Mitchell, B. (2014) “The UK recovery is a false dawn“, Bill Mitchell Blog: Modern Monetary Theory … macroeconomic reality, 18 Οκτωβρίου. A few weeks ago (October 1, 2014), I wrote in this blog – British economic growth shows that on-going deficits work – that the British Chancellor was overseeing an expanding fiscal deficit and public debt ratio, which despite the rhetoric to the contrary, was supporting growth and helping …Read More
The ECB Changes Its Mind Which Bonds It Will Monetize, Then It Changes It Again
Durden, T. (2014) “The ECB Changes Its Mind Which Bonds It Will Monetize, Then It Changes It Again“, ΘZeroHedge, 20 Οκτωβρίου. To get a sense of just how chaotic, unprepared, confused and in a word, clueless the ECB is about just its “private QE”, aka purchases of ABS, which should begin in the “next few days” (but certainly don’t hold your breath) – let alone the monetization of public …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Regulating Capital Flows at Both Ends: Does it Work?
Ghosh, R. A., Qureshi Saeed, M. & Sugawara, N. (2014) “Regulating Capital Flows at Both Ends: Does it Work?“, IMF Publications, Working Paper 14/188, 17 Οκτωβρίου. This paper examines whether cross-border capital flows can be regulated by imposing capital account restrictions (CARs) in both source and recipient countries, as was originally advocated by John Maynard Keynes and Harry Dexter White. To this end, we use data on bilateral cross-border …Read More
The British origins of the US endowment model
Chambers, D. & Dimson, E. (2014) “The British origins of the US endowment model“, VoxEU Organisation, 20 Οκτωβρίου. Yale University has generated annual returns of 13.9% over the last 20 years on its endowment – well in excess of the 9.2% average return on US university endowments. Keynes’ writings were a considerable influence on the investment philosophy of David Swensen, Yale’s CIO. This column traces how Keynes’ experiences managing …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Cyprus: from boom to bail-in
Michaelides, Al., (2014), “Cyprus: from boom to bail-in”, Economic Policy, Vol. 29, Issue 80, pp. 639-689. This is a case study of how a country nearly reached bankruptcy in March 2013, within five years of entering the eurozone. The magnitude of the requested assistance is extremely large relative to GDP (100%) and studying this event provides useful lessons for avoiding such crises in the future. The crisis resulted from a …Read More
Making regulatory agencies independent is not always a recipe for better decision-making
Jordana, J. & Rosas, G. (2014) “Making regulatory agencies independent is not always a recipe for better decision-making“, LSE EUROPP, 16 Οκτωβρίου. The principle of making certain bodies independent from government, such as regulatory agencies or central banks, has become popular in a number of contexts over recent decades. As Jacint Jordana and Guillermo Rosas write, the basic assumption underpinning the principle is that electoral pressures can have a …Read More
Why We Must Break Up the Financial Herd
Persaud, D. A. (2014) “Why We Must Break Up the Financial Herd“, Peterson Institute for International Economics – Article in QFinance, 16 Οκτωβρίου. Background Memories are short. But those in finance are even shorter. Before the credit crunch began in 2007, policymakers in advanced economies were flirting with the idea that we should just accept that financial crises occur every seven years or so and plan accordingly, as seeking …Read More
The German ship is sinking under the weight of its own delusions
Mitchell, B. (2014) “The German ship is sinking under the weight of its own delusions“, Bill Mitchell Blog: Modern Monetary Theory… Macroeconomic Reality Blog, 16 Οκτωβρίου. Eurostat’s recent publication (October 14, 2014) – Industrial production down by 1.8% in euro area – rightfully sends further alarm bells throughout policy makers in Europe, except I suppose Germany where denial seems to be rising as its industrial production levels fall to …Read More
Regret and economic decision-making
Strack, P. & Viefers, P. (2014) “Regret and economic decision-making“, VoxEU Organisation, 16 Οκτωβρίου. Regret can shape preferences and thus is an important part of the decision-making process. This column presents new findings on the theoretical and behavioural implications of regret. Anticipated regret can act like a surrogate for risk aversion and could deter investment. However, once people have invested, they become attached to their investment. This commitment is …Read More
Χρονολόγιο: η Εξέλιξη της Οικονομικής Διακυβέρνησης της ΕΕ στο Ιστορικό της Πλαίσιο,
Χρονολόγιο: η Εξέλιξη της Οικονομικής Διακυβέρνησης της ΕΕ στο Ιστορικό της Πλαίσιο, Ευρωπαϊκή Επιτροπή, 16 Οκτωβρίου 2014. Η οικονομική διακυβέρνηση της ΕΕ έχει ενισχυθεί και αναθεωρηθεί με την πάροδο του χρόνου, εξελισσόμενη κι’ αυτή στα πλαίσια των ιστορικών εξελίξεων. Το παρακάτω χρονοδιάγραμμα είναι διαδραστικό (στην πρωτότυπη πηγή του: βλ. εδώ). Πολλά από τα κείμενα περιλαμβάνουν συνδέσμους προς τη σχετική νομοθεσία, καθώς και επιπρόσθετες λεπτομέρειες-πληροφορίες. Εδώ μπορείτε να κατεβάσετε το …Read More