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World Economic Outlook Update – January 2017

International Monetary Fund, (2017), “World Economic Outlook Update – January 2017”, International Monetary Fund, Ιανουάριος After a lackluster outturn in 2016, economic activity is projected to pick up pace in 2017 and 2018, especially in emerging market and developing economies. However, there is a wide dispersion of possible outcomes around the projections, given uncertainty surrounding the policy stance of the incoming U.S. administration and its global ramifications. The assumptions underpinning …Read More

Economic Crises and the Crisis of Economics

Subacchi, Paola, (2017), “Economic Crises and the Crisis of Economics”, Project Syndicate, 13 Ιανουαρίου Is the economics profession “in crisis”? Many policymakers, such as Andy Haldane, the Bank of England’s chief economist, believe that it is. Indeed, a decade ago, economists failed to see a massive storm on the horizon, until it culminated in the most destructive global financial crisis in nearly 80 years. More recently, they misjudged the immediate …Read More

Management and Resolution of Banking Crises: Lessons from Recent European Experience

Honohan, Patrick, (2017), “Management and Resolution of Banking Crises: Lessons from Recent European Experience Patrick Honohan”, PIIE, Ιανουάριος 2017 After almost a decade of contrasting and somewhat unpredictable policy responses to each succeeding bank failure, global policy for bank resolution has coalesced around a new approach.1 Replacing the seeming arbitrariness of earlier actions, the new international framework is designed to allow failing banks to be resolved smoothly without damaging interruptions …Read More

The Need for Different Classes of Macroeconomic Models

Blanchard, Olivier, (2017), “The Need for Different Classes of Macroeconomic Models”, PIIE, 12 Ιανουαρίου Theory models, aimed at clarifying theoretical issues within a general equilibrium setting. Models in this class should build on a core analytical frame and have a tight theoretical structure. They should be used to think, for example, about the effects of higher required capital ratios for banks, or the effects of public debt management, or the effects …Read More

Non-Performing Loans In The Euro Area: Are Core-Periphery Banking Markets Fragmented?

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 The objective of this study is to examine the causes of non-performing loans (NPLs) in the banking system of the euro area for the period 2003-2013 and distinguish between core and periphery country determinants. The increase in NPLs post crisis has put into question the robustness …Read More

Helicopter money: Loved, not spent

Bright, Ian, Janssen, Senne, (2017), “Helicopter money: Loved, not spent”, Voxeu, 13 Ιανουαρίου 2017 With growth and inflation in Europe remaining low, the idea of helicopter money is slowly gaining traction with politicians and economists alike. This column presents the results of a survey that asked people how, if they were to receive an extra €200 per month to do with as they chose, they would use the money. There was …Read More

Confusion about the lender of last resort

Bindseil, Ulrich, Laeven, Luc, (2017), “Confusion about the lender of last resort”, Voxeu, 13 Ιανουαρίου 2017 The scale and scope of central bank lender of last resort operations during the Global Crisis raised concerns that central banks may be taking excessive risks and supporting moral hazard. This column argues that criticism of such operations is misguided. In the crisis, central banks did not make financial losses when acting as lender of …Read More

European Business Cycle Indicators 4th Quarter 2016

European Commission, (2017), “European Business Cycle Indicators 4th Quarter 2016”, European Commission Publications, Ιανουάριος 2017 The latest EU-wide Investment Survey was conducted in October-November 2016. The results indicate that euro-area and EU real manufacturing investment has risen in 2016 (by 1.2% and 3.1%, respectively) and is foreseen to increase further in 2017 (at rates of 2.4% and 2.7%, respectively). At country level, manufacturing managers assessed their investment in 2016 to have …Read More

The Global Talent Competitiveness Index 2015-16

Lanvin, Bruno, Evans, Paul,(2017), “The Global Talent Competitiveness Index 2015-16”, INSEAD-Adecco Group-HCLI, Ιανουάριος 2017 Since the release of the last edition of the Global Talent Competitiveness Index in January 2015 in Davos, Switzerland, much has changed with regards to talent migration, labour markets, and talent development and flow. Over the last 12 months, the many presentations that were made of the report’s findings around the world have generated significant comments …Read More

Analysis of developments in EU capital flows in the global context (3rd annual report)

  Darvas, Zsolt, Efstathiou, Konstantinos, Huttl, Pia, Schoenmaker, Dirk,  (2017), “Analysis of developments in EU capital flows in the global context (3rd annual report)”, Bruegel, 10 Ιανουαρίου Free movement of capital, which is one of the four fundamental economic freedoms of the European Union, can enhance welfare if it leads to better allocation of financial and productive resources. However, it can also be a source of vulnerability, with far-reaching spillovers. …Read More