S. Gürkaynak, Refet, Davig, Troy (2015), “Perils of central banks as policymakers of last resort”, Voxeu, 25 Nοεμβρίου Central banks around the world have been shouldering ever-increasing policy burdens beyond their core mandate of stabilising prices. This column considers the social welfare implications when central banks take on additional mandates that are usually the domain of other policymakers. Additional mandates are shown to worsen trade-offs faced by the central bank, while distorting …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

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

Decressin,  Jorg, Loungani, Prakash, (2015), “The Effects of Wage Moderation: Can Internal Devaluations Work?“, IMF Direct, 17 Νοεμβρίου Devaluation is often part of the remedy for a country in financial trouble. Devaluation boosts the competitiveness of a country’s exports and curtails imports by making them more costly. Together, the higher exports and the reduced imports generate some of the financial resources needed to help the country get out of trouble. Σχετικές Αναρτήσεις …Read More

Acemoglu, Daron, Üçer, Murat, (2015), “Why Turkish growth ended: An institutional perspective”, Voxeu, 18 Νοεμβρίου Following an anaemic performance with severe imbalances in the 1990s and a debilitating financial crisis in 2001, Turkey enjoyed a period of rapid economic growth. Since about 2007 onwards, however, economic growth has slowed significantly and productivity growth has stagnated. This column argues that, rather than providing another example of the ‘stop-and-go’ cycles typical of emerging economies, the …Read More

Schoenmaker, Dirk,  Wolff, Guntram, (2015), “Options for European deposit insurance”, Voxeu, 30 Οκτωβρίου The five presidents’ report on Completing Europe’s Economic and Monetary Union in June this year called for European Deposit Insurance to complete the Banking Union. European Council President Tusk also called for completing banking union by creating a European deposit insurance and he argued that this could be done without treaty change. Σχετικές Αναρτήσεις Schoenmaker, Dirk, Wolff, Guntram, (2015), …Read More