Financial indicators can warn of European growth risks – ECB paper
Index that aggregates financial variables in non-linear way provides most information – researchers
Financial conditions can warn of risks to Europe’s output growth, but not all indicators work equally well, research published by the European Central Bank finds.
In the working paper, Juan Manuel Figueres and Marek Jarociński test several indicators of financial conditions in Europe, following work done in the US by Tobias Adrian and co-authors. The ECB researchers find many indicators that focus on specific segments of the financial market, such as the retail bank lending spread or sovereign
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