apply and to get their credit approved than in Germany.
In line with literature, we show that
demographic and economic factors affect the probability for credit applications and credit approval.
In addition,
the paper shows that consumer perceptions and expectations matter when they decide to apply for credit.
Introduction
The participation of households in the credit market receives wide attention in the consumer finance literature
because consumer credit enters the monetary policy transmission mechanism through the so-called ?credit
channel?: changes in credit demand and supply have an effect on consumers' spending and investment, which in
turn affect economic growth.
We use microdata from the ECB?s Consumer Expectations Survey (hereinafter CES), a survey that
measures consumer expectations and behaviour in the euro area.
Its panel dimension allows for an assessment of
how consumer behaviour changes over time and how consumers respond to critical economic shocks.
This way we can gauge how credit applications and credit acceptances change under different, almost
opposite, borrowing conditions.
We also distinguish between the demand for long-term secured loans (mortgages) and for short-term
uncollateralized loans (consumer loans).
ECB Working Paper Series No 2922
3

We use probit models to estimate the probability of the consumer to apply for credit and the credit being granted.
The rate peaks in 2020Q3 which reflects the rebound in the demand for loans when the first lockdown ended.
In almost all countries households are significantly less likely
to apply and to get their credit approved than in Germany.
However,
when it comes to credit acceptance, we observe that the two groups of households are more similar.
Finally, we find some heterogeneity with respect to the type of credit, particularly between secured and unsecured
debt.
The demand for
consumer credit is insignificant for liquid households and decreases significantly for constrained households in
the last two quarters of our timespan.
The first consists of a recently growing literature which
explores consumer behaviour in the credit market during the COVID-19 pandemic, mostly in the United States.
Sandler and Ricks (2020) show that consumers did not use credit card debt for financial liquidity in the early stage
of the COVID-19 pandemic.
(2020) report that credit card applications and new mortgage loans
declined during the first months of the pandemic in regions with more unemployment insurance claims.
Lu and
Van der Klaauw (2021) show that there was a sharp drop in consumer credit demand, especially for credit cards.
(2022) document that there was a substantial decrease in the usage of credit cards and home equity lines
of credit by Canadian consumers.
Our paper is also consonant with studies on the association between financial and demographic factors and
consumers? participation in the credit market as well as on the demand for specific types of credit.
January 2020 ? October 2020 - The two main events are the outbreak of the COVID-19 pandemic and the
consequential lockdowns in the euro area.
4 If the
respondent has applied for more than one type of credit, she is asked to refer to the most recent credit application.
Between 2021Q3 and 2022Q3 the acceptance
rate stays above the average values, mirroring the easing of credit standards for consumer credit and other lending
to households during this period.
Second, we can investigate the presence of nonlinearities in how liquidity and the credit type interact in explaining credit applications.
(2023) ? who show that in the United States the local pandemic severity had a strong
negative effect on credit card spending early in the pandemic, which diminished over time.
First, we select mortgages and consumer credit as the two mostly reported categories for secured and
13

The full estimation results are reported in Table 3.
The right-hand side panel of Figure 6 shows that the demand for consumer credit is insignificant for both liquid
and illiquid households.
It also shows that
subjective perceptions of credit access, financial concerns and expectations on interest rates matter for the demand
for credit.
In Bertola, G., Disney
R., and Grant, C. (eds) The Economics of Consumer Credit, Cambridge MA, MIT Press.
Horvath, A., Kay, B. and Wix, C. (2023) The COVID-19 shock and consumer credit: Evidence from credit card
data.
Magri, S. (2007) Italian households? debt: The participation to the debt market and the size of the loan.

GEN Restaurant Group, Inc. Announces Fourth Quarter 2023 Financial Results

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Wednesday, March 6, 2024

Total, Depreciation, Restaurant, Investment, Growth, RRF, IPO, GAAP, Restaurant Revitalization Fund, Comparable, Webcast, Economics, Video game

CERRITOS, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”), owner of GEN Korean BBQ, a fast-growing cook-it-yourself casual dining concept, today announced financial results for the fourth quarter and year ended December 31, 2023.

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CERRITOS, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”), owner of GEN Korean BBQ, a fast-growing cook-it-yourself casual dining concept, today announced financial results for the fourth quarter and year ended December 31, 2023.
Revenue was $45.1 million in the fourth quarter of 2023 compared to $40.8 million in the fourth quarter of 2022.
Comparable restaurant sales decreased 1.7% in the fourth quarter of 2023 compared to the same period last year.
Restaurant pre-opening expenses increased to $1.6 million for the fourth quarter of 2023 from $0.5 million in the fourth quarter of 2022 due to the timing of new store openings.

Florida Realtors® Thanks NAR Realtors® Relief Foundation: $100K to Help Severe Weather Victims in The Panhandle

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Tuesday, February 20, 2024

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Thanks to the National Association of Realtors' (NAR) Realtors Relief Foundation and their generous donation to help victims of Hurricane Ian, people can find the housing assistance they need to rebuild their homes and their lives."

Key Points:

Thanks to the National Association of Realtors' (NAR) Realtors Relief Foundation and their generous donation to help victims of Hurricane Ian, people can find the housing assistance they need to rebuild their homes and their lives."
Qualifications for the Realtors Relief Foundation assistance include:
Individual grants may be approved up to a limit of $2,500 per household.
Rental cost due to displacement from the primary residence resulting from the severe weather events of Jan. 9, 2024.
For more info, including how to apply and the applications for assistance, go to Florida Realtors website at: https://www.floridarealtors.org/about/charities/disaster-relief-fund .

Isabel Schnabel: From laggard to leader? Closing the euro area’s technology gap

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Saturday, February 17, 2024

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This paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation, first shows the need of climate-related capital requirements in the existing prudential framework.

Key Points:

This paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation, first shows the need of climate-related capital requirements in the existing prudential framework.
We further show that relying on microprudential regulation alone would not be enough to account for the systemic dimension of transition risk.

Piero Cipollone: The euro at 25: what next for Economic and Monetary Union?

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Tuesday, February 13, 2024

We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.

Key Points:

We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.
Supply shocks, moreover, are found to pass through to all components of euro area inflation – producer prices, wages and core inflation, which has implications for monetary policy.

Press release - European Parliament Press Kit for the Special European Council of 1 February 2024

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Sunday, February 4, 2024

In this press kit, you will find a selection of the European Parliament’s press releases reflecting MEPs’ priorities for topics on the summit agenda. Source : © European Union, 2024 - EP

Key Points:

In this press kit, you will find a selection of the European Parliament’s press releases reflecting MEPs’ priorities for topics on the summit agenda. Source : © European Union, 2024 - EP

Greece Construction Industry Report 2023: Commercial, Industrial, Infrastructure, Energy, Institutional and Residential Market Size, Analysis by Sector, Competitive Landscape and Forecast 2018-2027 - ResearchAndMarkets.com

Retrieved on:

Friday, January 26, 2024

The "Greece Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

Key Points:

The "Greece Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
An improvement in the tourism and hospitality sectors, coupled with rising foreign direct investment (FDI) has also been a supporting factor.
Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Greece, featuring details of key growth drivers.
Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.

Slovakia Construction Industry Report 2023: Output was Expected to Grow by 6.1% in Real Terms in 2023, but the Short-term Outlook is Not as Positive - Forecasts to 2027 - ResearchAndMarkets.com

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Wednesday, January 24, 2024

Construction & Property, Other Construction & Property, Competitive landscape, SOS, RRF, Civil service commission, European Commission, Risk, Investment, Assessment, Construction, Yoy, Growth

The construction industry in Slovakia is expected to grow by 6.1% in real terms in 2023, but the short-term outlook is fairly gloomy.

Key Points:

The construction industry in Slovakia is expected to grow by 6.1% in real terms in 2023, but the short-term outlook is fairly gloomy.
The weak outlook reflects challenging economic headwinds and also a sharp decline recorded in the total floor area permits for the construction of buildings.
In addition, the persistence of high construction material and component prices might weigh upon the construction activities.
Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Slovakia, featuring details of key growth drivers.