Marques-Ibanez,David, van Leuvensteijn, Michiel, (2017), “Bank competition and financial stability: The role of financial innovation”, VoxEu, 3 Φεβρουαρίου An unprecedented process of deregulation took place in the banking sector in the three decades prior to the Global Crisis. This column argues that during periods of intense bank competition, financial innovation can compound the adverse effects of competition on stability. Coupled with strong competition, the significant use of one such innovation – …Read More
Euro area fiscal stance
Bańkowski,Krzysztof, Ferdinandusse, Marien, (2017), “Euro area fiscal stance”, ECB Occasional Paper Series No 182, Ιανουάριος This paper analyses the appropriateness of the euro area fiscal stance. In this context, the paper presents the relevant definitions and how the euro area fiscal stance has evolved over time. Furthermore, it contains an evaluation of the appropriateness of the euro area aggregated fiscal stance set out in the European Commission’s Spring 2016 European Economic Forecast, …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
Reducing the uncertainty around exchange rate forecasts: A new model
Marcellino, Massimiliano, Abbate, Angela, (2017), “Reducing the ucnertainty around exchange rate forecasts: A new model”, VoxEu, 4 Φεβρουαρίου Exchange rates are important contributors to business cycle fluctuations in open economies. Forecasting exchange rates is not an easy task, however, perhaps due to the instability of their relationship with economic drivers. This column introduces a model that also allows for changing volatility when forecasting exchange rates. Modelling time variation in the cross-rate …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
Is the Deflation Cycle Over?
Reinhart, Carmen, (2017), “Is the Deflation Cycle Over?”, Project Syndicate, 31 Ιανουαρίου Until the global financial crisis of 2008-2009, deflation had all but disappeared as a concern for policymakers and investors in the advanced economies, apart from Japan, which has been subject to persistent downward pressure on prices for nearly a generation. And now deflationary fears are on the wane again. By the mid-1960s, the advanced economies began an era …Read More
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The Inclusive Growth and Development Report 2017
World Economic Forum, (2017), “The Inclusive Growth and Development Report 2017”, Ιανουάριος Over the past several years, a worldwide consensus has emerged on the need for a more socially-inclusive approach to generating economic growth. However, inclusive growth and development remain primarily an aspiration. No systemic framework has emerged to guide policy and practice. Building on a beta version of a policy framework released in 2015, this Report provides a practical guide for policymakers and stakeholders seeking to …Read More
Why is it so hard to reach the EU’s ‘poverty’ target?
Darvas, Zsolt, (2017), “Why is it so hard to reach the EU’s ‘poverty’ target?”, Bruegel, 19 Ιανουαρίου The ‘poverty’ target set by the European Commission aims to lift “over 20 million people out of poverty” between 2008 and 2020 in the EU27. Progress to date against this target has been disappointing. Why is it so hard to reach the Europe 2020 ‘poverty’ target? What does the poverty indicator actually measure? …Read More
Europe’s Growth Challenge
Åslund, Andres, Djankov, Simeon, (2017), “Europe’s Growth Challenge”, Oxford University Press, Φεβρουάριος In the wake of the Great Recession, Europe’s economy has stagnated to a considerable degree-greater even than that of the United States. Forecasts suggest an abysmal annual growth rate of about one percent over the next five years, and it now appears that Europe’s enviable structural features, that is, their superior social safety net, leading educational facilities, and …Read More
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