Lehmann, Alexander, (2016), “Credit recovery in Spain: NPL resolution was essential, but success depended on broader sector reform”, Bruegel, 21 Νοεμβρίου Growth in Spain again exceeded expectations this year, and bank deleveraging appears to have reached an end. Addressing non-performing loans was a precondition for recovery, and it required comprehensive financial sector reform. Σχετικές Αναρτήσεις Panagiotarea, Eleni, (2016), “The Political Economy of NPLs resolution: Ownership and conditionality”, Hellenic Observatory LSE, …Read More
The current state and future challenges of financial regulation
Beck, Thorsten, Carletti, Elena, Goldstein, Itay, (2016), “The current state and future challenges of financial regulation”, VoxEu, 22 Νοεμβρίου The Global Crisis has led to a new wave of regulation. This column argues that improved capital requirements, liquidity requirements, bank resolution and cross-border regulatory cooperation are welcome, but that unresolved problems remain. Specifically, regulation may become too complex, focus too little on macroprudential risks, be inadequate to deal with crises …Read More
Fiscal Discipline and Exchange Rates : Does Politics Matter?
Tovar Jalles, Joao, Mulas-Granados, Carlos, Tavares, José, (2016), “Fiscal Discipline and Exchange Rates : Does Politics Matter?”, IMF Working Paper 16/230, 18 Νοεμβρίου We look at the effect of exchange rate regimes on fiscal discipline, taking into account the effect of underlying political conditions. We present a model where strong politics (defined as policymakers facing longer political horizon and higher cohesion) are associated with better fiscal performance, but fixed exchange rates …Read More
Collaborative economy
Petropoulos, Georgios, (2016), “Collaborative economy”, Bruegel, 18 Νοεμβρίου Georgios Petropoulos was invited to speak at a workshop on collaborative economy organised by the Internal Market Committee (IMCO) of the European Parliament on November 8. The focus of the workshop was the definition of, and distinction between, professional version non-professional/occasional provision of services, as well as the future of a regulatory framework for non-professional provision of services and prosumers. It included a debate …Read More
European Union’s Key Figures
Alonso Alonso, Lucas Juan Manuel, (2016), “European Union’s Key Figures”, LSE Euro Crisis in the Press blog, 15 Νοεμβρίου With the objective to draw some conclusions about macroeconomic stability and economic structure, this article examines for the 28 Member States of the European Union, the following aspects: GDP and AIC per capita, General Government Gross Debt, Labour Productivity (monetary units and percentages), Average Annual Wages, Annual Hours Worked, Jobless and Average …Read More
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Securitization and Credit Quality
Marques‐Ibanez , David, (2016), “Securitization and Credit Quality”, IMF Working Paper 16/221, 16 Νοεμβρίου Banks are usually better informed on the loans they originate than other financial intermediaries. As a result, securitized loans might be of lower credit quality than otherwise similar nonsecuritized loans. We assess the effect of securitization activity on loans’ relative credit quality employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that, at …Read More
How do policies influence GDP tail risks?
Caldera Sánchez, Aida, Röhn, Oliver, (2016), “How do policies influence GDP tail risks?”, OECD, 16 Νοεμβρίου This paper explores the relationship between policy settings and extreme positive and negative growth events, what we call GDP tail risks, using quantile regression methods. Conditioning on several country characteristics such as the size, stage of development and openness to trade as well as macroeconomic policies, the following findings for a panel of mostly …Read More
Reforming the EU’s Budget Revenue: The case for a visible VAT-based resource
Cipriani, Gabriele, (2016), “Reforming the EU’s Budget Revenue: The case for a visible VAT-based resource”, CEPS, 14 Νοεμβρίου This paper finds that the long-awaited reform of the EU’s revenue arrangements can be pursued within the current legal framework, thus keeping member states’ fiscal sovereignty unaffected. In order to have a chance of approval by national parliaments, the author recommends that reform options should concentrate on known grounds and operational solutions. …Read More
What role for the financial markets in Europe?
Claeys, Grégory, (2016), “What role for the financial markets in Europe?”, Bruegel, 16 Νοεμβρίου The European European financial system is too strongly bank-based. How can it be rebalanced to become favourable to growth and employment again? Σχετικές Αναρτήσεις Chalmers, Adam William, (2015), “Financial industry mobilisation and securities markets regulation in Europe”, European Journal of Political Research, Issue 3, Volume 54, Αύγουστος Kincaid, G. Russell, (2016), “Different lessons For Europe from American …Read More
A Tale of Two Sectors: Why is Misallocation Higher in Services than in Manufacturing?
A. Dias, Daniel, Robalo Marques, Carlos, Richmond, Christine, (2016), “A Tale of Two Sectors: Why is Misallocation Higher in Services than in Manufacturing?”, IMF Working Paper 16/220, 15 Νοεμβρίου Recent empirical studies document that the level of resource misallocation in the service sector is signicantly higher than in the manufacturing sector. We quantify the importance of this difference and study its sources. Conservative estimates for Portugal (2008) show that closing this …Read More