Federico, Giovanni, Tena-Junguito, Antonio, (2016), “World trade, 1800-2015”, Voxeu, 7 Φεβρουαρίου Parallels are often drawn between the Great Recession of the past decade and the economic turmoil of the interwar period. In terms of global trade, these comparisons are based on obsolete and incomplete data. This column re-estimates world trade since the beginning of the 19th century using a new database. The effect of the Great Recession on trade growth is sizeable but …Read More

Minenna, Marcelo, (2016), “The Italian Bad Bank: A Better Alternative”, Social Europe Journal, 8 Φεβρουαρίου The severe financial crisis of recent years hit Eurozone industrial production; in a bank-centric currency area this resulted in tremendous growth of NPLs (non-performing loans), amounting today to €900 billion. In some countries, banking system issues arose from real estate bubbles and structured finance transactions Σχετικές Αναρτήσεις Merler, Sylvia, (2016), “Bad banks and rude awakenings: …Read More

Roubini, Nouriel, (2016), “The Global Economy’s New Abnormal”, Social Europe Journal, 5 Φεβρουαρίου Since the beginning of the year, the world economy has faced a new bout of severe financial market volatility, marked by sharply falling prices for equities and other risky assets.A variety of factors are at work: concerns about a hard landing for the Chinese economy; worries that growth in the United States is faltering at a time …Read More

Hansen, Stephen, McMahon, Michael, (2016), “The nature and effectiveness of central-bank communication“, Voxeu, 3 Φεβρουαρίου. In addition to setting interest rates, central banks also communicate with the public about economic conditions and future actions. While it has been established that communication can drive expectations, less is known about how it does so. This column attempts to shed light on this question. Applying novel measures to the content of Federal Reserve statements, it …Read More

Kaletsky, Anatole, (2016), “The Three Fears Sinking Global Markets”, Social Europe Journal, 1 Φεβρουαρίου January is usually expected to be a good month for stock markets, with new money gushing into investment funds, while tax-related selling abates at the end of the year. Although the data on investment returns in the United States actually show that January profits have historically been on only slightly better than the monthly norm, the widespread belief …Read More

Economist, (2016), “A Nordic laggard can yet forge ahead with reforms”, Economist, 1 Φεβρουαρίου THE harbour may be frozen, but that does not stop a ferry with a few intrepid tourists on board from making its way through the ice to Suomenlinna, a former fortress and popular sight-seeing spot near Helsinki. Finns, whose country stretches from the Baltic Sea to the Arctic, are inured to hostile conditions, but their economy …Read More