Berger, D. & Vavra, J. (2014) “Durable consumption during recessions“, VoxEU Organisation, 03 Ιουλίου. Various stimulus programmes have been implemented in a response to the decline in consumption of durables since the Recession. This column argues that standard analysis of such programmes could be overstating their effectiveness. Aggregate durable spending is much less responsive to stimulus during recessions. Microeconomic frictions lead households to adjust their durable holdings less frequently. …Read More
Low interest rates and secular stagnation: Is debt a missing link?
Borio, C. & Disyatat, P. (2014) “Low interest rates and secular stagnation: Is debt a missing link?“, VoxEU Organisation, 25 Ιουνίου. Real interest rates have fallen to historic lows, and some economists are concerned that an era of secular stagnation has begun. This column highlights the role of policy frameworks and financial factors – particularly debt – in linking low real interest rates and sluggish economic growth. Policies that …Read More
The Great Recession’s long-term damage
Ball, L. (2014) “The Great Recession’s long-term damage“, VoxEU Organisation, 01 Ιουλίου. Whereas textbook macroeconomic theory suggests that output should return to potential after a recession, there is mounting evidence that deep recessions have highly persistent effects on output. This column reports estimates of the long-term damage caused by the Great Recession. In most countries in the sample, the loss of potential output – 8.4% on average – has …Read More
SME Market Report 2014 H1
The Central Bank of Ireland (2014) “SME Market Report 2014 H1“, Eurosystem, Ιούνιος. The Central Bank of Ireland’s SME Market Report is compiled by economists in the Financial Stability Division and aims to collate information from a wide range of internal and external sources to give an up-to-date picture of developments in the Irish Small and Medium Enterprise (SME) credit market. The Report will provide information on credit demand, …Read More
EU firms’ access to external financing
O’Toole, C., Kay, N., Murphy, G. & Siedschlag, I. (2014) “EU firms’ access to external financing“, VoxEU Organisation, 29 Ιουνίου. Small and medium-size enterprises (SMEs) often report difficulties in obtaining external finance. Based on new research, this column argues that these difficulties are not due to greater financial risks associated with SMEs. Instead, they are the result of imperfections in the market for external finance that negatively affect smaller …Read More
Pay in Europe in the 21st century
Aumayr‑Pintar, C.; Cabrita, J.; Fernández‑Macías, E. & Vacas‑Soriano, C. (2014) “Pay in Europe in the 21st century“, European Foundation for the Improvement of Living and Working Conditions, Eurofound Research Project, Publications Office of the European Union, Luxembourg: Ιούνιος. The issue of wages has attracted particular attention at European level since the onset of the economic crisis. Changes in economic governance, notably within the European semester, have prompted discussions on …Read More
Europe needs new investment, not new rules – the EU must avoid another useless fight over its fiscal rules and instead use political capital to foster growth
Wolff, B. G. (2014) “Europe needs new investment, not new rules – the EU must avoid another useless fight over its fiscal rules and instead use political capital to foster growth“, Bruegel Institute, 25 Ιουνίου. As the European Council meets in Brussels this week, the big debate on what a new policy deal for Europe could look like has re-emerged. Opponents group themselves around the famous “stability” vs “growth” …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
No Industry, no Future?
Fontagné, L., Mohnen, P. and Wolff, G. (2014), ” No Industry, no Future?“, Bruegel, 19 Ιουνίου. In a context of weak growth, high unemployment, unbalanced public finances and persistent external deficit,we are witnessing the return of a proactive approach to industrial policy and, even in France the return of direct intervention in industry. Sector-focused public intervention is thus once again conceivable, while industry is once more perceived as a reservoir …Read More
Transmission of liquidity risk through global banks: An International Banking Research Network project
M. Buch, C., Chapman, J. & Goldberg, L. (2014) “Transmission of liquidity risk through global banks: An International Banking Research Network project“, VoxEU Organisation, 24 Ιουνίου. The international transmission of liquidity shocks is one of the key questions of banking globalisation. This column discusses a project of central bank researchers from around the world who have been exploring the role of global banks in the transmission of liquidity shocks. …Read More
What a Drag: The Burden of Nonperforming Loans on Credit in the Euro Area
Kerry, W., Portier, J., Ruggerone, L. & Verkoren, C. (2014) “What a Drag: The Burden of Nonperforming Loans on Credit in the Euro Area“, iMFdirect, 23 Ιουνίου. High and rising levels of nonperforming loans in the euro area have burdened bank balance sheets and acted as a drag on bank profits. Banks, striving to maintain provisions to cover bad loans, have had fewer earnings to build-up their capital buffers. This …Read More