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Austerity and recovery: East Asian lessons for Europe

Chari, Α. & Blair Henry, Ρ. (2015) “Austerity and recovery: East Asian lessons for Europe“, VoxEU Organisation, 06 March.   In the wake of the Great Recession, a contentious debate has erupted over whether austerity is helpful or harmful for economic growth. This column compares the experiences of the East Asian countries – whose leaders responded to the East Asian financial crisis with expansionary fiscal policy – with those of …Read More

Macroprudential spillovers: The role of organisational structure

Danisewicz, Ρ., Reinhardt, D. & Sowerbutts, R. (2015) “Macroprudential spillovers: The role of organisational structure“, VoxEU Organisation, 05 March.   In a global financial system, macroprudential policies may create international spillovers. This column presents new evidence on how the organisational structure of a bank affects the magnitude of these spillovers. An increase in capital requirements at home causes foreign branches to reduce their lending growth to other banks operating in …Read More

The EU risks alienating the Moldovan population if it fails to take a tougher line with the country’s pro-European parties

Cenusa, D. (2015) “The EU risks alienating the Moldovan population if it fails to take a tougher line with the country’s pro-European parties“, LSE EUROPP, 05 March.   The EU signed an association agreement with Moldova in 2014. Denis Cenusa writes on the EU’s relations with the country since 2009, when a pro-European alliance of parties first came to power. He argues that the failure of these parties to successfully …Read More

How Many Educated Workers for Your Economy? European Targets, Optimal Public Spending, and Labor Market Impact

Lebon, Ι. & Rebière, Τ. (2015) “How Many Educated Workers for Your Economy? European Targets, Optimal Public Spending, and Labor Market Impact“, IZA DP No. 8854, February.   This paper studies optimal taxation schemes for education in a search-matching model where the labor market is divided between a high-skill and a low-skill sector. Two public policy targets –maximizing the global employment level and optimizing the social surplus– are studied according …Read More

What does it really mean to be ‘pro-business’?

Ha-Joon Chang (2015) “What does it really mean to be ‘pro-business’?“, The Guardian, 03 March.   Despite the best efforts of some of its members to discredit it with market rigging, tax avoidance, and unjustified bonuses, the business community is still held in awe in Britain. Any suggestion of higher taxes for top earners or tougher regulations on the abuse of market power is howled down as dangerously anti-business. Politicians …Read More

Corporate Taxation in Europe: Let’s get it together!

De Groen, P. W. (2015) “Corporate Taxation in Europe: Let’s get it together!“, Financial Markets, CEPS Commentaries, 16 February   More comprehensive cooperation in corporate taxation at European level could significantly advance the region’s socio-economic prosperity, but its potential contribution is unfortunately overlooked in the current search for growth and job creation. Lucrative tax niches established in some member states and the fear of losing fiscal autonomy prevent several countries from …Read More

Capital taxation in the 21st century

Auerbach, J. A. & Hassett, K. (2015) “Capital taxation in the 21st century“, VoxEU Organisation, 03 March.   Piketty’s justification for his proposed wealth tax relies on the notion that the rate of return on capital exceeds economic growth. This column challenges this basis, arguing that it fails to account for risk. The authors also examine the relative merits of a consumption tax, which may be more valid. In Capital …Read More

Politics and investment: Examining the territorial allocation of public investment in Greece

Rodríguez-Pose, Α., Psycharis, Υ. & Tselios, V. (2015) “Politics and investment: Examining the territorial allocation of public investment in Greece“, VoxEU Organisation, 03 March.   Electoral results and the geographical allocation of public investment in Greece have been intimately related. This column describes how incumbent Greek governments between 1975 and 2009 tended to reward those constituencies returning them to office. Increases in both the absolute and relative electoral returns for …Read More

Post-Crisis banking regulation: Evolution of economic thinking as it happened on Vox

Danielsson, J. (2015) “Post-Crisis banking regulation: Evolution of economic thinking as it happened on Vox“, VoxEU Organisation, 02 March.   This column introduces a new Vox eBook collecting some of the best Vox columns on financial regulations, starting with the fundamentals of financial regulations, moving on to bank capital and the Basel regulations, and finishing with the wider considerations of the regulatory agenda and the political dimension. Collecting columns from …Read More

ECB minutes: What they really tell us”

Wyplosz, C. (2015) “ECB minutes: What they really tell us”, VoxEU Organisation, 02 March.   The ECB has finally begun releasing the minutes of its policymaking meetings, something the world’s major central banks have been doing since the 1990s. This column asks whether the publication of these minutes increases ECB transparency. While providing useful information on analysis at the ECB, the minutes lack the details on the actual discussions and …Read More