Go to Top

Βιβλιοθήκη

‘Second-generation’ fiscal rules: From stupid to too smart

Xavier Debrun, Luc Eyraud, Andrew Hodge, Victor Lledo, Catherine Pattillo, (2018), «‘Second-generation’ fiscal rules: From stupid to too smart», VoxEU, 22 Μαΐου The ongoing debate on fiscal governance in the euro area – and by implication on the implied degree of fiscal discipline – reminds us that four decades after Kydland and Prescott (1977), the debate on ‘rules versus discretion’ still rages on. The basic problem is that policymakers’ ability …Read More

Euro area international trade in goods surplus €26.9 bn

Eurostat/Euro area international trade in goods surplus €26.9 bn/ Μάιος 2018 Euro area The first estimate for euro area (EA19) exports of goods to the rest of the world in March 2018 was €199.9 billion, a decrease of 2.9% compared with March 2017 where they peaked at €205.9 bn. Imports from the rest of the world stood at €173.0 bn, a fall of 2.5% compared with March 2017 (€177.4 bn). …Read More

The populism backlash: An economically driven backlash

Luigi Guiso, Helios Herrera, Massimo Morelli, Tommaso Sonno, (2018), «The populism backlash: An economically driven backlash», VoxEU, 18 Μαΐου The surge of populism in Europe and the US has often put at the centre stage three ideological actors of society: the people, the elite, and the ‘other’ (foreigners, immigrants) to whom, in the populist narrative, the elite has sold the people out. Populist policies have often picked convenient scapegoats for …Read More

Completing Europe’s Banking Union means breaking the bank-sovereign vicious circle

Isabel Schnabel, Nicolas Véron, (2018), «Completing Europe’s Banking Union means breaking the bank-sovereign vicious circle», VoxEU, 16 Μαΐου Several euro area leaders, including the German chancellor, her finance minister, and the French president, have recently referred to the need to “complete the Banking Union”. These public calls echo those made in more formal settings, in intergovernmental meetings (European Council 2014) and in European Commission communications (European Commission 2015) over the …Read More

Παροχή έκτακτης ενίσχυσης σε ρευστότητα προς τις ελληνικές τράπεζες (ELA)

ΤτΕ/Παροχή έκτακτης ενίσχυσης σε ρευστότητα προς τις ελληνικές τράπεζες (ELA)/17 Μαΐου 2018 Μειωμένο κατά η 2,5 δισ. ευρώ ήταν το ανώτατο όριο παροχής έκτακτης ενίσχυσης σε ρευστότητα (ELA) προς τις ελληνικές τράπεζες και διαμορφώθηκε στα 12,2 δισ. ευρώ. Στις 16 Μαΐου 2018 το Διοικητικό Συμβούλιο της ΕΚΤ δεν διατύπωσε αντίρρηση στον καθορισμό του ανώτατου ορίου παροχής έκτακτης ενίσχυσης σε ρευστότητα (ELA) προς τις ελληνικές τράπεζες στο ποσό των 12,2 δισεκ. …Read More

How much does your country invest?

Eurostat/How much does your country invest?/14 Μαΐου 2018 Last year, total investment (both from the public and the private sectors) by European Union (EU) Member States amounted to almost €3 100 billion. Construction accounted for about half of these investments, with machinery, equipment & weapons systems (31%) and intellectual property products (19%) following. The intellectual property products category has shown the largest increase in investment in proportion to total capital …Read More

The Debt Shackles Return

Michael Heise, (2018), «The Debt Shackles Return», Project Syndicate, 15 Μαΐου Market analysts view the uptick in private lending in most emerging and some developed economies as a sign of higher demand and a precursor of faster growth. But, while this is true in the short run, the relentless rise of overall debt remains among the most serious problems burdening the global economy. Despite years of deleveraging after the 2008 …Read More

Euro area reform: No deal is better than a bad deal

Peter Bofinger, (2018), «Euro area reform: No deal is better than a bad deal», VoxEU, 15 Μαΐου Given the focus on ‘risk sharing’, it is surprising that the authors do not explicitly explain what specific risks they want to be shared. Their proposals focus on the risk of idiosyncratic demand shocks and the risk of a national banking crisis. But this neglects the unique and existential risk of euro area …Read More

Are discretionary referendums on the EU becoming ‘politically obligatory?’

Aude Bicquelet-Lock, Helen J. Addison, (2018), «Are discretionary referendums on the EU becoming ‘politically obligatory?’», LSE, EUROPP, 15 Μαΐου European governments have increasingly held referendums to decide matters associated with the EU since the first one was held in France in 1972, even though all EU states have representative democratic institutions and referendums entail considerable risk of defeat. This surge in non-obligatory referendum pledges inspired some scholars to suggest that referendums …Read More

The Dynamics of Sovereign Debt Crises and Bailouts

Francisco Roch, Harald Uhlig, (2018), «The Dynamics of Sovereign Debt Crises and Bailouts», CEPR, discussion paper, Μάιος Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks, government impatience or a «sunspot»-coordinated buyers strike. We introduce a bailout agency, and characterize the strategy with the minimal actuarially fair intervention which guarantees the …Read More

Σελίδα 1 από 34212345...102030...»»»