Kuvshinov, Dmitry, Müller, Gernot, Wolf, Martin, (2015), “Deleveraging, deflation and depreciation in the euro area”, Centre for Economic Policy Research, Δεκέμβριος. During the post-crisis period, economic performance has been highly heterogenous across the euro area. While some economies rebounded quickly after the 2009 output collapse, others are undergoing a protracted further decline as part of an extensive deleveraging process. At the same time, inflation has been subdued throughout the whole of the euro area and intra-euro-area …Read More

European Commission, (2015), “Report on Public Finances in EMU 2015”, Institutional Paper 14, Δεκέμβριος The European Commission’s annual Report on Public Finances in the EMU provides an overview of key policy developments and analytical findings  in this area. The report describes recent development with deficits and debt, underlining  the need to achieve a balance between short-term stability  and long-term sustainability of public finances. The focus  this year  is the challenge …Read More

Vogel, Lukas, (2015), “Stabilisation and rebalancing with fiscal or monetary devaluation: a model-based comparison”, Discussion Paper No. 22, European Commission publications, Δεκέμβριος This paper takes a theoretical look at the extent to which fiscal devaluation policies, such as shifting the tax burden from labour to consumption, can achieve the same benefits as nominal exchange rate depreciation. Σχετικές Αναρτήσεις Delbecque, B., (2013), “Proposal for a Stabilisation Fund for the EMU”, Centre for …Read More

Lorenzani, Dimitri, Reitano, Vito Ernesto, (2015), “Italy’s Spending Maze Runner – An analysis of the structure and evolution of public expenditure in Italy”, Discussion Paper No. 23, European Commission publications, Δεκέμβριος This paper explores the composition and developments of public expenditure in Italy and compares them with other big Member States. On the basis of this analysis, it draws several possible policy implications. Based on the latest available data by economic classification and …Read More

Gottlieb, Geoff, N’Diaye, Papa, et al., (2015),“Crisis Program Review”, IMF, 9 Νοεμβρίου. This paper provides an updated review of Fund-supported programs undertaken during the global financial crisis. It follows a series of previous reviews during 2009–12 that assessed program design and outcomes during the surge in Fund supported programs since 2008. The review covers experience during 2008–15 for 32 arrangements financed from the Fund’s general resources account (GRA). It covers 27 countries for which …Read More

Bozio, Antoine, Emmerson, Carl, Peichl, Andreas, Tetlow, Gemma, (2015), “European Public Finances and the Great Recession: France, Germany, Ireland, Italy, Spain and the United Kingdom Compared”,   Institute for Fiscal Studies, Volume 36, Issue 4, 2015. We compare economic trends over the financial crisis, and the tax and benefit reforms implemented in response, across six EU countries. Countries where the crisisled to a relatively greater increase in public spending than a decline in tax …Read More

Kim, Jun Il, (2015), “Debt Maturity : Does It Matter for Fiscal Space?”, IMF Papers, 9 Δεκεμβρίου. This paper examines how debt maturity affects the debt limit, defined as the maximum amount of debt a government can afford without defaulting. We develop a model where investors are risk neutral, the primary balance is stochastic but exogenous, and default occurs solely due to the government’s inability to pay. We find that debt …Read More

Copelovitch, Mark, Gandrud, Christopher, Hallerberg, Mark, (2015), “Financial regulatory transparency: new data and implications for EU policy”, Bruguel Publications, Issue 2015/20, 10 Δεκεμβρίου. This paper introduces a new international financial regulatory data transparency index – the Financial Regulatory Transparency (FRT) Index – in order to address the exisiting gap in measuring regulatory transparency. Σχετικές Αναρτήσεις  Gandrud, Christopher, Hallerberg, Mark, (2015), “Does Banking Union Worsen the EU’s Democratic Deficit? The Need for Greater Supervisory Data Transparency”, Journal …Read More