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Προτάσεις πρόσφατων δημοσιεύσεων

Network service deregulation and manufacturing exports in Greece

Daude, C. and C. de la Maisonneuve (2018), «Network service deregulation and manufacturing exports in Greece», OECD Economics Department Working Papers, No. 1474 Network sectors (energy, transport and communications) have undergone a process of liberalisation in Greece in more than a decade. This paper analyses the relationship between these reforms and the export performance of manufacturing industries. The analysis is based on firm-level data and performed between 1997 and 2013. An …Read More

Global Crises and Populism: the Role of Eurozone Institutions

Luigi Guiso, Helios Herrera, Massimo Morelli, Tommaso Sonno, (2018), «Global Crises and Populism: the Role of Eurozone Institutions», working paper, CEPR, Μάιος Populist parties are likely to gain consensus when mainstream parties and status quo institutions fail to manage the shocks faced by their economies. Institutional constraints, which limit the possible actions in the face of shocks, result in poorer performance and frustration among voters who turn to populist movements. …Read More

The Dynamics of Sovereign Debt Crises and Bailouts

Francisco Roch, Harald Uhlig, (2018), «The Dynamics of Sovereign Debt Crises and Bailouts», CEPR, discussion paper, Μάιος Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks, government impatience or a «sunspot»-coordinated buyers strike. We introduce a bailout agency, and characterize the strategy with the minimal actuarially fair intervention which guarantees the …Read More

Real convergence in central, eastern and south-eastern Europe

Piotr Żuk, Eva Katalin Polgar, Li Savelin, Juan Luis Diaz del Hoyo and Paul König, (2018), «Real convergence in central, eastern and south-eastern Europe», ECB, 10 Μαΐου This article establishes stylised facts about convergence and analyses the sources of economic growth in central, eastern and south-eastern European (CESEE) economies within and outside the European Union (EU).22 It also compares the performance across countries and identifies the challenges that these economies …Read More

The Rise of Shadow Banking: Evidence from Capital Regulation

Rustom M Irani, Rajkamal Iyer, Ralf Meisenzahl, José Luis Peydró, (2018), «The Rise of Shadow Banking: Evidence from Capital Regulation», CEPR, Μάιος We investigate the connections between bank capital regulation and the prevalence of lightly regulated nonbanks (shadow banks) in the U.S. corporate loan market. For identification, we exploit a supervisory credit register of syndicated loans, loan-time fixed-effects, and shocks to capital requirements arising from surprise features of the U.S. …Read More

Convergence in the European Union: Inside and outside the euro

Daniel Gros, (2018), «Convergence in the European Union: Inside and outside the euro», CEPS, 27 Απριλίου The convergence process in Europe has bifurcated: the new member states (NMSs) from Central and Eastern Europe are catching up in terms of income per capita, as one would expect, with the initially poorer ones growing generally at a faster pace. Within the euro area, however, the North has diverged from the South since …Read More

Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis

Sebnem Kalemli-Ozcan, Luc Laeven, David Moreno, (2018), «Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis», discussion paper, CEPR We quantify the role of financial factors that have contributed to sluggish investment in Europe in the aftermath of the 2008-2009 crisis. Using a big data approach, we match the firms to their banks based on banking relationships in 8 European countries over time, obtaining over 2 million …Read More

The impact of industrial robots on EU employment and wages: A local labour market approach

Francesco Chiacchio, Georgios Petropoulos, David Pichler, (2018), «The impact of industrial robots on EU employment and wages: A local labour market approach», working paper, issue 02, bruegel, 18 Απριλίου The authors of this working paper study the impact of industrial robots on employment and wages in six European Union countries, which make up 85.5 percent of the EU industrial robots market. In theory, robots can directly displace workers from performing …Read More

Cash Outflows in Crisis Scenarios

Willem Pieter de Groen, (2018), «Cash Outflows in Crisis Scenarios», 17 Απριλίου The large majority of the more than €2.5 trillion of public and monetary support that euro area banks received between 2008 and 2016 was in the form of liquidity support. Liquidity, however, has not been adequately addressed in the legislative overhaul following the global financial crisis. This paper focuses on liquidity at the moment when the need for …Read More

The Interplay between Financial Regulations, Resilience, and Growth

Franklin Allen, Itay Goldstein, Julapa Jagtiani, (2018), «The Interplay between Financial Regulations, Resilience, and Growth», CEPR, Απρίλιος Interconnectedness has been an important source of market failures, leading to the recent financial crisis. Large financial institutions tend to have similar exposures and thus exert externalities on each other through various mechanisms. Regulators have responded by putting more regulations in place with many layers of regulatory complexity, leading to ambiguity and market …Read More