Wolff, Guntram, (2015), “The ECB and politics in an era of low interest rates”, Bruegel publications, 25 Nοεμβρίου The reasons for this are the subject of heated debate, but the fact is that there have been long-term changes in global savings and investments due to demographic and structural factors. Monetary policy has not caused this situation, yet it has to find a response. All the same, monetary policy cannot address …Read More
Poghosyan, Tigran, (2015), “How Do Public Debt Cycles Interact with Financial Cycles?”, IMF, Νοέμβριος. We employ a duration model to study determinants of public debt cycles in 57 advanced and emerging economies over the 1960–2014 period, with a particular focus on the impact of financial cycles. The results suggest that the association between financial and debt cycles is asymmetric. Debt expansions preceded by overheating in credit and financial markets tend to …Read More
De Groen, Willem Pieter, Gros, Daniel, (2015), “Estimating the Bridge Financing Needs of the Single Resolution Fund: How expensive is it to resolve a bank?”, CEPS, No. 122, Νοέμβριος. The Single Resolution Board (SRB) will be responsible for the resolution of banks in the euro area from 1 January 2016. However, the resources of the Single Resolution Fund (SRF) at the disposal of the SRB will only gradually be built up until 2023. This paper …Read More
Altavilla, Carlo, Carboni , Giacomo, Motto, Roberto, (2015), “Asset purchase programmes and financial markets: lessons from the euro area”, Working Paper Series, European Central Bank, 5 Νοεμβρίου We evaluate the effects on asset prices of the ECB asset purchase programme (APP) announced in January 2015 and assess its main transmission channels. We do so by first extending a term structure model with bond supply effects to account for assets with different types of …Read More
Portier, Jean, Sanfilippo, Luca, (2015), “Reviving Credit in the Euro Area”, IMF direct, 23 Νοεμβρίου A stock in excess of €900 billion of nonperforming loans continue to clutter the European banking system, impeding economic growth. This issue remains a key challenge for policy makers. As we show in our latest Global Financial Stability Report,part of the solution to address this legacy is an upgrade in legal systems. Current inefficiencies—long foreclosure times …Read More
Hodgson, Geoffrey, (2015), “Conceptualizing Capitalism-Institutions, Evolution, Future”, Chicago University Press, Οκτώβριος A few centuries ago, capitalism set in motion an explosion of economic productivity. Markets and private property had existed for millennia, but what other key institutions fostered capitalism’s relatively recent emergence? Until now, the conceptual toolkit available to answer this question has been inadequate, and economists and other social scientists have been diverted from identifying these key institutions. Σχετικές …Read More
Draghi, Mario, (2015), “Monetary Policy: Past, Present and Future”, Speech at the Frankfurt European Banking Congress, 20 Νοεμβρίου Τhe ECB’s monetary policy measures have clearly worked, in fact they are probably the dominant force spurring the recovery. They have been instrumental in arresting and reversing the deflationary pressures that hit the euro a year ago. Yet growth momentum remains weak and inflation remains well below our objective of below but …Read More
Prados de la Escosura, Leandro, (2015), “A new historical database on economic freedom in OECD countries”, Voxeu, 23 Νοεμβρίου Indices of economic freedom refer mostly to the recent past, making policy prescriptions difficult to draw. This column presents a new historical index of economic liberty covering 21 OECD countries for the period 1850-2007. Over time, progress in economic liberty has derived from different factors, but improvements in legal structures and property …Read More
Peltonen, Tuomas A., Rancan, Michela, Sarlin, Peter, (2015), “Interconnectedness of the banking sector as a vulnerability to crises”, ECB Working Paper 1866, Νοέμβριος. This paper uses macro-networks to measure the interconnectedness of the banking sector, and relates it to banking crises in Europe. Beyond cross-border financial linkages of the banking sector, macro-networks also account for financial linkages to the other main financial and non-financial sectors within the economy. We enrich conventional earlywarning models using …Read More
Hüttl, Pia, (2015), “Counting on the EU – public opinion on welfare state reforms”, Bruegel Blog, 19 Νοεμβρίου. As part of the Vision Europe Summit, a survey was held from July-August 2015, to investigate public opinion on the welfare state after the crisis. This blog post is a follow up to an earlier blog, focusing this time on the role of the EU and the welfare state. Σχετικές Αναρτήσεις Hüttl, Pia,Wolff, Guntram, (2015), …Read More
