This site is for archive purposes. Please visit for latest updates
Go to Top


After crisis scenarios for Europe: alternative evolutions of structural adjustments

Capello, Roberta, Caragliu, Andrea, (2016), “After crisis scenarios for Europe: alternative evolutions of structural adjustments”, Oxford University Press, Cambridge Journal of Regions, Economy and Society, Issue 1, Volume 9, pp. 81-101, Μάρτιος.  Structural adjustment in the European Union emerged as the result of the 7-year crisis, providing risks and opportunities to national and regional economies. The effects that these structural changes will generate are difficult to be foreseen. This article builds after-crisis scenarios for Europe on the …Read More

The invisible hand of the government: “Moral suasion” during the European sovereign debt crisis

Ongena, Steven, Popov, Alexander, Van Horen, Neeltje, (2016), “The invisible hand of the government: “Moral suasion” during the European sovereign debt crisis”, Centre for Economic Policy Research, Μάρτιος. Using proprietary data on banks’ monthly securities holdings, we find that during the European sovereign debt crisis, domestic banks in fiscally stressed countries were considerably more likely than foreign banks to increase their holdings of domestic sovereign bonds in months with relatively high domestic sovereign bond issuance. This …Read More

Financial assistance to Greece: Three programmes

Colasanti, Fabio, (2016), “Financial assistance to Greece: Three programmes”, European Policy Centre, 26 Φεβρουαρίου. There are a lot of myths surrounding the bailout money that was given to Greece. Many people still believe that the money never went to the Greek people, but to the Greek and European banks; that the intervention of the euro-area governments and the IMF dealt almost exclusively with the Greek debt; that very little money was used …Read More

What’s Different about Monetary Policy Transmission in Remittance-Dependent Countries?

Barajas, Adolfo, Chami, Ralph, Ebeke, Christian, Oeking, Anne, (2016), “What’s Different about Monetary Policy Transmission in Remittance-Dependent Countries?”, IMF Working Paper No. 16/44, 1 Μαρτίου. Despite welfare and poverty-reducing benefits for recipient households, remittance inflows have been shown to entail macroeconomic challenges; producing Dutch Disease-type effects through their upward (appreciation) pressure on real exchange rates, reducing the quality of institutions, delaying fiscal adjustment, and ultimately having an indeterminate effect on long-run growth. The paper explores …Read More

Social Investment and State Capacity

Beblavý, Miroslav, Hájková, Alžbeta, (2016), “Social Investment and State Capacity“, Ceps Publications, 29 Φεβρουαρίου This paper looks at the difference between the levels and nature of social policy expenditure in northern and northwest European countries and the countries of southern, central, and eastern Europe, and examines the relationship between social investment and state capacity in these country groupings. The authors show that southern and eastern countries have a much greater preference …Read More

The king is dead – long live the king: what follows after the Troika?

Müller, Torsten, (2016), “The king is dead – long live the king: what follows after the Troika?”, Working Paper 2015.09, European Trade Union Institute, Φεβρουάριος. The focus of this paper is the need to reshape the financial assistance programmes and the related activities of the Troika in a way that would make them more socially and democratically acceptable. The starting point, therefore, is an analysis of the current role of the Troika and …Read More

The US sneezes and the Eurozone catches a cold: The Eurozone has been infected by the US slowdown

Caruso, Alberto, Hasenzagl, Thomas, Pellegrino, Filippo, Reichlin, Lucrezia, (2016), “The US sneezes and the Eurozone catches a cold: The Eurozone has been infected by the US slowdown”, Voxeu, 22 Φεβρουαρίου Recent data releases related to the Eurozone have been disappointing. This column argues that momentum from the long-delayed 2014-15 recovery is faltering because the Eurozone economy is affected, with a lag, by the US slowdown. The traditional, lagged relationship between the EZ and US business cycles – …Read More

Inequality: The Structural Aspects

Milanovic, Branko, (2016), “Inequality: The Structural Aspects”, Social Europe Journal, 17  Φεβρουαρίου Despite the unprecedented attention that income and wealth inequality has received in this year’s presidential campaign in the United States and in several recent elections in Europe, one cannot but have the impression that, for many centrist politicians, inequality is just a passing fad. Σχετικές Αναρτήσεις F. Campos, Nauro, B Nugent, Jeffrey, (2016), “Labour market reforms, growth and inequality: Evidence from …Read More

How the Euro Crisis was successfully resolved

Eichengreen, Barry, Wyplosz, Charles, (2016), “How the Euro Crisis was successfully resolved”, Voxeu, 12 Φεβρουαρίου When the newly elected Greek government of George Papandreou revealed that its predecessor had doctored the books, financial markets reacted violently. This column discusses the steps implemented by policymakers following this episode, which were essential in resolving the Crisis. What is remarkable, in hindsight, is the combination of pragmatism and reasoning based on sound economic principles displayed by …Read More

What’s Holding Back the World Economy?

Stiglitz, Joseph, Rashid, Hamid, (2016), “What’s Holding Back the World Economy?”, Project Syndicate, 8 Φεβρουαρίου Seven years after the global financial crisis erupted in 2008, the world economy continued to stumble in 2015. According to the United Nations’ report World Economic Situation and Prospects 2016, the average growth rate in developed economies has declined by more than 54% since the crisis. An estimated 44 million people are unemployed in developed …Read More