Alternative measures of government indebtedness

16 Νοεμβρίου, 2015

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Dias, Daniel A., Wright, Mark L. J., (2015), “Alternative measures of government indebtedness”,Voxeu, 13 Νοεμβρίου. Measured as a percentage of its GDP, Greece’s debt is higher than that of Portugal and Ireland. This column discusses a range of new techniques for measuring the debts of Greece, Ireland, and Portugal. It argues that plausible alternative measures of indebtedness suggest that Greece is anywhere from as much as 50% more indebted than Portugal and …Read More

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The limitations of policy coordination in the euro area under the European Semester

13 Νοεμβρίου, 2015

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Darvas, Zsolt, Leandro, Álvaro, (2015), “The limitations of policy coordination in the euro area under the European Semester”, Bruegel Publications, Issue 19, 12 Νοεμβρίου. This paper assesses economic policy coordination in the euro area under the European Semester. In sections 2 and 3, we make a positive (and not normative) assessment by taking Council recommendations made in the context of the European Semester as given and evaluating their implementation and consistency, without assessing …Read More

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Corruption : A Hidden Tax on Growth

6 Νοεμβρίου, 2015

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Gaspar, Vitor, Hagan, Sean, (2015), “Corruption : A Hidden Tax on Growth”, iMFdirect, 5 Νοεμβρίου. In recent years, citizens’ concerns about allegations of corruption in the public sector have become more visible and widespread. From São Paulo to Johannesburg, citizens have taken to the streets against graft. In countries like Chile, Guatemala, India, Iraq, Malaysia and Ukraine, they are sending a clear and loud message to their leaders: Address corruption! Σχετικές Αναρτήσεις Koulovatianos, Christos, Tsoukalas, …Read More

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How to tackle Europe’s non-performing loan problem

5 Νοεμβρίου, 2015

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Aiyar, Shekhar, Ilyina, Anna, Jobst, Andreas, (2015), “How to tackle Europe’s non-performing loan problem”, Voxeu, 5 Νοεμβρίου. European banks are struggling with high levels of non-performing loans. This column explores the channels through which persistently high non-performing loans hold down credit growth and economic activity. A survey of EU authorities and banks reveals that the loans are not written-off for a variety of deep-seated reasons, including legal and tax code issues. An agenda is …Read More

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The End Of German Hegemony – Really?

4 Νοεμβρίου, 2015

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Saraceno, Francesco, (2015), “The End Of German Hegemony – Really?”, Social Europe, 3 Νοεμβρίου. I was puzzled by Daniel Gros’ recent column in which he claims that Germany’s dominance of the EMU may be coming to an end. Gros’ argument is based on two facts. The first is the slowing growth rate of Germany, that seems to be heading towards the pre-crisis “normal” of slow growth (Germany grew less than the EMU …Read More

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Political Representation in Times of Bailout-Evidence from Greece and Portugal

2 Νοεμβρίου, 2015

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Freire, André, Lisi, Marco, Andreadis, Ioannis, Leite Viegas, José Manuel, (2015), “Political Representation in Times of Bailout-Evidence from Greece and Portugal”, Routledge Publications, Σεπτέμβριος Since 2008 many European states have experienced significant challenges in adapting to austerity, and political actors within these states have made significant changes in their discourses and practices. This book explores the short-term impact of the sovereign debt crisis on aspects of political representation in Greece and …Read More

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Europe’s Orphan: The Future of the Euro and the Politics of Debt

30 Οκτωβρίου, 2015

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Sandbu, Martin, (2015), “Europe’s Orphan: The Future of the Euro and the Politics of Debt”, Princeton University Press, Οκτώβριος Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe’s Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues …Read More

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The quest for banking stability in the euro area: The role of government interventions

29 Οκτωβρίου, 2015

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Kizys, Renatas, Paltalidis, Nikos, Vergos, Konstantinos, (2015), “The quest for banking stability in the euro area: The role of government interventions”, Journal of International Financial Markets, Institutions and Money, 25 Σεπτεμβρίου. We build upon a Markov-Switching Bayesian Vector Autoregression (MSBVAR) model to study how the credit default swaps market in the euro area becomes an important chain in the propagation of shocks through the entire financial system. The study sheds light on the regime-dependent interconnectedness between …Read More

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Selected Takeaways from the ECB’s Sintra Forum on “Inflation and Unemployment in Europe”

29 Οκτωβρίου, 2015

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Constâncio, Vítor, Hartmann, Philipp, Tristani, Oreste, (2015), “Selected Takeaways from the ECB’s Sintra Forum on “Inflation and Unemployment in Europe” “, Voxeu, 28 Οκτωβρίου. Today the European Central Bank publishes the proceedings of its 2015 Sintra Forum on Central Banking (ECB 2015). In this column the organisers highlight some of the main points from the discussions, including the candid debate between Forum participants that favour a faster pace of structural reforms and the …Read More

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Greece’s Long Road From ‘No’ to ‘Yes’

27 Οκτωβρίου, 2015

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Konstandaras, Nikos, (2015), “Greece’s Long Road From ‘No’ to ‘Yes’”, The New York Times, 26 Οκτωβρίου Greeks will commemorate the Oct. 28 national holiday in a very different country from what it was a year ago. The anniversary marks the day in 1940 when a Greek government rejected an ultimatum from Fascist Italy to allow its troops to enter the country. The “No” (“Ochi” in Greek) united a deeply divided …Read More

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