Dobler, Marc, Gray, Simon, Murphy, Diarmuid, Radzewicz-Bak, Bozena, (2016), “The Lender of Last Resort Function after the Global Financial Crisis”, IMF Working Paper No. 16/10, 22 Ιανουαρίου The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central banks to financial institutions and challenged the traditional way of conducting these operations. Despite a vast literature on the topic, central bank approaches …Read More
Adjustment within the Euro Area: Is it all about competitiveness?
Gros, Daniel, (2016), “Adjustment within the Euro Area: Is it all about competitiveness?”, CEPS, Special Report No. 127, 25 Ιανουαρίου The key problem afflicting the eurozone today seems clear: the periphery experienced a large loss of competitiveness during the boom years. In order for these economies to recover, they must restore their competitiveness, ideally by increasing productivity. This contribution shows, however, that the story line is not that straightforward. The drivers of competitiveness …Read More
Risks of Stagnation in the Euro Area
Lin, Huidan, (2016), “Risks of Stagnation in the Euro Area”, IMF Working Paper No. 16/9, 22 Ιανουαρίου This paper discusses the risks of stagnation over the medium term in the euro area. It examines the consequences of longer-term growth trends that predate the crisis and the progress made in addressing the crisis legacies of high unemployment and debt. The paper illustrates in a downside scenario, how low potential growth and crisis legacies …Read More
Balance-of-Payments Adjustment in the Eurozone
Micossi, Stefano, (2016), “Balance-of-Payments Adjustment in the Eurozone”, CEPS publications, 22 Ιανουαρίου This policy contribution describes the unresolved adjustment problems confronting the eurozone, and places them in historical perspective by comparing developments in key real economic variables under EMU with those observed under the Bretton Woods system. The main finding is that the eurozone is afflicted by a strong deflationary bias and that, therefore, under current trends, deep economic and …Read More
The Protocol of Frankfurt: a new treaty for the eurozone
Duff, Andrew, (2016), “The Protocol of Frankfurt: a new treaty for the eurozone”, European Policy Centre, 12 Ιανουαρίου. At a time when the EU finds itself in a perfect storm of crises which it seems unable to overcome, a bold move is needed to reinvigorate the EU’s system of government and stave off the risk of disintegration. In order to address the inherent weakness of the EU’s monetary and economic governance, …Read More
The Labor Market Performance of Immigrants in Germany
Beyer, Robert C. M., (2016), “The Labor Market Performance of Immigrants in Germany”, IMF Working Paper No. 16/6, 21 Ιανουαρίου. The paper uses a large survey (GSOEP) to analyze the labor market performance of immigrants in Germany. It finds that new immigrant workers earn on average 20 percent less than native workers with otherwise identical characteristics. The gap is smaller for immigrants from advanced countries, with good German language skills, and with …Read More
Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Επιστημονικά Άρθρα
World Economic Outlook (WEO) Update-Subdued Demand, Diminished Prospects
World Economic Outlook (WEO) Update, (2016), “Subdued Demand, Diminished Prospects“, IMF, Ιανουάριος. Global growth, currently estimated at 3.1 percent in 2015, is projected at 3.4 percent in 2016 and 3.6 percent in 2017. The pickup in global activity is projected to be more gradual than in the October 2015 World Economic Outlook (WEO), especially in emerging market and developing economies. In advanced economies, a modest and uneven recovery is expected to …Read More
Social insurance with competitive insurance markets and risk misperception
Cremer, Helmuth, Roeder, Kerstin, (2016), “Social insurance with competitive insurance markets and risk misperception”, Centre for Economic Policy Research, Ιανουάριος. This paper considers an economy where individuals differ in productivity and in risk. Rochet (1991) has shown that when private insurance markets offer full coverage at fair rates, social insurance is desirable if and only if risk and productivity are negatively correlated. This condition is usually shown to be satisfied for many health risks, …Read More
Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Επιστημονικά Άρθρα
Pulling Europe Back From The Brink
Schulz, Martin, (2016), “Pulling Europe Back From The Brink”, Social Europe Journal, Ιανουάριος. Ιn 2007, the United States caught a serious – and highly contagious – economic cold. Eight years later, it is finally making a convincing recovery – so convincing that last month the US Federal Reserve raised the country’s base interest rate for the first time in almost a decade. Europe, however, remains in bad shape. Not only has …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Six Questions for Europe
Bocchi, Alessandro Magnoli, (2016), “Six Questions for Europe”, Εconomonitor Blog, Ιανουάριος. Europe is in decline. To avoid decay, it needs to bridge the gap between aspirations and reality. As practiced, democracy is failing citizens and needs rethinking. Below-replacement fertility rates put the welfare state at risk. Rigid social structures induce risk-aversion and stifle innovation. Immigration-without-integration erodes social cohesion. Without fresh thinking at the macro and micro level, growth will stagnate. Going …Read More
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