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Designing tax policy in high-evasion economies

Best, Michael, Brockmeyer, Anne, Kleven, Henrik, Spinnewijn, Johannes, Waseem, Mazhar, (2016) “Designing tax policy in high-evasion economies”, VoxEU, 5 Ιανουαρίου Developing economies are characterised by low tax revenue and widespread tax evasion. This column assesses what tax policy instruments governments should use to raise revenue. Optimal tax policy in developing countries may diverge from what is prescribed in standard textbook models. A turnover tax, for instance, is known to distort …Read More

The Great Malaise Continues

Stiglitz, Joseph, (2016), “The Great Malaise Continues”, Project Syndicate, 3 Ιανουαρίου The year 2015 was a hard one all around. Brazil fell into recession. China’s economy experienced its first serious bumps after almost four decades of breakneck growth. The eurozone managed to avoid a meltdown over Greece, but its near-stagnation has continued, contributing to what surely will be viewed as a lost decade. Σχετικές Αναρτήσεις Dixon, H. (2014) “A New …Read More

Deutsche Bank Leads a Retreat From Markets

Gilbert, Mark, (2015), “Deutsche Bank Leads a Retreat From Markets”, Bloomberg View, 23 Δεκεμβρίου For five consecutive years, the end of December has seen Deutsche Bank atop the annual league tables as the bank that handled the most European bond sales. Not this year.With recently installed Co-Chief Executive Officer John Cryan pledging to shrink its investment banking activities, Deutsche Bank is set to slip to third place, behind HSBC and Barclays. …Read More

How the Fed Just Reduced Inequality

Friedman, Alexander, (2015), “How the Fed Just Reduced Inequality”, Project Syndicate, 16 Δεκεμβρίου The US Federal Reserve has finally done it, raising interest rates for the first time in almost a decade. The ramifications for interest-rate spreads, emerging-market equities, and housing demand, among much else, are the subject of widespread debate. But, as markets learn to cope with a less accommodative monetary policy, there could be an important silver lining, …Read More

Non-performing loans in Italy and selected European countries

Berger, Bennet, (2015), “Non-performing loans in Italy and selected European countries”, Bruegel publications, 18 Δεκεμβρίου Fears of a banking crisis in Italy are surfacing after four small Italian banks were rescued in November.The rescue plan involves transferring the banks’ bad loans to a single bad bank. Non-performing loans (NPLs), loans in default or close to being in default, continue to raise doubts about the health of the banking sector in …Read More

ECB roils markets with disappointing stimulus package

Ruparel, Raoul, (2015), ” ECB roils markets with disappointing stimulus package”, Open Europe blog, 4 Δεκέμβριου Markets across Europe were down sharply yesterday after the ECB significantly disappointed expectations in terms of further easing. As the dust settle many will rightly be wondering why exactly market expectations became so dislocated from actual ECB thinking and what this means for the longer term. Open Europe’s Raoul Ruparel, who warned the ECB could …Read More

Designing fiscal policy for steady, enduring growth

Buti, Marco, Gaspar, Vitor, (2015), “Designing fiscal policy for steady, enduring growth”, Voxeu, 10 Δεκεμβρίου Designing fiscal policy for today’s complex and uncertain economic climate is a problem that perplexes governments worldwide. This column proposes a solution – a new fiscal architecture with strengthened but budget-neutral automatic stabilisers. It won’t be easy, but overcoming predominantly political challenges will help foster steady and enduring growth. Σχετικές Αναρτήσεις Rannenberg, Ansgar, Schoder, Christian, Strasky, Jan, (2015), “The macroeconomic effects …Read More

The importance of wealth concentration and why it is so difficult to measure

Alvaredo, Facundo, Atkinson, Tony, Morelli, Salvatore, (2015),“The importance of wealth concentration and why it is so difficult to measure”, Voxeu, 8 Δεκεμβρίου. The concentration of personal wealth has received a lot of attention since the publication of Thomas Piketty’s Capital in the 21st Century. This column investigates the UK and finds wealth distribution to be highly concentrated. The data seem to suggest that the top wealth share has increased in the UK …Read More

International macroeconomic policy coordination

Frankel, Jeffrey, (2015), “International macroeconomic policy coordination”, Voxeu, 9 Δεκεμβρίου. Calls for coordination of macroeconomic policy have made a comeback since the Global Crisis. This column reviews this return of international policy coordination, both in terms of fiscal and monetary policy. It discusses recent developments and considerations in fiscal and monetary policy games, and cautions that most but not all calls for coordination are useful. Σχετικές Αναρτήσεις Goodhart, Α.Ε. C. & Erfurth, …Read More

How Inequality Kills

Stiglitz, Joseph, (2015), “How Inequality Kills”, Social Europe Journal, 8 Δεκεμβρίου This week, Angus Deaton will receive the Nobel Memorial Prize in Economics “for his analysis of consumption, poverty, and welfare.” Deservedly so. Indeed, soon after the award was announced in October, Deaton published some startling work with Ann Case in the Proceedings of the National Academy of Sciences – research that is at least as newsworthy as the Nobel ceremony. Σχετικές Αναρτήσεις Alfani, Guido, Ryckbosch, Wouter, (2015), “Income inequality …Read More