Causa, Orsetta, Hermansen, Mikkel, Ruiz, Nicolas, (2016), “The Distributional Impact of Structural Reforms”, OECD Economics Department Working Papers No. 1342, 17 Νοεμβρίου In a majority of OECD countries, GDP growth over the past three decades has been associated with growing income disparities. To shed some lights on the potential sources of trade-offs between growth and equity, this paper investigates the long-run impact of structural reforms on household incomes across the distribution, …Read More
Doing Business 2017 – Equal Opportunity for All
World Bank Group, (2016), “Doing Business 2017 – Equal Opportunity for All”, The World Bank, 24 Νοεμβρίου Doing Business 2017: Equal Opportunity for All, a World Bank Group flagship publication, is the 14th in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 …Read More
Using the fiscal levers to escape the low-growth trap
Organisation for Economic Co-operation and Development, (2016), “Using the fiscal levers to escape the low-growth trap”, OECD Economics Department, 24 Νοεμβρίου In the context where public debt has reached high levels in most OECD countries, it is important to assess the extent of countries’ fiscal space and the temporary deficit increase they can afford to run. A rethink is needed for how the fiscal policy stance should be evaluated, particularly …Read More
Watch Italy’s referendum for potential banking problems
Codogno, Lorenzo, Monti, Mara, (2016), “Watch Italy’s referendum for potential banking problems”, LSE EUROPP blog, 22 Νοεμβρίου Italy’s constitutional referendum is fast approaching and financial markets are already jittery. Lorenzo Codogno and Mara Monti write that while some observers have pointed to the risk of the Five Star Movement getting into power, or even Italy leaving the euro, these are unlikely developments, at least in the short term. The real issue …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
An update: Sovereign bond holdings in the euro area – the impact of QE
Hüttl, Pia, Merler, Silvia, (2016), “An update: Sovereign bond holdings in the euro area – the impact of QE”, Bruegel, 22 Νοεμβρίου Since the ECB’s announcement of its QE programme in January 2015, national central banks have been buying government and national agency bonds. In this post we look at the effect of QE on sectoral holdings of government bonds, based on our recently updated dataset. Σχετικές Αναρτήσεις Pia Huttl, Silvia …Read More
Addressing market failures in the resolution of nonperforming loans in the euro area
European Central Bank, (2016), “Addressing market failures in the resolution of nonperforming loans in the euro area”, ECB, 22 Νοεμβρίου The high stock of non-performing loans (NPLs) on the balance sheets of euro area banks continues to be an important cause for concern for policymakers. Efforts to resolve this problem have increased significantly in the course of 2016, by supervisors and macroprudential policymakers alike. To relieve capital constraints, these efforts, …Read More
Credit recovery in Spain: NPL resolution was essential, but success depended on broader sector reform
Lehmann, Alexander, (2016), “Credit recovery in Spain: NPL resolution was essential, but success depended on broader sector reform”, Bruegel, 21 Νοεμβρίου Growth in Spain again exceeded expectations this year, and bank deleveraging appears to have reached an end. Addressing non-performing loans was a precondition for recovery, and it required comprehensive financial sector reform. Σχετικές Αναρτήσεις Panagiotarea, Eleni, (2016), “The Political Economy of NPLs resolution: Ownership and conditionality”, Hellenic Observatory LSE, …Read More
The current state and future challenges of financial regulation
Beck, Thorsten, Carletti, Elena, Goldstein, Itay, (2016), “The current state and future challenges of financial regulation”, VoxEu, 22 Νοεμβρίου The Global Crisis has led to a new wave of regulation. This column argues that improved capital requirements, liquidity requirements, bank resolution and cross-border regulatory cooperation are welcome, but that unresolved problems remain. Specifically, regulation may become too complex, focus too little on macroprudential risks, be inadequate to deal with crises …Read More
Fiscal Discipline and Exchange Rates : Does Politics Matter?
Tovar Jalles, Joao, Mulas-Granados, Carlos, Tavares, José, (2016), “Fiscal Discipline and Exchange Rates : Does Politics Matter?”, IMF Working Paper 16/230, 18 Νοεμβρίου We look at the effect of exchange rate regimes on fiscal discipline, taking into account the effect of underlying political conditions. We present a model where strong politics (defined as policymakers facing longer political horizon and higher cohesion) are associated with better fiscal performance, but fixed exchange rates …Read More
Collaborative economy
Petropoulos, Georgios, (2016), “Collaborative economy”, Bruegel, 18 Νοεμβρίου Georgios Petropoulos was invited to speak at a workshop on collaborative economy organised by the Internal Market Committee (IMCO) of the European Parliament on November 8. The focus of the workshop was the definition of, and distinction between, professional version non-professional/occasional provision of services, as well as the future of a regulatory framework for non-professional provision of services and prosumers. It included a debate …Read More