OECD, (2016), “OECD Employment Outlook 2016”, OECD Publishing, 7 Ιουλίου This 2016 edition of the OECD Employment Outlook provides an in-depth review of recent labour market trends and short-term prospects in OECD countries. Chapter 1 examines recent labour market developments, with a special focus on vulnerable youth who are neither working nor in education or training. The size of this group has grown in recent years in many OECD countries …Read More
Frecaut, Olivier, (2016), “A National Wealth Approach to Banking Crises and Financial Stability”, IMF Publications, 5 Ιουλίου The paper explores a different, supplementary way to assess and manage a particular type of banking crises, those arising from a rise of nonperforming loans to the corporate sector. It relies on a “national wealth approach,” focusing on the distribution of net wealth among economic sectors and its interaction with developments in the banking …Read More
De Santis, Roberto A., (2016), “Credit spreads, economic activity and fragmentation”, ECB, No 1930 / July 2016 Credit spreads may be jointly driven by developments that are orthogonal to the current state of the economy. We show that this unobserved systematic component is demanded to hedge against adverse economic áuctuations. Using either yield-to-maturity spreads or asset swap spreads for 2345 Eurobonds across euro area non-financial industries, we estimate a market-wide relative excess …Read More
Barslund, Mikkel, Busse, Matthias, (2016), “Labour Mobility in the EU: Addressing challenges and ensuring ‘fair mobility’”, Centre for European Policy Studies, 1 Ιουλίου Labour mobility creates economic benefits for the EU at large and the mobile workforce. The same can be said for the special case of posted workers – a form of labour mobility that is crucial to the functioning of the internal market for services. Moreover, the number of posted …Read More
Jung, Alexander, (2016), “Have monetary data releases helped markets to predict the interest rate decisions of the European Central Bank?”, European Central Bank, No 1926 / Ιούλιος This paper examines whether monetary data releases by the European Central Bank (ECB) have provided markets with additional clues about the future course of its monetary policy. It conducts a novel econometric approach based on a combination of an Ordered Probit model explaining future policy …Read More
International Monetary Fund, (2016), “Germany : Financial Sector Assessment Program-Financial System Stability Assessment”, IMF Publications, 29 Ιουνίου The country is home to two global systemically important financial institutions, Deutsche Bank AG and Allianz SE, as well as to one of the largest global central counterparties (CCP), Eurex Clearing AG. The system is also very heterogeneous, with a range of business models and a large number of smaller banks and insurers. …Read More
OECD, (2016), “OECD Economic Surveys: Euro Area 2016”, OECD Publishing, Ιούνιος Growth has picked up gradually over the past two years, supported by very accommodative monetary policy. The effect of fiscal policy on domestic demand has turned broadly neutral. But unemployment is still very high in many euro area countries, investment has been sluggish and credit remains weak. Inflation is well below target and market-based measures of inflation expectations have …Read More
OECD, (2016), “OECD Economic Surveys: European Union 2016”, OECD Publishing, Ιούνιος Europe has made important progress in harnessing and reinforcing its policies and institutions to recover from a double-dip recession and improve crisis management. Very supportive monetary policy has helped growth to pick up gradually over the past three years, and contributed to reduce tensions in sovereign debt markets. The effect of fiscal policy on demand has turned broadly neutral. Important …Read More
Gal, Peter, Hijzen, Alexander, (2016), “The short-term impact of product market reforms: A cross-country firm-level analysis”, International Monetary Fund, 10 Ιουνίου This paper analyzes the effects of product market reforms in the short and medium term across 10 regulated industries and 18 advanced economies for the period 1998-2013 using internationally comparable firm-level data based on Orbis. It provides four key insights. First, product market reforms have positive effects on capital, output …Read More
Stanislas de Finance, Risto Nieminen, (2016), “Testing the resilience of banking union”, European Added Value Unit PE 558.778, Απρίλιος This ‘Cost of Non-Europe Report’ examines the robustness of the Banking Union framework under various stress scenarios and identifies the cost of the lack of further European action in this field. The study suggests that the potential gains from a deepened Economic and Monetary Union would be substantial, should a new financial …Read More
