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The Abandonment of Progress

Pisani-Ferry, Jean, (2017), “The Abandonment of Progress”, Project Syndicate, 2 Ιανουαρίου Margaret Thatcher and Ronald Reagan are remembered for the laissez-faire revolution they launched in the early 1980s. They campaigned and won on the promise that free-market capitalism would unleash growth and boost prosperity. In 2016, Nigel Farage, the then-leader of the UK Independence Party (UKIP) who masterminded Brexit, and US President-elect Donald Trump campaigned and won on a very …Read More

The Macroeconomic Effects of Official Debt Restructuring: Evidence from the Paris Club

Cheng, Gong, Diaz-Cassou, Javier, Erce, Aitor, (2016), “The Macroeconomic Effects of Official Debt Restructuring: Evidence from the Paris Club”, ESM Working Paper 21, 29 Δεκεμβρίου This paper presents new empirical results on the macroeconomic impact of sovereign debt restructurings with official-sector creditors. Using a novel dataset on Paris Club restructurings and Local Projection methods, we find that Paris Club treatments can have a significant impact on economic growth — 2% …Read More

Ρώμη κατά ΕΚΤ για το κόστος διάσωσης της Monte dei Paschi

Καθημερινή, (2016), “Ρώμη κατά ΕΚΤ για το κόστος διάσωσης της Monte dei Paschi“, Καθημερινή, 30 Δεκεμβρίου Την έντονη ενόχληση της ιταλικής κυβέρνησης προκάλεσε η απόφαση της Ευρωπαϊκής Κεντρικής Τράπεζας να διπλασιάσει σχεδόν το κεφαλαιακό έλλειμμα της Monte dei Paschi, μετά την αναγκαστική απόφαση της Ρώμης να τη διασώσει την προπερασμένη εβδομάδα. Σχετικές Αναρτήσεις Καραγιάννης, Κώστας, (2016), “Κρατική διάσωση για την Monte Paschi”, Καθημερινή, 23 Δεκεμβρίου Minenna, Marcello, (2016), “The Italian Non-Performing …Read More

Will Europe Let Germany Lead?

Fratzscher, Marcel, (2016), “Will Europe Let Germany Lead?”, Project Syndicate, 27 Δεκεμβρίου The United Kingdom’s Brexit vote, Italian Prime Minister Matteo Renzi’s referendum defeat and subsequent resignation, and Donald Trump’s election as President of the United States have created a power vacuum in the West, and in Europe. At a time when Europe needs to make important collective economic and foreign-policy decisions, domestic issues are preoccupying larger European Union member …Read More

The Crisis of Market Fundamentalism

Kaletsky, Anatole, (2016), “The Crisis of Market Fundamentalism”, Project Syndicate, 23 Δεκεμβρίου The biggest political surprise of 2016 was that everyone was so surprised. I certainly had no excuse to be caught unawares: soon after the 2008 crisis, I wrote a book suggesting that a collapse of confidence in political institutions would follow the economic collapse, with a lag of five years or so. We’ve seen this sequence before. The …Read More

Pension Reforms in the EU since the Early 2000’s: Achievements and Challenges Ahead

Carone, Giuseppe, Eckefeldt, Per, Giamboni, Luigi, Laine, Veli, Pamies Sumner, Stéphanie, (2016), “Pension Reforms in the EU since the Early 2000’s: Achievements and Challenges Ahead”, European Commission, 23 Δεκεμβρίου Most EU Member States have carried out substantial pension reforms over the last decades in order to enhance fiscal sustainability, while maintaining adequate pension income. The intensity of pension reforms has been particularly strong since 2000. These reforms have been implemented …Read More

Economists versus the Economy

Skidelsky, Robert, (2016), “Economists versus the Economy”, Project Syndicate, 23 Δεκεμβρίου Let’s be honest: no one knows what is happening in the world economy today. Recovery from the collapse of 2008 has been unexpectedly slow. Are we on the road to full health or mired in “secular stagnation”? Is globalization coming or going? Policymakers don’t know what to do. They press the usual (and unusual) levers and nothing happens. Quantitative …Read More

Κρατική διάσωση για την Monte Paschi

Καραγιάννης, Κώστας, (2016), “Κρατική διάσωση για την Monte Paschi”, Καθημερινή, 23 Δεκεμβρίου Την κρατική διάσωση της Monte dei Paschi αποφάσισε τα ξημερώματα η ιταλική κυβέρνηση μετά την αποτυχία της τρίτης μεγαλύτερης τράπεζας να ενισχυθεί με νέα κεφάλαια από τις αγορές. Το σχέδιο διάσωσης προβλέπει το “κούρεμα” ορισμένων πιστωτών της τράπεζας που κατείχαν ομόλογα μειωμένης εξασφάλισης, ωστόσο οι μικροεπενδυτές προστατεύονται σε απόλυτο βαθμό. Σχετικές Αναρτήσεις Bασιλοπουλου, Θεοδωρα, Tσουγκα, Aναστασια, (2016), “Ιταλία: Τα επικρατέστερα …Read More

Measuring fiscal spillovers in EMU and beyond: A Global VAR approach

Belke, Ansgar, Osowski, Thomas, (2016), “Measuring fiscal spillovers in EMU and beyond: A Global VAR approach”, CEPS, 16 Δεκεμβρίου This paper empirically identifies and measures fiscal spillovers in the EU countries using a global vector autoregression (GVAR) model. Our aim is to look at the sign and the absolute values of fiscal spillovers in a country-wise perspective and at the time profile (impulse response) of the impacts of fiscal shocks. …Read More

How the interactions of monetary and regulatory policies may have been ahead of the anti-globalisation backlash

Forbes, Kristin, Reinhardt, Dennis, Wieladek, Tomasz, (2016), “How the interactions of monetary and regulatory policies may have been ahead of the anti-globalisation backlash”, VoxEu, 23 Δεκεμβρίου Globalisation is in retreat, but while the slowdown in trade is widely recognised, what is more striking is the collapse of global trade flows. This column shows how banking deglobalisation is a substantial contributor to the slowdown in global trade. It finds that certain types …Read More