Debt crises in Europe and US states: Sovereign spillovers on private borrowers

12 Ιανουαρίου, 2016

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Arellano, Cristina , Atkeson, Andy , L. J. Wright, Mark, (2016), “Debt crises in Europe and US states: Sovereign spillovers on private borrowers”, Voxeu, 10 Ιανουαρίου In the recent crisis in Southern Europe both sovereign governments and private citizens faced increased borrowing costs on their external debt. By contrast, no spillover to private borrowers occurred from the recent US state government debt crisis. This column argues that this different experience …Read More

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Caputalism: Will Capitalism Die?

12 Ιανουαρίου, 2016

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Misik, Robert, (2016), “Caputalism: Will Capitalism Die? “, Social Europe Journal, 12 Ιανουαρίου. The fact that western capitalism is in a severe crisis is now so commonplace that it’s become almost a cliché. In 2008 the global financial system stood on the brink of collapse and the rescue measures undertaken by panic-stricken governments will burden their economies for years to come. Σχετικές Αναρτήσεις Hodgson, Geoffrey, (2015), “Conceptualizing Capitalism-Institutions, Evolution, Future”, …Read More

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A more perfect, but also smaller union?

12 Ιανουαρίου, 2016

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Gros, Daniel, (2016), “A more perfect, but also smaller union?”, Ceps, 11 Ιανουαρίου The Great Financial Crisis showed that Europe’s monetary union was very imperfect. It took the ‘near-death’ experience of the euro crisis of 2010-12 to force Europe’s leaders to act. The response was then to create a large fund to help states in difficulty (the €700 billion European Stability Mechanism, or ESM) and the (imperfect) banking union, with …Read More

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Labour market policy: Parts of the picture are missing

11 Ιανουαρίου, 2016

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Arni, Patrick, Lalive, Rafael, van den Berg, Gerard, (2016), “Labour market policy: Parts of the picture are missing”, Voxeu, 11 Ιανουαρίου The standard empirical evaluations of labour market policy only consider the direct effects of single programmes on their participants. This column argues that this fails to capture important aspects of real-world labour market policy – policy regimes and strategies. Using Swiss data, it employs a novel empirical approach that concurrently examines the effects of …Read More

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The use of models by policymakers

11 Ιανουαρίου, 2016

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Cohen-Setton, Jeremie, (2016), “The use of models by policymakers”, Bruegel, 11 Ιανουαρίου What’s at stake: The latest discussions on the blogosphere have been dominated by a back and forth trialogue between Larry Summers, Paul Krugman and Brad DeLong on the appropriate use of models as policy guides. While they all agree that the Fed’s decision to raise rates was a mistake, they disagree on the intellectual reasons behind it. Σχετικές …Read More

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Poland Needs an Independent Central Bank

11 Ιανουαρίου, 2016

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Bloombeg View, (2016), “Poland Needs an Independent Central Bank”, 11 Ιανουαρίου In the two months since it won an absolute majority in parliament, Poland’s Law and Justice Party has seemed more intent on achieving something close to absolute power. Σχετικές Αναρτήσεις Wyplosz, Charles, (2015), “Grexit: The staggering cost of central bank dependence”, Voxeu, 29 Ιουνίου Merler, S. (2014) “Shrinking times – ECB excess liquidity falls below €100 billion”, Bruegel Think Tank, 24 …Read More

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How The Oil Price Crash Is Wrecking Mario Draghi’s QE Effect

11 Ιανουαρίου, 2016

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Minenna, Marcello, (2016), “How The Oil Price Crash Is Wrecking Mario Draghi’s QE Effect”, Social Europe Journal, 11 Ιανουαρίου 2015 will go down as the year when the oil price crash did not result in a swift decline in oil output. At a first glance, this seems a very strange phenomenon. Although the price reduction has been massive (-75% in 18 months) it is certainly not the fastest: in 2008, …Read More

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Public investment efficiency and growth

11 Ιανουαρίου, 2016

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Berg, Andrew, Presbitero, Andrea, Felipe Zanna, Luis, (2016), “Public investment efficiency and growth”, Voxeu, 5 Ιανουαρίου What is the growth impact of an increase in the rate of public investment spending? And in particular, how does this depend on the efficiency of public investment spending? These questions have emerged in the debate about the need to bolster public investment to exit a low-growth, high-unemployment conundrum in Europe (e.g. Summers 2014, Teulings and Baldwin 2014, …Read More

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Getting eurozone deposit insurance right promises benefits

11 Ιανουαρίου, 2016

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Wolff, Guntram, (2016), “Getting eurozone deposit insurance right promises benefits”, Bruegel, 5 Ιανουαρίου The European Commission presented its proposals for European deposit insurance last November. Officials hope to stabilise the banking system and decouple banks’ financing costs from the solvency of their host states. This would achieve the original aim of Banking Union: to break the link between states and their banking systems. Σχετικές Αναρτήσεις Gros, Daniel, Belke, Ansgar, (2015), …Read More

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Farewell to the vultures? Argentine debt restructuring and bargaining theory

8 Ιανουαρίου, 2016

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Miller, Marcus, Ghosal, Sayantan, (2016), “Farewell to the vultures? Argentine debt restructuring and bargaining theory”, Voxeu, 8 Ιανουαρίου. Shylock’s insistence in ‘The Merchant of Venice’ that his “pound of flesh” be paid as per the contract, regardless of the extreme and grotesque cost to the debtor, is an apt parallel with vulture funds holding out on Argentinian debt pay-outs. This column assesses the Argentinian debt situation and develops an accord that would …Read More

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