Alistair Milne, Paul Parboteeah, (2016), “The Business Models and Economics of Peer-to-Peer Lending”, ECRI Researcb Report No. 17, Μάϊος This paper reviews peer-to-peer (P2P) lending, its development in the UK and other countries, and assesses the business and economic policy issues surrounding this new form of intermediation. P2P platform technology allows direct matching of borrowers’ and lenders’ diversification over a large number of borrowers without the loans having to be …Read More
The False Promise of Negative Interest Rates
Robert Skidelsky, (2016), “The False Promise of Negative Interest Rates”, Project Syndicate, 24 Μαϊου Negative interest rates are simply the latest fruitless effort since the 2008 global financial crisis to revive economies by monetary measures. When cutting interest rates to historically low levels failed to revive growth, central banks took to so-called quantitative easing: injecting liquidity into economies by buying long-term government and other bonds. It did some good, but mostly …Read More
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Can Spain break the curse of the periphery? The upcoming Spanish election and what it means for Europe
Miroslav Beblavý, (2016), “Can Spain break the curse of the periphery? The upcoming Spanish election and what it means for Europe”, CEPS Essay No 24, 23 Μαϊου In this CEPS Essay, Miroslav Beblavý takes stock of the changing situation in Spanish politics one month before the early elections, which are expected to take place on June 26th in the hope that a new government can finally be formed. He finds …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Helicopter money: The illusion of a free lunch
Claudio Borio, Piti Disyatat, Anna Zabai,(2016), “Helicopter money: The illusion of a free lunch”, Voxeu, 24 Μαϊου As central banks have been testing the limits of unconventional monetary policies, many observers have started to consider more radical options. One that has been gaining ground is that of ‘helicopter money’ (Friedman 1969) or, more soberly described, ‘overt money finance’ of government deficits (Turner 2015). Proponents see it as a sure-fire way …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Core and periphery: different approaches to unconventional monetary policy
Dabrowski, Marek, (2016), “Core and periphery: different approaches to unconventional monetary policy “, Bruegel, 24 Μαϊου Ιn the aftermath of the global financial crisis of 2007-2009, central banks in a number of advanced economies rapidly expanded their reserve (base) money and resorted to various unconventional monetary policy measures. Quantitative easing (QE), a massive purchase of securities including Treasury bonds, has played a prominent role in this new toolkit. These new practices …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
A Debt Agenda for the G7
Feldstein, Martin, (2016), ” A Debt Agenda for the G7″, Project Syndicate, 23 Μαϊου On May 26-27, the heads of the Group of Seven leading industrial countries will gather in Japan to discuss common security and economic problems. A major common problem that deserves their attention is the unsustainable increase in the major developed countries’ national debt. Failure to address the explosion of government borrowing will have adverse effects on the …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
The European Deposit Insurance Scheme
Guntram B. Wolff, (2016), “The European Deposit Insurance Scheme”,Bruegel, 23 Μαϊου It is welcome that the European Union and the euro area in particular discuss the topic of a European deposit insurance. In fact, to complete banking union, three pillars are indispensable: banking supervision, bank resolution and deposit insurance. In terms of institution building, I would argue that supervision is now fully in place while the European Resolution Mechanism with …Read More
Safeguarding the euro as a currency beyond the state
Ad van Riet, (2016), “Safeguarding the euro as a currency beyond the state“, ECB Occasional Papers No 173 / Μάϊος This paper reviews the debate on the longer-term requirements for safeguarding the euro as a currency beyond the state that is anchored through collective governance instead of a central government. The strengthening of EU economic and financial governance in the wake of the euro area crisis goes a long way towards creating …Read More
Competition, Growth and Regulatory Heterogeneity in Europe’s Digital Economy
Matthias Bauer, Fredrik Erixon, (2016), “Competition, Growth and Regulatory Heterogeneity in Europe’s Digital Economy”, ECIPE Working paper No 2/2016, Απρίλιος Far too many policymakers in Europe have a confused vision about the policy conditions required for Europe to grow its digital economy. Their habits of thought – a sense of what is reasonable, necessary and inevitable – are now deeply embedded in the EU’s endeavours of digital policymaking. Digital underperformance, as …Read More
The Euro Plus Monitor Spring 2016 Update
Holger Schmieding, (2016), “The Euro Plus Monitor Spring 2016 Update”, The Lisbon Council, 22 Μαϊου Europe can adjust. It has done so before. In the 1980s, Margaret Tatcher cured the “sick man of Europe.” In the 1990s, Scandinavian countries reformed their bloated welfare states. From 2004 to 2006, Germany turned its struggling economy into a new growth engine for Europe through serious labour market and welfare reforms. And, in many …Read More