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Greece: Toward a Workable Program

Thomsen, Poul M., (2016), “Greece: Toward a Workable Program”, Blog iMFdirect, 11 February. Having successfully pulled Greece from the brink last summer and subsequently stabilized the economy, the government of Alexis Tsipras is now discussing with its European partners and the IMF a comprehensive multi-year program that can secure a lasting recovery and make debt sustainable. While discussions continue, there have been some misperceptions about the International Monetary Fund’s views and role in …Read More

The Global Crisis special issue of Economic Policy

Beck, Thorsten , Schündeln, Nicola Fuchs, S. Gürkaynak, Refet, Ichino, Andrea, (2016), “The Global Crisis special issue of Economic Policy”, Voxeu, 10 February The Global Crisis was a watershed, not just for economies around the world, but for economics as a discipline. This column introduces a special issue of Economic Policy that collects key papers on the Global Crisis published in its aftermath between 2009 and 2014. The papers chart …Read More

A new “hard core” Europe: six founding nations want an “ever closer union”

Alexe, Dan, (2016), “A new  “hard core” Europe: six founding nations want an “ever closer union””, New Europe, 10 February They created the European Coal and Steel Community (ECSC), the ancestor of the EU. They are at it again. The six founding nations of the European Union on Tuesday stressed their commitment to seek an “ever closer union” ahead of next week’s summit where Britain is expected to seek a new agreement to help …Read More

Programme For A Good, More Social And Sustainable Europe

Palmer, John, (2016), “Programme For A Good, More Social And Sustainable Europe”, Social Europe Journal, 10 February As the pro-European, left wing British think tank, Compass, has rightly insisted, any serious project for a “Good Europe” must first confront the multiple crises facing the European Union. Mindless austerity, the retreat by EU governments from the goals of social justice and sustainable growth together with foreign and security entanglements with the cauldron …Read More

World trade, 1800-2015

Federico, Giovanni, Tena-Junguito, Antonio, (2016), “World trade, 1800-2015”, Voxeu, 7 February Parallels are often drawn between the Great Recession of the past decade and the economic turmoil of the interwar period. In terms of global trade, these comparisons are based on obsolete and incomplete data. This column re-estimates world trade since the beginning of the 19th century using a new database. The effect of the Great Recession on trade growth is sizeable but …Read More

The Italian Bad Bank: A Better Alternative

Minenna, Marcelo, (2016), “The Italian Bad Bank: A Better Alternative”, Social Europe Journal, 8 February The severe financial crisis of recent years hit Eurozone industrial production; in a bank-centric currency area this resulted in tremendous growth of NPLs (non-performing loans), amounting today to €900 billion. In some countries, banking system issues arose from real estate bubbles and structured finance transactions Relevant Posts Merler, Sylvia, (2016), “Bad banks and rude awakenings: …Read More

The Global Economy’s New Abnormal

Roubini, Nouriel, (2016), “The Global Economy’s New Abnormal”, Social Europe Journal, 5 February Since the beginning of the year, the world economy has faced a new bout of severe financial market volatility, marked by sharply falling prices for equities and other risky assets.A variety of factors are at work: concerns about a hard landing for the Chinese economy; worries that growth in the United States is faltering at a time …Read More

The nature and effectiveness of central-bank communication

Hansen, Stephen, McMahon, Michael, (2016), “The nature and effectiveness of central-bank communication“, Voxeu, 3 February. In addition to setting interest rates, central banks also communicate with the public about economic conditions and future actions. While it has been established that communication can drive expectations, less is known about how it does so. This column attempts to shed light on this question. Applying novel measures to the content of Federal Reserve statements, it …Read More

The Three Fears Sinking Global Markets

Kaletsky, Anatole, (2016), “The Three Fears Sinking Global Markets”, Social Europe Journal, 1 February January is usually expected to be a good month for stock markets, with new money gushing into investment funds, while tax-related selling abates at the end of the year. Although the data on investment returns in the United States actually show that January profits have historically been on only slightly better than the monthly norm, the widespread belief …Read More

A Nordic laggard can yet forge ahead with reforms

Economist, (2016), “A Nordic laggard can yet forge ahead with reforms”, Economist, 1 February THE harbour may be frozen, but that does not stop a ferry with a few intrepid tourists on board from making its way through the ice to Suomenlinna, a former fortress and popular sight-seeing spot near Helsinki. Finns, whose country stretches from the Baltic Sea to the Arctic, are inured to hostile conditions, but their economy …Read More