A proposal for ending the privileges for sovereign exposures in banking regulation

4 Μαρτίου, 2016

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Andritzky, Jochen, Gadatsch, Niklas, Körner, Tobias, Schäfer, Alexander, Schnabel, Isabel, (2016), “A proposal for ending the privileges for sovereign exposures in banking regulation”, Voxeu, 4 Μαρτίου. The excessive exposure of banks to sovereign debt continues to threaten the stability of the Eurozone. Based on a recent proposal by the German Council of Economic Experts, this column suggests steps towards severing the sovereign-bank nexus. The loss-absorption capacity of banks could be increased through …Read More

Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης

Monitoring competitiveness in the European Economic and Monetary Union

4 Μαρτίου, 2016

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Hallwirth, Volker, (2015), “Monitoring competitiveness in the European Economic and Monetary Union”, IMK Studies, Nr. 44, Δεκέμβριος. The aim of the European Union’s Macroeconomic Imbalance Procedure (MIP) is to prevent and correct macroeconomic imbalances before they get out of hand. The President’s of the EU and Euro area institutions recommend in their report on “Completing Europe’s Economic and Monetary Union” to strengthen this procedure. A euro area system of Competitiveness Authorities is recommended, …Read More

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After crisis scenarios for Europe: alternative evolutions of structural adjustments

4 Μαρτίου, 2016

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Capello, Roberta, Caragliu, Andrea, (2016), “After crisis scenarios for Europe: alternative evolutions of structural adjustments”, Oxford University Press, Cambridge Journal of Regions, Economy and Society, Issue 1, Volume 9, pp. 81-101, Μάρτιος. Structural adjustment in the European Union emerged as the result of the 7-year crisis, providing risks and opportunities to national and regional economies. The effects that these structural changes will generate are difficult to be foreseen. This article builds after-crisis scenarios for Europe on the …Read More

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The invisible hand of the government: “Moral suasion” during the European sovereign debt crisis

4 Μαρτίου, 2016

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Ongena, Steven, Popov, Alexander, Van Horen, Neeltje, (2016), “The invisible hand of the government: “Moral suasion” during the European sovereign debt crisis”, Centre for Economic Policy Research, Μάρτιος. Using proprietary data on banks’ monthly securities holdings, we find that during the European sovereign debt crisis, domestic banks in fiscally stressed countries were considerably more likely than foreign banks to increase their holdings of domestic sovereign bonds in months with relatively high domestic sovereign bond issuance. This …Read More

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Real wages in the business cycle and the theory of income distribution: an unresolved conflict between theory and facts in mainstream macroeconomics

3 Μαρτίου, 2016

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Stirati, Antonella, (2016), “Real wages in the business cycle and the theory of income distribution: an unresolved conflict between theory and facts in mainstream macroeconomics”, Oxford University Press, Cambridge Journal of Economics, Issue 2, Volume 40, pp. 639-661, Μάρτιος. The focus of this article is the recurring tension between mainstream macroeconomics and observed facts in connection with the difficult task of providing explanations of the business cycle consistent both with the traditional theory of income …Read More

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The spatial aspects of economic crisis in Greece

3 Μαρτίου, 2016

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Petrakos, George, Psycharis, Yannis, (2016), “The spatial aspects of economic crisis in Greece”, Oxford University Press, Cambridge Journal of Regions, Economy and Society, Issue 1, Volume 9, pp. 137-152, Μάρτιος. This article sets out to test econometrically the performance and determinants of NUTS III regions in Greece during the recent economic crisis. Results indicate that economic crisis has further intensified regional inequalities by strengthening the prominent role of Athens metropolitan region in the development map of the country. …Read More

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Central banks: from omnipotence to impotence?

3 Μαρτίου, 2016

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Papadia, Francesco, Wolff, Guntram B., (2016), “Central banks: from omnipotence to impotence?”, Bruegel Blog, 2 Μαρτίου. Like the price of financial assets, the market assessment of the capacity of central banks to achieve their price stability objective fluctuates between omnipotence and impotence. We do not agree with this binary view of the world and we examine in this post the case of the European Central Bank (ECB). We argue that the ECB still …Read More

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Financial assistance to Greece: Three programmes

2 Μαρτίου, 2016

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Colasanti, Fabio, (2016), “Financial assistance to Greece: Three programmes”, European Policy Centre, 26 Φεβρουαρίου. There are a lot of myths surrounding the bailout money that was given to Greece. Many people still believe that the money never went to the Greek people, but to the Greek and European banks; that the intervention of the euro-area governments and the IMF dealt almost exclusively with the Greek debt; that very little money was used …Read More

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What’s Different about Monetary Policy Transmission in Remittance-Dependent Countries?

2 Μαρτίου, 2016

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Barajas, Adolfo, Chami, Ralph, Ebeke, Christian, Oeking, Anne, (2016), “What’s Different about Monetary Policy Transmission in Remittance-Dependent Countries?”, IMF Working Paper No. 16/44, 1 Μαρτίου. Despite welfare and poverty-reducing benefits for recipient households, remittance inflows have been shown to entail macroeconomic challenges; producing Dutch Disease-type effects through their upward (appreciation) pressure on real exchange rates, reducing the quality of institutions, delaying fiscal adjustment, and ultimately having an indeterminate effect on long-run growth. The paper explores …Read More

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Closer fiscal integration is unavoidable if the Eurozone is to survive

2 Μαρτίου, 2016

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Marelli, Enrico, Signorelli, Marcello, (2016), “Closer fiscal integration is unavoidable if the Eurozone is to survive”, LSE Blog, 29 Φεβρουαρίου. The fundamental flaws of the European Monetary Union can only be overcome by a drastic change in macroeconomic policies, according to recent research carried out by Enrico Marelli and Marcello Signorelli.They argue that in the long run, radical reforms at the Eurozone level are needed if the monetary union is to survive, although it …Read More

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