Caldera-Sánchez, Aida , de Serres, Alain, Gori, Filippo, Hermansen, Mikkel, Röhn, Oliver, (2017), “Strengthening Economic Resilience: Insights From The Post-1970 Record Of Severe Recessions And Financial Crises”, OECD, December 2016 No. 20, Φεβρουάριος The global financial crisis marked a turning point for the assessment of macroeconomic risks in developed countries. Following a period characterised by positive growth dynamics and overall macroeconomic stability, the 2008-09 economic turmoil served as a powerful reminder …Read More
Is Germany a currency manipulator?
Merler, Sylvia, (2017), “Is Germany a currency manipulator?”, Bruegel, 6 Φεβρουαρίου Paul Krugman argues that Navarro is right and wrong at the same time. Germany in effect has an undervalued currency relative to what it would have without the euro, against its neighbors. This is the result of a large real depreciation during the euro’s good years, which has only been partly reversed, because wages are downward sticky, and Germany …Read More
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Low inflation in the euro area: Causes and consequences
Ciccarelli, Matteo, Osbat, Chiara, (2017), “Low inflation in the euro area: Causes and consequences”, ECB Occasional Paper Series No 181, Ιανουάριος This paper investigates the causes and consequences of low inflation in the euro area after 2012 and analyses whether monetary policy has been successful in dampening the risks associated to low inflation. The paper finds that the missing inflation was primarily due to cyclical factors – domestic in the earlier part …Read More
Making the best of the European single market
Aussilloux, Vincent, Benassy-Quere, Agnes, Fuest, Clemens, Wolff, Guntram B., (2017), “Making the best of the European single market”, Bruegel, 2 Φεβρουαρίου Now more than ever, the EU needs to address concerns about the significant decline in productivity growth and the increasing perception of unfairness. Completing the single market would unlock the EU’s growth potential. At the same time, the EU should empower member states to fight inequality by helping them …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Bank competition and financial stability: The role of financial innovation
Marques-Ibanez,David, van Leuvensteijn, Michiel, (2017), “Bank competition and financial stability: The role of financial innovation”, VoxEu, 3 Φεβρουαρίου An unprecedented process of deregulation took place in the banking sector in the three decades prior to the Global Crisis. This column argues that during periods of intense bank competition, financial innovation can compound the adverse effects of competition on stability. Coupled with strong competition, the significant use of one such innovation – …Read More
Euro area fiscal stance
Bańkowski,Krzysztof, Ferdinandusse, Marien, (2017), “Euro area fiscal stance”, ECB Occasional Paper Series No 182, Ιανουάριος This paper analyses the appropriateness of the euro area fiscal stance. In this context, the paper presents the relevant definitions and how the euro area fiscal stance has evolved over time. Furthermore, it contains an evaluation of the appropriateness of the euro area aggregated fiscal stance set out in the European Commission’s Spring 2016 European Economic Forecast, …Read More
Resolving Europe’s NPL burden: challenges and benefits
Constancio, Vitor, (2017), “Resolving Europe’s NPL burden: challenges and benefits”, Bruegel, 3 Φεβρουαρίου Keynote speech by Vítor Constâncio, Vice-President of the ECB, at Bruegel event: “Tackling Europe’s non-performing loans crisis: restructuring debt, reviving growth” Σχετικές Αναρτήσεις Anastasiou, Dimitrios , Louri, Helen, Tsionas, Mike, (2017), “Non-Performing Loans In The Euro Area: Are Core-Periphery Banking Markets Fragmented?”, Bank Of Greece, Δεκέμβριος 2016 European Central Bank, (2016), “Addressing market failures in the resolution …Read More
Reducing the uncertainty around exchange rate forecasts: A new model
Marcellino, Massimiliano, Abbate, Angela, (2017), “Reducing the ucnertainty around exchange rate forecasts: A new model”, VoxEu, 4 Φεβρουαρίου Exchange rates are important contributors to business cycle fluctuations in open economies. Forecasting exchange rates is not an easy task, however, perhaps due to the instability of their relationship with economic drivers. This column introduces a model that also allows for changing volatility when forecasting exchange rates. Modelling time variation in the cross-rate …Read More
Fiscal Politics in the Euro Area
Eyraud, Luc, Poghosyan, Tigran, Gaspar, Vitor, (2017), “Fiscal Politics in the Euro Area”, IMF Working Paper No. 17/18, January 2017 This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget composition and poor compliance with fiscal rules in the euro area. Our analysis relies on real-time data for 19 countries participating in the euro area over 1999–2015. We look for, but do not find, conclusive evidence of bias in procedures …Read More
Will better insolvency standards help Europe’s debt deleveraging?
Lehmann, Alexander, (2017), “Will better insolvency standards help Europe’s debt deleveraging?”, Bruegel, 23 Ιανουαρίου Insolvency regimes in the euro area are on the whole costly, lengthy, and recover little value. A new directive proposed by the Commission sensibly aims to strengthen preventive restructuring and to give once-failed entrepreneurs a second chance. But to assist banks in their NPL workout judicial capacity will need to be built up, and regimes better …Read More