Germany’s world: power and followership in a crisis-ridden Europe

16 Ιουνίου, 2016

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Hellmann, Gunther, (2016), “Germany’s world: power and followership in a crisis-ridden Europe”, Global Affairs, Volume 2 Issue 1, 11 Μαΐου EUrope and Germany face unprecedented crises. Given its role as EUrope’s “central power” the article explores how Germany looks at its environment and how the world looks back. I offer five cuts of Germany’s world, that is, how its power, place and ambition might be described from different angles. First, I …Read More

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Rules of the monetary game

16 Ιουνίου, 2016

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Mishra, Prachi, (2016), “Rules of the monetary game”, VoxEU, 16 Ιουνίου All monetary policies have external spillover effects. However, the domestic mandates of most central banks may not legally allow them to take spillovers into account, and may force them to undertake aggressive policies so long as they have some small positive domestic effect. This column looks at the rules of the game for responsible policy in such a context. It …Read More

Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης

Financial Scarcity Amid Plenty

15 Ιουνίου, 2016

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Eichengreen, Barry, (2016), “Financial Scarcity Amid Plenty”, Project Syndicate, 14 Ιουνίου With interest rates at all-time lows and central banks buying everything that moves, the world is awash with credit. Yet, paradoxically, a dangerous shortage of international liquidity is putting the global economy at risk. “International liquidity” refers to high-quality assets accepted around the world for paying import bills and servicing foreign debts. These are the same assets that central banks use …Read More

Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης

Liquidity, innovation, and endogenous growth

15 Ιουνίου, 2016

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Semyon Malamud, Francesca Zucchi, (2016), “Liquidity, innovation, and endogenous growth”, ECB Working Paper 1919, Ιούνιος We study optimal liquidity management, innovation, and production decisions for a continuum of firms facing financing frictions and the threat of creative destruction. We show that financing constraints lead firms to decrease production but may spur investment in innovation (R&D). We characterize which firms should substitute production for innovation in the face of constraints and thus …Read More

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How central is central counterparty clearing? A deep dive into a European repo market during the crisis

15 Ιουνίου, 2016

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André Ebner, Falko Fecht, Alexander Schulz, (2016), “How central is central counterparty clearing? A deep dive into a European repo market during the crisis”, Bundesbank Discussion Paper No 14/2016, Ιούνιος Repo markets offering central counterparty (CCP) clearing and anonymized trading were remarkably resilient during the recent crises. We use the full transaction level dataset on all repo trades on Eurex Repo, including identifiers for market participants, to provide a detailed description of …Read More

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Automatic Fiscal Stabiliser: Make it happen!

14 Ιουνίου, 2016

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Andor, László, Hess, Regula, (2016), “Automatic Fiscal Stabiliser: Make it happen!”, European Policy Centre, 2 Μαΐου The eurozone crisis triggered a whole new series of innovations in EU economic governance in order to make the Union more resilient for the next economic downswing. But one of the more persistent issues are the socio-economic divergences between member states, identified by the Five Presidents’ Report as a major problem in the functioning of the Economic and …Read More

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Does tax competition make mobile firms more footloose?

14 Ιουνίου, 2016

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Ferrett, Ben, Hoefele, Andreas, Wooton, Ian, (2016), “Does tax competition make mobile firms more footloose?”, Centre for Economic Policy Research, Ιούνιος Existing analyses of fiscal competition for foreign direct investment (FDI) often assume a one-shot interaction between governments and the firm within a static environment where the firm makes a permanent location choice. We examine a two-period regional model where economic geography evolves, giving the firm an incentive to relocate between periods. Government competition …Read More

Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης

Are central bank(er)s still credible?

14 Ιουνίου, 2016

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Demertzis, Maria, (2016), “Are central bank(er)s still credible?”, Bruegel, 14 Ιουνίου Both the Fed and the ECB have managed to remain credible since the financial crisis, but their credibility levels have evolved differently. Since inflation in the US and the euro area has been similar in the past 8 years, the difference in the way that credibility has evolved is the result of the different macroeconomic policy mix applied. Σχετικές Αναρτήσεις …Read More

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Collaborative Business Models and Efficiency – Potential Efficiency Gains in the European Union

13 Ιουνίου, 2016

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Vera Demary, Barbara Engels, (2016), “Collaborative Business Models and Efficiency – Potential Efficiency Gains in the European Union”, Cologne Institute for Economic Research, Impulse Paper No. 07, 29 Απρίλη With the advent of the all-embracing digitization, the internet-based collaborative economy, which harnesses the power of technology to connect people in transactions, is on the rise. It provides services in a different way than traditional economies: Traditional service providers typically adopt a pipe-like …Read More

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Global credit risk: world, country and industry factors

13 Ιουνίου, 2016

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Bernd Schwaab, Siem Jan Koopman, André Lucas, (2016), “Global credit risk: world, country and industry factors”, ECB Working Paper 1922, Ιούνιος We investigate the dynamic properties of systematic default risk conditions for firms in different countries, industries and rating groups. We use a high-dimensional nonlinear non-Gaussian state space model to estimate common components in corporate defaults in a 41 country sample between 1980Q1–2014Q4, covering both the global financial crisis and euro …Read More

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