Hausmann, Ricardo, (2015), “Does Capitalism Cause Poverty?”, Social Europe Journal, 31 Αυγούστου Capitalism gets blamed for many things nowadays: poverty, inequality, unemployment, even global warming. As Pope Francis said in a recent speech in Bolivia: “This system is by now intolerable: farm workers find it intolerable, laborers find it intolerable, communities find it intolerable, peoples find it intolerable. The earth itself – our sister, Mother Earth, as Saint Francis would say – …Read More
The state of the monetary union
Philippon, Thomas, (2015), “The state of the monetary union”, Voxeu, 31 Αυγούστου The Eurozone crisis continues to take centre stage. This column discusses how deep the EZ crisis is, how long it will last, and what should be the policy priorities. A number of findings emerge. First, the difference in labour market performance between the US and the Eurozone is one of degree but not of kind. Second, the economic consequences …Read More
The European Social Model in Crisis Is Europe Losing Its Soul?
Vaughan-Whitehead, Daniel, (2015), “The European Social Model in Crisis Is Europe Losing Its Soul?”, Elgar publications-In Association with the International Labour Organization, Αύγουστος The European Social Model has been an integral part of the construction of the European Community and has been effective in stimulating its economic growth. This social dimension represents the soul of the European Union, and has been envied and adopted by other regions and countries in the …Read More
What Should China Do?
Boskin, Michael, (2015), “What Should China Do?”, Project Syndicate, 26 Αυγούστου The Chinese government’s heavy-handed efforts to contain recent stock-market volatility – the latest move prohibits short selling and sales by major shareholders – have seriously damaged its credibility. But China’s policy failures should come as no surprise. Policymakers there are far from the first to mismanage financial markets, currencies, and trade. Many European governments, for example, suffered humiliating losses …Read More
A Financial Early-Warning System
Roubini, Nouriel, (2015), “A Financial Early-Warning System”, Project Syndicate, 27 Αυγούστου Recent market volatility – in emerging and developed economies alike – is showing once again how badly ratings agencies and investors can err in assessing countries’ economic and financial vulnerabilities. Ratings agencies wait too long to spot risks and downgrade countries, while investors behave like herds, often ignoring the build-up of risk for too long, before shifting gears abruptly …Read More
China’s stock market crash: the end of a myth
Godement, François, (2015), “China’s stock market crash: the end of a myth”, European Council on Foreing Relations, 25 Αυγούστου To any student of geo-economics, the current gyrations of China’s and the world’s stock markets are fascinating. The Shanghai exchange is notoriously volatile: two years ago it was thoroughly depressed when the Chinese economy seemed to be booming, while over the past year it has been boiling as China’s economy slowed …Read More
How exposed is Europe to an economic slowdown in China?
Ruparel, Raoul, (2015), “How exposed is Europe to an economic slowdown in China?”, Open Europe blog, 25 Αυγούστου Open Europe’s Raoul Ruparel asks how exposed Europe is to the potential economic slowdown in China over on his Forbes blog and whether it will derail any economic recovery in Europe. Σχετικές Αναρτήσεις Wolff, Guntram, Walsh, Thomas, (2015), “The dragon sneezes, Europe catches a cold”, Bruegel publications, 26 Αυγούστου Weeks, John, (2015), “Economic …Read More
Euro Area Policies
International Monetary Fund, (2015), “Euro Area Policies”, IMF Country Report No. 15/204, 27 Ιουλίου The recovery is strengthening, underpinned by lower oil prices and the ECB’s expanded asset purchase program. But the medium-term outlook remains weak, weighed down by the legacies of insufficient demand, lagging productivity, and weak bank and corporate balance sheets. Σχετικές Αναρτήσεις IMF, (2015), “Greece: An Update of IMF Staff’s Preliminary Public Debt Sustainability Analysis”, July. IMF Country …Read More
The dragon sneezes, Europe catches a cold
Wolff, Guntram, Walsh, Thomas, (2015), “The dragon sneezes, Europe catches a cold”, Bruegel publications, 26 Αυγούστου Should we be worried about the turmoil in China’s stock market, and the spill-overs to markets in other countries? Two competing hypotheses currently exist:The first is that Chinese stocks had grown at unsustainable rates leading up to the crash, and this is simply a market correction back towards fundamentals, and not a warning of …Read More
What the general public knows about monetary policy
Van der Cruijsen, Carin, Jan Jansen, David, De Haan, Jacob, (2015), “What the general public knows about monetary policy”, Voxeu, 23 Αυγούστου Central banks have typically targeted their communication at financial markets. Increasingly, however, many have started actively communicating with the general public. Using Dutch survey data, this column finds that the public’s knowledge of monetary policy objectives is far from perfect, and varies widely across respondents. Those with a greater understanding of …Read More