Robinson, James, Torvik, Ragnar, Verdier, Thierry, (2015), “Policy consequences of public income volatility”, Voxeu, 27 Ιουλίου As the Eurozone continues to struggle to recover from the economic fallouts of the 2008 crisis, and with Greece on the edge of exiting the currency union, it hardly needs to be said that politics has played a significant role both in the creation of the original crisis and in impeding an optimal solution to it. Since the 1970s economists have …Read More
Europe’s Gravest Threat: Doctrines Diverged
Hanska, Max, (2015), “Europe’s Gravest Threat: Doctrines Diverged”, LSE blog, 23 Ιουλίου Europe’s fiscal and economic crisis has revealed rifts in, what is often assumed to be a common understanding of the ‘European Project.’ Nowhere did the fact that different nations understand the ‘European Project’ quite differently come to a fore as explicitly as during 17 hour negotiations over a 3rd ESM programme for Greece—and particularly, in what different European nations view as …Read More
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Debt miracle: Why the country that borrowed the most industrialised first
Ventura, Jaume, Voth, Hans-Joachim, (2015), “Debt miracle: Why the country that borrowed the most industrialised first”, Voxeu, 27 Ιουλίου Towering debts, rapidly rising taxes, constant and expensive wars, a debt burden surpassing 200% of GDP. What are the chances that a country with such characteristics would grow rapidly? Almost anyone would probably say ‘none’.And yet, these are exactly the conditions under which the Industrial Revolution took place in Britain. Britain’s …Read More
Monetary Policies in Advanced Economies: Good for Them, Good for Others
IMF, (2015), “Monetary Policies in Advanced Economies: Good for Them, Good for Others”, IMF Policy Paper, 23 Iούνιος 2015. Accommodative monetary policies in systemic advanced economies can have a positive impact on economic activity in other countries if they are perceived as good news about growth prospects in advanced economies, said a new IMF report that assesses the “spillover” impact of policies on other economies. Seven years after the onset of …Read More
Taxing Wealth: Past, Present, Future
Astarita, Caterina, (2015), “Taxing Wealth: Past, Present, Future”, European Economy Discussion Paper, N. 003, Ιούλιος. In times of fiscal consolidation and strong macroeconomic adjustment needs in some EU Member States, the debate on wealth taxation gained momentum, both in the academic and in the policy debate. In this context, the aim of the workshop, held by DG ECFIN on 13 November 2014, was to discuss theoretical and policy issues associated with wealth taxation, including the broad …Read More
The great collapse in value added trade
Stehrer, Robert, Nagengast, Arne, (2015), “The great collapse in value added trade”, ECB Working Paper Series, No 1833 / July 2015 This paper studies the great collapse in value added trade using a structural decomposition analysis. We show that changes in vertical specialisation accounted for almost half of the great trade collapse, while the previous literature on gross trade has mainly focused on fi nal expenditure, in-ventory adjustment and adverse credit supply conditions. The decline in …Read More
Long-lasting consequences of the European crisis
Jimeno, Juan, (2015), “Long-lasting consequences of the European crisis”, ECB Working Paper Series, No 1832 / July 2015 The Great Recession and the subsequent European crisis may have long-lasting effects on aggregate demand, aggregate supply, and, hence, on macroeconomic performance over the medium and long-run. Besides the fact that financial crisis last longer and are succeeded by slower recoveries, and apart from the hysteresis effects that may operate after episodes of long-term unemployment, the combination of high …Read More
Understanding past and future financial crises
Olivier Gourinchas, Pierre, Obstfeld, Maurice, (2015), “Understanding past and future financial crises”, Voxeu, 21 Ιουλίου What explains the different effects of the crisis around the world? This column compares the 2007–09 crisis to earlier episodes of banking, currency, and sovereign debt distress and identifies domestic-credit booms and real currency appreciation as the most significant predictors of future crises, in both advanced and emerging economies. It argues these results could help policymakers determine the …Read More
From Systemic Banking Crises to Fiscal Costs: Risk Factors
Amaglobeli, David, End, Nicolas, Jarmuzek, Mariusz, Palomba, Geremia, (2015), “From Systemic Banking Crises to Fiscal Costs: Risk Factors”, IMF Working Paper/WP/15/166, Fiscal Affairs Department, Ιούλιος This paper examines the risk factors associated with fiscal costs of systemic banking crises using cross-country data. We differentiate between immediate direct fiscal costs of government intervention (e.g., recapitalization and asset purchases) and overall fiscal costs of banking crises as proxied by changes in the public debt-to-GDP ratio. We find that both …Read More
The dark clouds of peace-Built to foster friendship, the euro is manufacturing misery instead
Economist, (2015), “The dark clouds of peace-Built to foster friendship, the euro is manufacturing misery instead”, 18 Ιουλίου UNRAVELLING the tangled logic of Greece’s bail-out talks, Charlemagne has learned, is a little like trying to explain the rules of cricket to an American. How to make sense of a process in which Greek voters loudly spurn a euro-zone bail-out offer in a referendum, only to watch Alexis Tsipras, their prime …Read More
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