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GDP-linked bonds: A primer

Cecchetti, Stephen, Schoenholtzm Kim, (2017), “GDP-linked bonds: A primer “, VoxEu, 1 Μαρτίου Policymakers and economists have been looking for ways to make it easier to manage increasing debt burdens. This column assesses one possible solution: GDP-linked bonds that tie the size of debt payments to an economy’s wellbeing. There are clear benefits to a government from issuing GDP-linked bonds, but establishing investor confidence in these instruments will require a …Read More

Portugal needs stronger investment to maintain growth and improve living standards

Arnold, Jens, (2017),“Portugal needs stronger investment to maintain growth and improve living standards”, Portugal Desk, OECD Economics Department, 6 Φεβρουαρίου Since 2012, investment has hardly exceeded the depreciation of the existing capital stock, meaning that growth of the productive capital stock has almost stalled. This is one reason behind the low potential growth of the Portuguese economy, which the OECD currently puts below 0.5%. Without stronger investment, growth performance is bound to …Read More

The losers from credit crunches

Berton, Fabio , Mocetti, Sauro , Presbitero, Andrea , Richiardi, Matteo , (2017), “The losers from credit crunches”, VoxEu, 9 Φεβρουαρίου In the aftermath of the Global Crisis, a severe credit crunch has had long-lasting consequences for a number of economies. Trade has collapsed (Paravisini et al 2011), investment expenditure has shrunk significantly (Cingano et al. 2016), and unemployment rates have increased markedly (e.g. Clements et al. 2012). These developments …Read More

Resolving Europe’s NPL burden: challenges and benefits

Constancio, Vitor, (2017), “Resolving Europe’s NPL burden: challenges and benefits”, Bruegel, 3 Φεβρουαρίου Keynote speech by Vítor Constâncio, Vice-President of the ECB, at Bruegel event: “Tackling Europe’s non-performing loans crisis: restructuring debt, reviving growth” Σχετικές Αναρτήσεις Anastasiou, Dimitrios , Louri, Helen, Tsionas, Mike, (2017), “Non-Performing Loans In The Euro Area: Are Core-Periphery Banking Markets Fragmented?”, Bank Of Greece, Δεκέμβριος 2016 European Central Bank, (2016), “Addressing market failures in the resolution …Read More

Will better insolvency standards help Europe’s debt deleveraging?

Lehmann, Alexander, (2017), “Will better insolvency standards help Europe’s debt deleveraging?”, Bruegel, 23 Ιανουαρίου Insolvency regimes in the euro area are on the whole costly, lengthy, and recover little value. A new directive proposed by the Commission sensibly aims to strengthen preventive restructuring and to give once-failed entrepreneurs a second chance. But to assist banks in their NPL workout judicial capacity will need to be built up, and regimes better …Read More

European Fiscal Union: Economic rationale and design challenges

Thirion, Gilles, (2017), “European Fiscal Union: Economic rationale and design challenges”, CEPS, No. 2017-01, Ιανουάριος Proposals for different types of elements of a fiscal union have flourished in recent years, both from academic and policy circles. Since a fiscal union could take a constellation of various different forms, this paper first provides an analytical framework pinpointing the five key elements of a fiscal union. It takes stock of the existing …Read More

An assessment of the redistributive function of the EU budget

Pasimeni, Paolo, Riso, Stéphanie, (2017),“An assessment of the redistributive function of the EU budget”, VoxEu, 19 Ιανουαρίου EU budget reform is a key issue in policy debates, in particular the redistributive effects between member states. This column assesses redistribution within the EU budget over the period 2000 to 2014. It finds that the net redistributive impact of the EU budget is rather small and, contrary to common belief, that the …Read More

Italy 2017: Back To Austerity

Minenna, Marcello, (2017), “Italy 2017: Back To Austerity”, Social Europe, 19 Ιανουαρίου The political turmoil that followed the Renzi government’s resignation after the results of Italy’s referendum on constitutional reforms, the hurried appointment of the new executive and the endless emergency of Monte dei Paschi overshadowed the letter that the European Commission sent on December 5th to the outgoing administration. In concise terms, the letter confirmed what was already in …Read More

Europe’s Make-or-Break country: what is wrong with Italy’s economy?

Giugliano, Ferdinando, Odendahl, Christian, (2016), “Europe’s Make-or-Break country: what is wrong with Italy’s economy?”, Centre for European Reform, 19 Δεκεμβρίου After Matteo Renzi lost his referendum on constitutional reform and resigned, Italy returned to the European spotlight. Although it is a founding member of the EU, Italian public support for the European project is among the lowest in Europe; it is the eurozone’s third largest economy, but its economy is …Read More

Finance and growth: The direction of causality

Lin Chong, Eilyn Yee, Mody, Ashoka, Varela Sandoval, Francisco, (2017), “Finance and growth: The direction of causality”, VoxEu, 17 Ιανουαρίου Recent research suggests a point beyond which the benefits of financial development diminish, and further development can even hurt growth. This column describes how a negative relationship between credit and growth emerged strongly after 1990 and was particularly pronounced in the Eurozone, consistent with the notion that an overgrown financial sector weakens …Read More