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Saving Europe’s Real Hegemon

Sinn, Hans-Werner, (2013), “Saving Europe’s Real Hegemon”, www.project-syndicate.org, 28 Αυγούστου. Last June, the European Commission announced its about-face on bank restructuring. The money for recapitalizing distressed banks would now come primarily from creditors, not European taxpayers, with a pecking order to specify which lenders would be repaid first. All of this is welcome, at least in principle. In practice, however, the scheme leaves much to be desired.

The Post-Crisis Global Economy in Three Words

Pisani-Ferry, J., (2013), “The Post-Crisis Global Economy in Three Words”, www.project-syndicate.org, 28 Αυγούστου. Five years have passed since the collapse of the American investment bank Lehman Brothers triggered financial mayhem and marked the onset of the Great Recession. Though the dust may not have fully settled, three catchwords sum up what we have learned so far – and what remains to be done.

Social Protection Rights of Economically Dependent Self-employed Workers

Eichhorst, W., Kahanec, M., Kendzia, M., Wehner, C.,  et al. (2013), “Social Protection Rights of Economically Dependent Self-employed Workers”, IZA Research Report, N. 54. The study analyses the role of economically dependent self-employed workers in the labour market by taking institutional factors into account, such as labour law and social protection rights. In addition to setting out the reasons for the increase of dependent self-employed workers, the authors provide case studies across …Read More

Benchmarking Working Europe 2013

ETUI, (2013), “Benchmarking Working Europe 2013”. Widening economic and social gaps among EU member states, as well as among different groups and categories of citizens within society, are not only placing in jeopardy the future of Social Europe but threatening to undermine also the whole project of European integration. The post-2008 recession and debt crisis, helped along by EU leaders’ obstinate clinging to the failing remedies of fiscal austerity, have …Read More

The downsizing dilemmas of European employers

P van Dalen, H., Henkens, K., (2013), “The downsizing dilemmas of European employers”, www.voxeu.org, 28 Αυγούστου. In times of economic crisis, managers often take drastic measures to survive. This column presents new research on the preferences of managers from across Europe when faced with ‘downsizing’. It seems that, when recession bites, the instincts or ‘animal spirits’ of employers that were previously suppressed by prosperity or considered to be outdated resurface. …Read More

The G-20 and Central Banks in the New World of Unconventional Monetary Policy

Brookings Institution, (2013), “The G-20 and Central Banks in the New World of Unconventional Monetary Policy”. Five years after the first meeting of G-20 leaders, and decisive action by the central banks and treasuries of the world’s major economies that prevented the financial crisis of 2008-2009 from turning into a 1930’s style world-wide depression, the world economy still remains fragile. The original fiscal stimulus agreed upon in the April 3rd …Read More

Political Credit Cycles: The Case of the Eurozone

Fernández-Villaverde, J., Garicano, L., Santos, T., (2013) “Political Credit Cycles: The Case of the Eurozone”, Journal of Economic Perspectives, Vol. 27, N3, pp. 145-66. We study the mechanisms through which the entry into the euro delayed, rather than advanced, key economic reforms in the eurozone periphery and led to the deterioration of important institutions in these countries. We show that the abandonment of the reform process and the institutional deterioration, …Read More

The Greek debt restructuring: an autopsy

Zettelmeyer, J., Trebesch, Chr., Gulati, M., “The Greek debt restructuring: an autopsy”, Vol., 28, Issue 75, pages 513–563. The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50% of 2012 GDP – with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector pressure on key creditors. But it did so …Read More

Fiscal union in Europe? Redistributive and stabilizing effects of a European tax-benefit system and fiscal equalization mechanism

Bargain, Ol., Dolls, M., Fuest, Cl., Neumann, D.,  Peichl, Andr., Pestel, N., Siegloch, S., (2013), “Fiscal union in Europe? Redistributive and stabilizing effects of a European tax-benefit system and fiscal equalization mechanism”,  Economic Policy, Vol. 28, Issue 75, pp. 375–422. The current debt crisis has given rise to a debate concerning deeper fiscal integration in Europe. The view is widespread that moving towards a ‘fiscal union’ would have stabilizing effects …Read More

The Single Market as an Engine for Employment through External Trade

Rueda-Cantuche, J. M., Sousa, N., Andreoni, V., Arto, I. (2013), “The Single Market as an Engine for Employment through External Trade”,  Journal of Common Market Studies, Vol. 51, Issue 5, pp: 931–947. This article quantifies for the first time the European employment effects of extra-EU exports and the correct number of jobs generated through the intra-EU trade (single market) associated with the production of such exports. The literature has neglected …Read More