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Αισιόδοξη η Moody’s για την Ευρωζώνη, απαισιόδοξη για την ανάπτυξη στις ΗΠΑ

Η Καθημερινή, (2017), «Αισιόδοξη η Moody’s για την Ευρωζώνη, απαισιόδοξη για την ανάπτυξη στις ΗΠΑ», 31 Αυγούστου Προς τα πάνω αναθεώρησε ο οίκος πιστοληπτικής αξιολόγησης Μoody’s τις προβλέψεις του για την ανάπτυξη της Γερμανίας, της Γαλλίας και της Ιταλίας, αλλά προς τα κάτω για τις ΗΠΑ. Στην έκθεση για την προοπτική της παγκόσμιας οικονομίας, η Μοοdy’s θεωρεί ότι οι οικονομίες του G20, δηλαδή των 20 ισχυρότερων οικονομιών του ανεπτυγμένου και …Read More

Correlation networks to measure the systemic implications of bank resolution

Paolo, Guidici, Parisi, Laura, (2017), «Correlation networks to measure the systemic implications of bank resolution», VoxEU, 28 Αυγούστου In the European single resolution framework, there are three potential paths for failing banks: bail-in, private intervention, or liquidation. This column proposes combining a new market-based early warning measure of credit risk based on CDS spreads to investigate potential losses and systemic contagion for each path. Applying this to Italy’s banking system …Read More

GDP Growth – Second quarter of 2017

OECD/GDP Growth – Second quarter of 2017/28 Αυγούστου 2017 Quarterly growth of real gross domestic product (GDP) in the OECD area accelerated to 0.7% in the second quarter of 2017, compared with 0.5% in the previous quarter, according to provisional estimates. Among the Major Seven economies, in the second quarter of 2017, GDP growth accelerated strongly in Japan (to 1.0%, compared with 0.4% in the previous quarter) and the United States …Read More

Europe Has Recovered Enough to Ease Off the Quantitative Easing

Moss, Daniel, (2017), «Europe Has Recovered Enough to Ease Off the Quantitative Easing», Bloomberg View, 30 Αυγούστου The European Central Bank is approaching a great opportunity to signal unambiguously its confidence in the region’s economic revival. It would be a shame to miss it. The ECB’s governing council returns from its summer break next week knowing that its current program of quantitative easing expires at year end. Officials have spent months …Read More

Fiscal Policy Stabilisation and the Financial Cycle in the Euro Area

Alcidi, Cinzia, (2017), «Fiscal Policy Stabilisation and the Financial Cycle in the Euro Area», Fellowship Initiative, Discussion Paper 052, European Commission, Ιούλιος This paper examines the impact of the financial cycle on the capacity of the economy to deal with shocks, with a particular focus on fiscal policy in the euro area member states. It starts by measuring national financial cycles and investigating the synchronisation across them as well as their relationship to the medium-term business …Read More

Υπέρ του Ευρωπαϊκού Νομισματικού Ταμείου τάχθηκε η Μέρκελ

Η Καθημερινή, (2017), «Υπέρ του Ευρωπαϊκού Νομισματικού Ταμείου τάχθηκε η Μέρκελ», 30 Αυγούστου Υπέρ της μετατροπής του Ευρωπαϊκού Μηχανισμού Σταθερότητας (ESM) σε Ευρωπαϊκό Νομισματικό Ταμείο τάχθηκε η Γερμανίδα καγκελάριος Αγκελα Μέρκελ, μιλώντας θετικά ακόμη για μια ενιαία οικονομία με έναν υπουργό Οικονομικών για όλη την Ευρωζώνη. Σχετικές Αναρτήσεις Ημερησία.gr, (2017), «Πάγος» από τη Γερμανία στις προτάσεις της Κομισιόν», 7 Ιουλίου Συμεωνίδης, Κώστας, (2017), «Ευρωπαϊκό Νομισματικό Ταμείο προκρίνει η Μέρκελ – …Read More

The financial crisis, ten years on

Cecchetti, Stephen,  Schoenholtz, Kim, (2017), «The financial crisis, ten years on», VoxEU, 29 Αυγούστου There is still a notable lack of consensus over when exactly the 2007-09 financial crisis started. This column argues that the crisis began on 9 August 2007, when BNP Paribas announced they were suspending redemptions. In 2007, the US and European financial systems lacked two key shock absorbers: adequate capital to meet falls in asset values, …Read More

Populism and trust in national and European institutions

Dustmann, Christian, Eichengreen, Barry, Otten, Sebastian, Sapir, André, Tabellini, Guido, Zoega, Gylfi, (2017), «Populism and trust in national and European institutions», VoxEU, 22 Αυγούστου Recent years have seen a decline in trust in established political institutions and parties and a surge in support for populist movements and policies, not least in Europe where scepticism and, in some places, outright hostility towards the European Union is evident. This column introduces the …Read More

The determinants of euro area sovereign bond yield spreads-An empirical analysis

Monokroussos, Platon, (2017), «The determinants of euro area sovereign bond yield spreads- An empirical analysis», Eurobank, Ιούλιος In this paper we present the results of an empirical study on the determinants of the sovereign bond yield spreads in the euro area before and after the outbreak of the global financial crisis. As an additional step, we estimate a valuation model for the 10-year Greek government bond yield differentials, with the …Read More

Europe must seize this moment of opportunity

Benassy-Quere, Agnes, Huther, Michael, Martin, Philippe, Wolff, Guntram, (2017), «Europe must seize this moment of opportunity», Bruegel, 12 Αυγούστου After years of despondency, there is new and positive momentum in Europe. With the French electing Emmanuel Macron and a broad recovery in the euro area, leaders in Brussels and national capitals have an opportunity to push ahead with long-needed reforms. Simultaneously, the calamities occurring in British and US politics serve …Read More

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