Darvas, Zsolt, Schoenmaker, Dirk , (2017), “Institutional investors and home bias in Europe’s Capital Markets Union”, Bruegel, Μάρτιος We highlight that existing indicators of equity home bias in the literature suffer from incomplete coverage because they consider only listed equities. We also consider unlisted equites and show that equity home bias is much higher than previous studies perceived. We also analyse home bias in debt securities holdings, and euro area …Read More

Καθημερινή, (2017), “Να αντισταθεί ο Ντράγκι στην πίεση των επικριτών της ποσοτικής χαλάρωσης”, 6 Μαρτίου Η οικονομία της ευρωζώνης αναπτύχθηκε κατά 1,7% το 2016. Ερευνες δείχνουν ότι η οικονομική δραστηριότητα βρίσκεται στο ισχυρότερο επίπεδο από το 2011, με τον ταχύτερο ρυθμό δημιουργίας θέσεων εργασίας εδώ και σχεδόν μια δεκαετία. Τα εταιρικά κέρδη αυξάνουν ταχύτερα απ’ ότι στις ΗΠΑ. Ο πληθωρισμός επέστρεψε, σκαρφαλώνοντας σε ετήσιο ρυθμό 2% το Φεβρουάριο. Η εντολή της …Read More

Buch, Claudia, Tonzer, Lena, Weigert, Benjamin ,(2017), “Assessing the effects of regulatory bank levies”, Vox Eu, 6 Μαρτίου Banking crises cause large costs to the economy (Reinhart and Rogoff 2011, 2013). Advanced economies are not immune to these costs. Here, the output losses due to financial crises have, on average, been one third of GDP (Laeven and Valencia 2013).1 Across emerging and advanced economies, unemployment increased on average by seven percentage …Read More

Heise, Michael, (2017), “Rewriting the Monetary-Policy Script”, Project Syndicate, 2 Μαρτίου The rule of thumb for monetary policymakers has long been that if inflation is below official target ranges, short-term interest rates should be set at a level that spurs spending and investment. This approach has meant that once interest rates reach or approach zero, central banks have little choice but to activate large asset-purchase programs that are supposed to stimulate …Read More

Καθημερινή, (2017), “Επισπεύδει τα στρες τεστ των ευρωπαϊκών τραπεζών η ΕΒΑ”, 1 Μαρτίου Οι ευρωπαϊκές τράπεζες έχουν λιγότερο από ένα έτος στη διάθεσή τους για να συγκεντρώσουν 159 δισ. ευρώ και να συμμορφωθούν με τους νέους μακροπρόθεσμους κανόνες περί κεφαλαιακής επάρκειας, ανακοίνωσε χθες η Ευρωπαϊκή Τραπεζική Αρχή. Παράλληλα, η ΕΒΑ επισπεύδει τις επόμενες δοκιμασίες αντοχής που θα διεξαχθούν από τις αρχές του 2018, και τα αποτελέσματα θα δημοσιευθούν στα μέσα …Read More

Hacker, Björn, Koch, Cédric , (2017), “Stubborn Germans: Stuck In Austerity/Stability”, Social Europe, 27 Φεβρουαρίου Led by the current and previous federal government under Chancellor Angela Merkel and her CDU, the advocates of a stability union for the most part favour preservation of the status quo of the EMU architecture. The fundamental reasons for the Eurozone crisis are from this angle to be blamed on the failure of the crisis states …Read More

Fric, Karel, (2017), “Growth Of Minimum Wages Accelerates Across Europe”, Social Europe, 27 Φεβρουαρίου The growth in average (nominal) pay of employees has accelerated in recent years in EU countries after a slump following the economic crisis (AMECO data). Similar developments show up in data on collectively agreed wages. However, higher wage growth figures do not automatically mean that all employees benefit equally. On 14 February 2017, the European Trade …Read More

Gilbert, Mark, (2017), “Maastricht’s Flaws Still Plague Europe, 25 Years Later”, BloombergView, 24 Φεβρουαρίου Twenty five years ago this month, the representatives of 12 countries gathered in the Dutch city of Maastricht to sign the Treaty on European Union. Its claim to mark “a new stage in the process of creating an ever closer union among the peoples of Europe” looks grandiose and overblown a quarter of a century later. …Read More

Hagan, Sean, Obstfeld, Maurice, Thomsen, Poul M., (2017), “Dealing with Sovereign Debt—The IMF Perspective”, iMFdirect, 23 Φεβρουαρίου Debt is central to the functioning of a modern economy. Firms can use it to finance investments in future productivity. Households can use it to finance lumpy purchases, such as big consumer durables, or a home. Sometimes, however, firms’ investments do not pan out or a household’s main earner loses his or her job. …Read More