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The effect of the size and mix of public spending on growth and inequality

Organization for Economic Co-operation and Development, (2016), “The effect of the size and mix of public spending on growth and inequality”, OECD Economics Department, 24 Νοεμβρίου The size and mix of public spending can have a considerable effect on growth and inequality. For instance, too large governments tend to reduce growth, unless governments function in a highly effective way. On the other hand, large governments tend to redistribute more, thereby …Read More

The distribution of the growth dividends

Hermansen, Mikkel, Ruiz, Nicolas, Causa, Orsetta, (2016), “The distribution of the growth dividends”, OECD Economics Department Working Papers No. 1343, 17 Νοεμβρίου Widespread increases in inequality over the past three decades have raised the question of the distribution of the growth dividends. This paper finds that there is no single answer to this question. The mechanisms that link growth and income inequality are found to differ depending on the sources of …Read More

The Distributional Impact of Structural Reforms

Causa, Orsetta, Hermansen, Mikkel, Ruiz, Nicolas, (2016), “The Distributional Impact of Structural Reforms”, OECD Economics Department Working Papers No. 1342, 17 Νοεμβρίου In a majority of OECD countries, GDP growth over the past three decades has been associated with growing income disparities. To shed some lights on the potential sources of trade-offs between growth and equity, this paper investigates the long-run impact of structural reforms on household incomes across the distribution, …Read More

Fiscal Discipline and Exchange Rates : Does Politics Matter?

Tovar Jalles, Joao, Mulas-Granados, Carlos, Tavares, José, (2016), “Fiscal Discipline and Exchange Rates : Does Politics Matter?”, IMF Working Paper 16/230, 18 Νοεμβρίου We look at the effect of exchange rate regimes on fiscal discipline, taking into account the effect of underlying political conditions. We present a model where strong politics (defined as policymakers facing longer political horizon and higher cohesion) are associated with better fiscal performance, but fixed exchange rates …Read More

Securitization and Credit Quality

Marques‐Ibanez , David, (2016), “Securitization and Credit Quality”, IMF Working Paper 16/221, 16 Νοεμβρίου Banks are usually better informed on the loans they originate than other financial intermediaries. As a result, securitized loans might be of lower credit quality than otherwise similar nonsecuritized loans. We assess the effect of securitization activity on loans’ relative credit quality employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that, at …Read More

How do policies influence GDP tail risks?

Caldera Sánchez, Aida, Röhn, Oliver, (2016), “How do policies influence GDP tail risks?”, OECD, 16 Νοεμβρίου This paper explores the relationship between policy settings and extreme positive and negative growth events, what we call GDP tail risks, using quantile regression methods. Conditioning on several country characteristics such as the size, stage of development and openness to trade as well as macroeconomic policies, the following findings for a panel of mostly …Read More

Reforming the EU’s Budget Revenue: The case for a visible VAT-based resource

Cipriani, Gabriele, (2016), “Reforming the EU’s Budget Revenue: The case for a visible VAT-based resource”, CEPS, 14 Νοεμβρίου This paper finds that the long-awaited reform of the EU’s revenue arrangements can be pursued within the current legal framework, thus keeping member states’ fiscal sovereignty unaffected. In order to have a chance of approval by national parliaments, the author recommends that reform options should concentrate on known grounds and operational solutions. …Read More

A Tale of Two Sectors: Why is Misallocation Higher in Services than in Manufacturing?

A. Dias, Daniel, Robalo Marques, Carlos, Richmond, Christine, (2016), “A Tale of Two Sectors: Why is Misallocation Higher in Services than in Manufacturing?”, IMF Working Paper 16/220, 15 Νοεμβρίου Recent empirical studies document that the level of resource misallocation in the service sector is signicantly higher than in the manufacturing sector. We quantify the importance of this difference and study its sources. Conservative estimates for Portugal (2008) show that closing this …Read More

Trade Costs of Sovereign Debt Restructurings: Does a Market-Friendly Approach Improve the Outcome?

Asonuma, Tamon, Chamon, Marcos, Sasahara, Akira, (2016), “Trade Costs of Sovereign Debt Restructurings: Does a Market-Friendly Approach Improve the Outcome?”, IMF Working Paper 16/222, 16 Νοεμβρίου Sovereign debt restructurings have been shown to influence the dynamics of imports and exports. This paper shows that the impact can vary substantially depending on whether the restructuring takes place preemptively without missing payments to creditors, or whether it takes place after a default has …Read More

Business Cycle Synchronization in the EMU: Core vs. Periphery

Belke, Ansgar, Domnick, Clemens, Gros, Daniel, (2016), “Business Cycle Synchronization in the EMU: Core vs. Periphery”, CEPS, 14 Νοεμβρίου This paper examines business cycle synchronization in the European Monetary Union with a special focus on the core-periphery pattern in the aftermath of the crisis.  Using  a  quarterly index for business cycle synchronization by Cerqueira (2013), our panel data estimates suggest that it is countries belonging to the core that  are …Read More