European Central Bank, (2015), Financial Stability Review, Μάιος. Euro area financial system stress has remained low over the past six months, despite a certain increase in global financial market volatility. Broad-based indicators of financial market and banking system risk have generally fluctuated at low levels and stood in mid-May around the marks observed before the outbreak of the sovereign debt crisis (see Chart 1). The low overall level of financial …Read More
Η “υστέρηση” προβληματίζει τους κεντρικούς τραπεζίτες
Ράπτης, Κ., (2015), “Η “υστέρηση” προβληματίζει τους κεντρικούς τραπεζίτες”, www.capital.gr, 27 Μαΐου. Δεν είναι μόνο η ελληνική οικονομία που στοιχειώνει τους ιθύνοντες της ευρωπαϊκής νομισματικής ένωσης αλλά και… η ελληνική γλώσσα. Το φανερώνει αυτό η κεντρική θέση που είχε ο όρος hysteresis στο δεύτερο ετήσιο φόρουμ της ΕΚΤ το οποίο διεξήχθη το Σαββατοκύριακο στο θέρετρο Penha Longa κοντά στη Sintra της Πορτογαλίας –όσο και αν το θέμα της Ελλάδας αποσιωπήθηκε. …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Ten Takeaways from the ‘Rethinking Macro Policy. Progress or Confusion?
Blanchard, Ol. (2015), “Ten Takeaways from the ‘Rethinking Macro Policy. Progress or Confusion?”, Voxeu, 25 Μαΐου. On 15-16 April 2015, the IMF organised the third conference on ‘Rethinking Macro Policy’. In this column, IMF’s Chief Economist Olivier Blanchard presents his personal takeaways from the conference. Though progress in macro policy is undeniable, confusion is unavoidable given the complex issues that remain to be settled. Πηγή: Voxeu Σχετικές αναρτήσεις Mortensen, Jorgen, Alcidi …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
The Monetary Policy of the European Central Bank (2002-2015)
Miscossi, St., (2015), “The Monetary Policy of the European Central Bank (2002-2015)”, CEPS Special Report, 22 Μαΐου 2015. This paper examines the policies pursued by the European Central Bank (ECB) since the inception of the euro. The ECB was originally set up to pursue price stability, with an eye also to economic growth and financial stability as subsidiary goals, once the primary goal was secured. The application of a single …Read More
Still a regulatory state? The European Union and the financial crisis
Caporaso, James, Kim, Min-hyung, Durrett, Warren, (2015), “Still a regulatory state? The European Union and the financial crisis”, Journal of European Public Policy, Volume 22, Issue 7, 6 Δεκεμβρίου 2014. The European Union (EU) has been conceptualized as a regulatory state, i.e., an emerging polity that differs from the classic Westphalian state. Unable to engage in redistribution and stabilization, the EU has specialized in a range of regulatory functions related to market creation …Read More
In It Together: Why Less Inequality Benefits All
OECD, (2015), In It Together: Why Less Inequality Benefits All, 21 Μαίου. The gap between rich and poor keeps widening. Growth, if any, has disproportionally benefited higher income groups while lower income households have been left behind. This long-run increase in income inequality not only raises social and political concerns, but also economic ones. It tends to drag down GDP growth, due to the rising distance of the lower 40% from …Read More
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Critique of accommodating central bank policies and the ‘expropriation of the saver’: A review
Bindseil, Ulr., Clemens D., and Zeuner, J., (2015), “Critique of accommodating central bank policies and the ‘expropriation of the saver’: A review”, ECB Occasional Paper Series, N.161/May 2015. In parts of the German media, with the support of a number of German economists, the ECB’s low nominal interest rate policy is criticised as unnecessary, ineffective and as expropriating the German saver. This paper provides a review of the relevant arguments. It is …Read More
The ECB’s bond purchase programmes and the limits of national risk-sharing
Benink, Η., Huizinga, Η., (2015), “The ECB’s bond purchase programmes and the limits of national risk-sharing”, www.voxeu.org, 16 Μαΐου. QE in the Eurozone is unusual in that the risks of sovereign debt defaults are shared between the ECB and the national central banks. This column argues that if such risk sharing were applied to the Outright Monetary Transactions programme, it could potentially create insolvency problems for countries with large public …Read More
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The coming defaults of Greece
Wyplosz, Charles (2015) “The coming defaults of Greece”, 27 Απριλίου. It seems that there will be no agreement between Greece and its Eurozone partners. Short of cash, the Greek government will have no choice but to suspend payment of its maturing debts. This column looks at what happens next. In brief, it will be very much up to the ECB to decide. Σχετικές αναρτήσεις Stratos D. Kamenis: Vulture Funds and …Read More
Βιβλιοθήκη » EE » Οικονομία » Άρθρα Γνώμης
Financial integration in Europe: 2015
European Central Bank, (2015), Financial integration in Europe: 2015, Απρίλιος. Financial integration in the euro area has improved steadily and has reached a level close to that before the sovereign debt crisis Establishment of Banking Union and unconventional monetary policy actions taken by the ECB are major drivers of the improvement Financial integration is crucial for restoring efficient credit flows to the real economy Overall, financial integration in Europe has …Read More