Gros, Daniel, (2015), “Completing the Banking Union: Deposit Insurance”, Ceps publications, 3 Δεκεμβρίου. It is generally agreed that a Banking Union should have common or ‘single’ institutions responsible for carrying out three basic functions: supervision, resolution and deposit insurance. So far, however, agreement has been reached in the EU on only the first two of these functions. The Commission has now presented its proposal on how to complete the Banking Union with a …Read More
Sovereign Debt Restructurings: Preemptive or Post-Default
Asonuma, Tamon, Trebesch, Christoph, (2015), “Sovereign Debt Restructurings: Preemptive or Post-Default”, Centre for Economic Policy Research, Νοέμβριος. Sovereign debt restructurings can be implemented preemptively – prior to a payment default. We code a comprehensive new dataset and find that preemptive restructurings (i) are frequent (38% of all deals 1978-2010), (ii) have lower haircuts, (iii) are quicker to negotiate, and (iv) see lower output losses. To rationalize these stylized facts, we build a …Read More
What caused the eurozone crisis?
Gros, Daniel, Baldwin, Richard, (2015), “What caused the eurozone crisis?”, Ceps publications, 27 Νοέμβρη After five years of crisis there are now signs that the eurozone economy is recovering, but it is far from being back to normal. The authors of this CEPS Commentary sound a note of caution: although progress has been made with the banking union and new institutions like the European Stability Mechanism (ESM), more needs to …Read More
Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Κείμενα Πολιτικής
Old Wine In New Bottles: The Economic Priorities Of The European Commission In 2016
Schuster, Joachim, (2015), “Old Wine In New Bottles: The Economic Priorities Of The European Commission In 2016”, Social Europe Journal, 4 Δεκεμβρίου A new annual cycle of EU economic policy coordination – aka the European Semester – has begun with the European Commission’s (EC) latest Annual Growth Survey (AGS). The AGS sets out the EC’s views on the EU’s social and economic priorities and provides the building blocks for the …Read More
Βιβλιοθήκη » EE » Οικονομία » Πολιτική » Άρθρα Γνώμης
Does the CAMEL bank ratings system follow a procyclical pattern?
Papanikolaou, Nikolaos I., Wolff, Christian C, (2015), “Does the CAMEL bank ratings system follow a procyclical pattern?”, Centre for Economic Policy Research, Νοέμβριος. The financial crisis which erupted in 2007-8 has illustrated the disruptive effects of procyclicality. The phenomenon of procyclicality refers to the mutually reinforcing interactions between the financial system and the real economy that tend to amplify business cycle fluctuations. These fluctuations can cause or exacerbate turbulences in the financial system …Read More
Distributional consequences of asset price inflation in the Eurozone
Adam, Klaus, Tzamourani, Panagiota, (2015), “Distributional consequences of asset price inflation in the Eurozone”, Voxeu, 3 Δεκεμβρίου. Central banks’ unconventional monetary policy measures are often accompanied by asset price changes. This column investigates the distributional effects associated with asset price increases. The findings show that house price increases lead to a significant decrease in net wealth inequality in the Eurozone, whereas equity price increases lead to a significant rise in inequality. Bond …Read More
Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Άρθρα Γνώμης
On Zombie Banks and Recessions after Systemic Banking Crises
Homar, Timotej, Wijnbergen, Sweder van, (2015), “On Zombie Banks and Recessions after Systemic Banking Crises”, Centre for Economic Policy Research, Νοέμβριος. What costs do zombie banks impose on society? We analyze the effects of government and central bank interventions in 68 systemic banking crises since 1980, of which 28 are part of the recent global financial crisis. Our estimation approach controls for the correlation between intervention measures and the time-invariant component of unobservable crisis …Read More
EZ internal devaluations: Evidence on negative demand spillovers
Decressin, Jörg, Loungani, Prakash, (2015), “EZ internal devaluations: Evidence on negative demand spillovers”, Voxeu, 2 Δεκεμβρίου. Internal devaluations have been suggested as a possible policy option for countries in a currency union facing large external deficits. These policy actions seek to restore competitiveness by replicating the outcomes of an external devaluation. This column examines wage moderation as a potential means of internal devaluation for EZ countries. If pursued by several countries, wage moderation …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Liquidity Helps Financial Market Participants, Not Businesses And Households
Kay, John, (2015), “Liquidity Helps Financial Market Participants, Not Businesses And Households”, Social Europe, 1 Δεκεμβρίου. Nothing illustrates more starkly the difference between the preoccupations of financial market participants and the needs of businesses and households than the subject of liquidity.Last week the Bank of England held an open forum to discuss what the financial sector contributes to the real economy, and I took part in a discussion on the role …Read More
Βιβλιοθήκη » EE » Κοινωνία » Οικονομία » Άρθρα Γνώμης
Have central banks lost their ability to control inflation?
Claeys, Grégory, Wolff, Guntram B., (2015), “Have central banks lost their ability to control inflation?”, Bruegel Blog, 1 Δεκεμβρίου. The potential effects of global integration on inflation dynamics, and whether this could affect the ability of central banks to fulfil their mandates. Σχετικές Αναρτήσεις Claeys, Grégory, Wolff, Guntram B., (2015), “Is globalisation reducing the ability of central banks to control inflation?”, Bruegel Publlications, Issue 18, 12 Νοεμβρίου. Blanchard, Olivier, Cerutti, Eugenio, Summers, Lawrence, (2015), “Inflation and Activity – Two …Read More
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