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The European Union Illuminated-Its Nature, Importance and Future

El Agraa, Ali, (2015), “The European Union Illuminated-Its Nature, Importance and Future”, Economics Series, Palgrave-Macmillan publications, Μάϊος 2015 The EU is under stress. Many believe in the euro’s demise because they blame it for the 2008 financial crisis and the unwelcome austerity measures. Many resent the immigrants from the new EU member states, threatening the survival of the Single European Market (SEM). Many complain of a ‘Brussels diktat’, seeking an …Read More

Transatlantic Politics and the Transformation of the International Monetary System

Frasher, Michelle, (2015), “Transatlantic Politics and the Transformation of the International Monetary System”, European Union Series, Routledge publications, 8 Σεπτεμβρίου With original archival documents and interviews from the US and Europe, Michelle Frasher brings the reader into the negotiating room with American, German, and French officials as they confronted the collapse of the Bretton Woods monetary system and made decisions that affected the course of European integration and the contemporary …Read More

Economists vs. Economics

Rodrik, Dani, (2015), “Economists vs. Economics”, Project Syndicate, 10 Σεπτεμβρίου Ever since the late nineteenth century, when economics, increasingly embracing mathematics and statistics, developed scientific pretensions, its practitioners have been accused of a variety of sins. The charges – including hubris, neglect of social goals beyond incomes, excessive attention to formal techniques, and failure to predict major economic developments such as financial crises – have usually come from outsiders, or …Read More

Domestic and multilateral effects of capital controls in emerging markets

Pasricha, Gurnain, Falagiarda, Matteo, Bijsterbosch, Martin, Aizenman, Joshua, (2015), “Domestic and multilateral effects of capital controls in emerging markets”, ECB Working Paper, No. 1844, August Using a novel dataset on changes in capital controls and currency-based prudential measures in 17 major emerging market economies (EMEs) over the period 2001-2011, this paper provides new evidence on domestic and multilateral (or spillover) effects of capital controls before and after the global financial crisis. Our results, based on panel VARs, suggest that capital …Read More

The German Minimum Wage Is Not A Job Killer

Janssen, Ronald, (2015), “The German Minimum Wage Is Not A Job Killer”, Social Europe Journal, 9 Σεπτεμβρίου Mainstream economists excel in scaremongering about the dismal effects any policy that tries to correct market forces may have on economic performance. By arguing that such a policy will destroy jobs, things are even turned upside down. Because of the presumed job losses, social policy suddenly becomes anything but social while liberal economic …Read More

The age of global value chains

Amador, João, Di Mauro, Filippo, (2015), “The age of global value chains”, Voxeu, 9 Σεπτεμβρίου There is an urgent need for policymakers to fully acknowledge the extent to which conventional indicators related to gross trade are severely flawed as policy benchmarks because they fail to take into account the existence of global value chains and their increasing role in shaping the global economy. This column, which introduces a new Vox ebook, …Read More

Routledge Handbook of the Economics of European Integration

Badinger, Harald, Nitch, Volker, (2015), “Routledge Handbook of the Economics of European Integration”, Routledge publications, European Union Series, 30 Σεπτεμβρίου The aim of this book is twofold. Firstly, the text illustrates the broad and diverse range of issues associated with European integration, and lastly, the key approaches and findings are summarised. Since institutional integration in Europe is an ongoing process, with possibly frequent and sometimes rapid changes, the chapters are …Read More

The Euro, The Dollar and the Global Financial Crisis

Otero-Iglesias, Miguel, (2015), “The Euro, The Dollar and the Global Financial Crisis”, Routledge publications, European Union Series, 18 Οκτωβρίου Drawing on Chartalist and Constructivist theories of money, the author provides a systematic approach to studying global currency dynamics and presents extensive original empirical data on financial elites in China, Saudi Arabia, the UAE and Brazil. The author demonstrates, amongst other things, how the gradual ascendance of a structurally flawed currency …Read More

A false sense of security in applying handpicked equations for stress test purposes

Gross, Marco, Poblacion, Javier, (2015), “A false sense of security in applying handpicked equations for stress test purposes”, ECB Working Paper Series, No. 1845, Σεπτέμβριος The purpose of this paper is to promote the use of Bayesian model averaging for the design of satellite models that financial institutions employ for stress testing. Banks employing ’handpicked’ equations – while meeting standard economic and econometric soundness criteria – risk significantly underestimating the …Read More

The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions

Baldwin, Richard, Giavazzi, Francesco, (2015), “The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions”, CEPR Press, 7 Σεπτεμβρίου There is not yet a consensus on what more needs to be done in order to cope with the Eurozone Crisis. This new Vox eBook concerns the causes and possible solutions to the problem. In it, the authors highlight three ultimate causes for the Crisis. First, policy failures allowed the …Read More