This site is for archive purposes. Please visit for latest updates
Go to Top


Understanding bank payouts during the financial crisis of 2007-2009

Cziraki, Peter, Laux, Christian, Lóránth, Gyöngyi, (2016), “Understanding bank payouts during the financial crisis of 2007-2009”, VoxEu, 26 Οκτωβρίου Banks’ payout decisions at the beginning of the financial crisis of 2007-2009 were particularly controversial as the crisis eroded the capital of many banks. Concerns were raised that banks may have engaged in wealth transfer to shareholders, or that they may have been reluctant to reduce dividends to avoid negative signalling. …Read More

Taking Monetary Policy to the People

Davies, Howard, (2016), “Taking Monetary Policy to the People”, Project Syndicate, 25 Οκτωβρίου For the last 20 years, central-bank independence has marked a kind of “end of history” for monetary policy, after many other regimes were tried and failed. In the years before the 2008 global financial crisis, independent central banks were seen as successful in controlling inflation; and countries with sizable fiscal deficits were especially enthusiastic about central-bank independence …Read More

Should we rethink fiscal policy?

Merler, Silvia, (2016), “Should we rethink fiscal policy?”, Bruegel, 24 Οκτωβρίου What’s at stake: there has been quite some discussion recently on whether we should rethink the framework of fiscal policy in order to make it more appropriate and effective in a world where demand seems to be chronically anemic, inflation is low and the interest rates are likely to stay close to zero (if not negative) for a long …Read More

Accessing sovereign markets – the recent experiences of Ireland, Portugal, Spain, and Cyprus

Strauch, Rolf, Rojas, Juan, O’Connor, Frank, Casalinho, Cristina, de Ramón-Laca Clausen, Pablo, Kalozois, Phaedon, (2016), “Accessing sovereign markets – the recent experiences of Ireland, Portugal, Spain, and Cyprus“, ESM Discussion Paper Series, June Every European government needs market access. It needs to be able to finance itself at affordable prices on financial markets. To most, market access seems unproblematic and is normally taken for granted. The daily work of Debt Management Offices …Read More

Breaking the vicious circle

Véron, Nicolas, (2016), “Breaking the vicious circle”, Bruegel, 21 Οκτωβρίου The eurozone’s banking union has moved from vision to reality in a short period of time, with the European Central Bank now an established supervisory authority for the area’s large banks. This has already made a big difference to the many national banking champions that local supervisors had been treating with kid gloves. But the banking union’s ultimate policy goal, …Read More

Forecasting GDP during and after the Great Recession

Ollivaud, Patrice, Pionnier, Pierre-Alain, Rusticelli, Elena, Schwellnus, Cyrille, Koh, Seung-Hee, (2016), “Forecasting GDP during and after the Great Recession”, OECD Economics Department Working Papers No. 1313, 26 Ιουλίου This paper compares the short-term forecasting performance of state-of-the-art large-scale dynamic factor models (DFMs) and the small-scale bridge models routinely used at the OECD. Pseudoreal time out-of-sample forecasts for France, Germany, Italy, Japan, United Kingdom and the United States during and after the Great Recession …Read More

How to deal with the Resolution of Financial Market Infrastructures

Huertas, Thomas, (2016), “How to deal with the Resolution of Financial Market Infrastructures”, CEPS Series: Task Force Report, 19 Οκτωβρίου This new interim report by the CEPS Task Force on Implementing Financial Sector Resolution welcomes international efforts to devise guidelines to ensure that FMIs are resolvable, i.e. acknowledging that any FMI can fail, but if an FMI fails, critical operations will continue to be performed. The report argues that European rules …Read More

Income distribution and aggregate saving: New evidence

Bofinger, Peter,Scheuermeyer, Philipp, (2016), “Income distribution and aggregate saving: New evidence”, VoxEu, 20 Οκτωβρίου The effect of income distribution on aggregate saving has important implications for aggregate demand and global current account imbalances.  Drawing on evidence from a panel of high-income OECD countries, this column documents a hump-shaped relationship between inequality and aggregate saving rates. It also shows that the relationship between inequality and saving depends on financial market conditions. …Read More

A new measure of economic asymmetries in the Eurozone

Campos, Nauro, Macchiarelli, Corrado, (2016), “A new measure of economic asymmetries in the Eurozone”, VoxEu, 19 Οκτωβρίου Explanations for the Eurozone Crisis rely on the notion of cross-country asymmetries. The core-periphery pattern to the EU was first established by Bayoumi and Eichengreen in 1993, prior to the Eurozone. This column replicates their approach to explore whether the euro has strengthened or weakened this pattern. A new ‘coreness index’ indicates that …Read More

A framework for thinking about bad loans

Demertzis, Maria, (2016), “A framework for thinking about bad loans”, Bruegel, 18 Οκτωβρίου An important guiding principle in resolving non-performing loans (NPLs) should be to ensure that viable debt remains serviced, while non-viable debt gets resolved. We present here a framework to approach the issue. Σχετικές Αναρτήσεις Panagiotarea, Eleni, (2016), “The Political Economy of NPLs resolution: Ownership and conditionality”, Hellenic Observatory LSE, 13 Οκτωβρίου Minenna, Marcello, (2016), “The Italian Non-Performing Loans …Read More