Chitiu, Livia, (2016), “Reserve accumulation, inflation and moral hazard: Evidence from a natural experiment”, ECB Working Paper Series No. 1880, Ιανουάριος This paper assesses whether international reserve accumulation can be inflationary because of moral hazard and incentive effects. It tests the hypothesis that an increase in international reserves may incentivise countries to become complacent and pursue less prudent policies due to the perceived safety provided by higher reserve holdings. Σχετικές …Read More
The Global Economy’s Marshmallow Test
Sachs, Jeffrey, (2016), “The Global Economy’s Marshmallow Test”, Project Syndicate, 27 Ιανουαρίου The world economy is experiencing a turbulent start to 2016. Stock markets are plummeting; emerging economies are reeling in response to the sharp decline in commodities prices; refugee inflows are further destabilizing Europe; China’s growth has slowed markedly in response to a capital-flow reversal and an overvalued currency; and the US is in political paralysis. A few central …Read More
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Labour market reforms, growth and inequality: Evidence from a new dataset
F. Campos, Nauro, B Nugent, Jeffrey, (2016), “Labour market reforms, growth and inequality: Evidence from a new dataset”, Voxeu, 28 Ιανουαρίου Labour market liberalisation is one of the most important structural reforms, and yet one of the least well understood. The conventional view is that such reforms increase welfare and improve economic performance.For example, changes in employment laws that lower the costs of hiring and firing workers encourage job separations, increase job creation …Read More
Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Κείμενα Πολιτικής
Break The Vicious Circle Of Falling Prices And Wages
Janssen, Ronald, (2016), “Break The Vicious Circle Of Falling Prices And Wages”, Social Europe Journal, 27 Ιανουαρίου The IMF has recently released its latest World Economic Outlook (WEO) pointing to persistently weak growth and another downward revision of its projected growth rates for 2016 and 2017 by 0.2 percentage points in each year. Despite this, the IMF’s growth trajectory still sees the world economy recovering slightly from the weakness it …Read More
Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Πολιτική » Κείμενα Πολιτικής
Flexible Fiscal Rules and Countercyclical Fiscal Policy
Guerguil, Martine, Mandon, Pierre, Tapsoba, Rene, (2016), ” Flexible Fiscal Rules and Countercyclical Fiscal Policy”, IMF Working Paper No. 16/8, 22 Ιανουαρίου We are very grateful to Jean-Louis Combes and Alexandru Minea for their valuable comments and suggestions. The paper also benefited from useful discussions and comments from Vitor Gaspar, Abdelhak Senhadji, Paulo Medas, Marialuz Moreno Badia, Xavier Debrun, Mousse Sow, Sampawende Tapsoba, Dell’Erba Salvatore, Tigran Poghosyan, Estelle Liu, and participants at the IMF’s Fiscal Affairs Department …Read More
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European Bank Resolution: Making it work!
Ceps, (2016), “European Bank Resolution: Making it work!”, Interim Report of the Ceps Task Force on Implementing Financial Sector Resolution, Ιανουάριος From the start of 2016, new rules for bank resolution are in place – as spelled out in the Bank Recovery and Resolution Directive (BRRD) – across the EU, and a new authority (the Single Resolution Board, or SRB) is fully operational for resolving all banks in the eurozone.The …Read More
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Bad banks and rude awakenings: Italian banks at a crossroads
Merler, Sylvia, (2016), “Bad banks and rude awakenings: Italian banks at a crossroads”, Bruegel publications, 26 Ιανουαρίου Taking a step back, it is important to understand what could be behind the sudden change in market sentiment. Borrowing a literary expression, this is to some extent the chronicle of a death foretold. Italian banks have been very resilient to the first wave of financial crisis in 2008, due to the low …Read More
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Fiscal Sustainability Report 2015
European Commission, (2016), “Fiscal Sustainability Report 2015”, Institutional Paper 018, European Commission’s publications, Ιανουάριος The Fiscal Sustainability Report 2015 provides an overview of the challenges to public finance sustainability faced by Member States in the short, medium and long term. Although public finances in the EU today are more sustainable than they were at the onset of the crisis, significant challenges remain over the medium and long term because of …Read More
Emerging Markets Fear Yellen, But Need To Keep Their Eye On Draghi
Steil, Benn, Smith, Emma, (2016), “Emerging Markets Fear Yellen, But Need To Keep Their Eye On Draghi”, Forbes, 22 Ιανουαρίου In anticipation of the U.S. Federal Reserve’s first rate hike in nearly a decade, $500 billion in capital outflows slammed emerging markets (EMs) last year–a slow-motion version of the 2013 “taper tantrum,” when the Fed signaled that the era of quantitative easing was coming to an end. Σχετικές Αναρτήσεις Minenna, Marcello, (2016), “How …Read More
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German Exports And The Eurozone
Wren Lewis, Simon, (2016), “German Exports And The Eurozone”, Social Europe Journal, 24 Ιανουαρίου I have argued that the low level of German wage increases before the financial crisis were a significant destabilising influence on the Eurozone, which also indirectly contributed to Germany taking a hard line on austerity. Σχετικές Αναρτήσεις Turner, A. (2014) “Germany’s Secret Credit Addiction“, Project Syndicate, 10 Νοεμβρίου. The Economist Explains: “Why the German economy is in a …Read More
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