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Reassessing the Role and Modalities of Fiscal Policy in Advanced Economies

IMF, (2013), “Reassessing the Role and Modalities of Fiscal Policy in Advanced Economies”, IMF Policy Paper, 17 Σεπτεμβρίου. This paper investigates how developments during and after the 2008–09 crisis have changed economists’ and policymakers’ views on: (i) fiscal risks and fiscal sustainability; (ii) the effectiveness of fiscal policy as a countercyclical tool; (iii) the appropriate design of fiscal adjustment programs; and (iv) the role of fiscal institutions. Advanced economies have …Read More

Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy: What Do the Data Say?

Woo, J., Bova, E., Kinda, T. and Zhang, S., (2013), “Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy: What Do the Data Say?”, IMF Working Papers Series, WP/13/195, Σεπτέμβριος. The 2007-09 Great Recession has led to an unprecedented increase in public debt in many countries, triggering substantial fiscal adjustments. What are the distributional consequences of fiscal austerity measures? This is an important policy question. This paper analyzes …Read More

The wisdom of crisis prevention

Şimşek, M., (2013), “The wisdom of crisis prevention”, Project Syndicate, 17 Σεπτεμβρίου. Regardless of how differently governments may formulate policy, ensuring financial stability is their common responsibility. This calls for real and effective policy coordination and an overarching macro-prudential governance framework at both the domestic and international levels. The simple truth is that the cost of preventing financial crises is much lower than the costs imposed by them after they …Read More

Has Capitalism Revived/Survived?

Posner, R., (2013), “Has Capitalism Revived/Survived?”, The Becker-Posner Blog, 16 Σεπτεμβρίου. Capitalism is the economic system in which the assets used to produce goods and services are privately owned, and the owners determine the price at which to sell those goods and services. Private markets, because they organize and direct production and consumption, are the basic institutions of a capitalist system. Government regulation of markets is (in capitalist theory) limited …Read More

Ignore the doomsayers: Europe is being fixed

Schäuble, W., (2013), “Ignore the doomsayers: Europe is being fixed”, Financial Times, 16 Σεπτεμβρίου. Τhe world should rejoice at the positive economic signals the eurozone is sending almost continuously these days. While the crisis continues to reverberate, the eurozone is clearly on the mend both structurally and cyclically. What is happening turns out to be pretty much what the proponents of Europe’s cool-headed crisis management predicted. The fiscal and structural …Read More

Ordoliberalism and Germany’s approach to the euro crisis

Cohen-Setton, J., (2013), “Ordoliberalism and Germany’s approach to the euro crisis”, Bruegel , 16 Σεπτεμβρίου. The debate over the legacy of ordoliberal ideas in Germany’s approach to the euro crisis has gained renewed interests ahead of the federal election, which will be held on 22 September 2013 to determine the members of the 18th Bundestag. Beyond the question of whether a change in government would dramatically change the country’s approach …Read More

Five years of financial non-reform

Admati, A., (2013), “Five years of financial non-reform”, Project Syndicate, 13 Σεπτεμβρίου. Five years after the collapse of Lehman Brothers triggered the largest global financial crisis since the Great Depression, outsize banking sectors have left economies shattered in Ireland, Iceland, and Cyprus. Banks in Italy, Spain, and elsewhere are not lending enough. China’s credit binge is turning into a bust. In short, the world’s financial system remains dangerous and dysfunctional. …Read More

Developing the social dimension of a deep and genuine Economic and Monetary Union

László A., (2013), “Developing the social dimension of a deep and genuine Economic and Monetary Union”, European Policy Centre, Policy Brief, 13 Σεπτεμβρίου. Introducing systematic monitoring of key employment and social challenges and strengthening employment and social policy coordination would boost the social dimension of Economic and Monetary Union (EMU). Socio-economic divergence undermines the functioning of currency union, with employment and social crises in individual countries spilling over to others. …Read More

How to make Europe’s incipient recovery durable: End policy uncertainty

Buti, M. and Padoan, P.C., (2013), “How to make Europe’s incipient recovery durable: End policy uncertainty”, www.voxeu.org, 12 Σεπτεμβρίου. The Eurozone is recovering but the revival is fragile – ringed by downside risks. This column argues that three steps – reducing policy uncertainty, repairing the financial system, and creating new investment opportunities – are essential. They could switch the negative confidence-growth feedback loop into a positive one, thus paving the …Read More

Spain: The Recession May Be Ending But The Crisis Continues

Hugh, E., (2013), “Spain – The Recession May Be Ending But The Crisis Continues”, www.EconoMonitor.com, 9 Σεπτεμβρίου. My feeling is that it’s totally unrealistic to expect a ‘return to the old reality’. We are now in a change of paradigm process. We all need to change our expectations and find ways to live with the new situation, since whether we like it or not we will have to. There is no …Read More