Wolff Guntram , Sapir André, (2015), “Euro-area governance: what to reform and how to do it”, Bruegel Policy Brief , 27 Απριλίου. The Issue Reform of the governance of the euro area is being held back by disagreement on what is at the root of the euro area’s woes. Pre-crisis, the euro area suffered from the built-up of financial imbalances, price and wage divergence and an insufficient focus on debt …Read More
Ireland’s Lessons for Greece
Heise, Michael, (2015), “Ireland’s Lessons for Greece”, www.project-syndicate.org, 23 Απριλίου. Greece’s government, led by the left-wing Syriza party, is demanding a new deal from its European creditors, claiming that the bailout program provided by the “troika” (the International Monetary Fund, the European Central Bank, and the European Commission) has plunged their country into a spiral of deflation and austerity. But, while no one disputes that things have gone wrong in …Read More
Hall of Mirrors: The Great Depression, The Great Recession, and the Uses-and Misuses-of History
Eichengreen, Barry, (2015), Hall of Mirrors: The Great Depression, The Great Recession, and the Uses-and Misuses-of History, Oxford University Press USA The two great financial crises of the past century are the Great Depression of the 1930s and the Great Recession, which began in 2008. Both occurred against the backdrop of sharp credit booms, dubious banking practices, and a fragile and unstable global financial system. When markets went into cardiac …Read More
Ετήσια Έκθεση της Ευρωπαϊκής Κεντρικής Τράπεζας
Ευρωπαϊκή Κεντρική Τράπεζα, (2015), Ετήσια Έκθεση, 2014. Από τη σκοπιά της νομισματικής πολιτικής, το περιβάλλον το 2014 ήταν πολύπλοκο. Η υποτονική ανάκαμψη που είχε ξεκινήσει το 2013 δεν επιταχύνθηκε όπως αναμενόταν. Η νομισματική επέκταση παρέμεινε συγκρατημένη και οι πιστώσεις συνέχισαν να συρρικνώνονται, αν και με σταδιακά βραδύτερο ρυθμό. Υπό συνθήκες χαμηλών εγχώριων πληθωριστικών πιέσεων, η σημαντική πτώση των τιμών του πετρελαίου από τα μέσα του 2014 οδήγησε σε περαιτέρω σημαντικές μειώσεις …Read More
Banking Stress Scenarios for Public Debt Projections
Benczur P., Berti K., Cariboni J., Di Girolamo Fr. Er., Langedijk Sv., Pagano Andr., Giudici M., (2015), “Banking Stress Scenarios for Public Debt Projections”, European Commission. The euro area sovereign debt crisis brought to light the potential risks to public finances posed by the banking sector. This paper simulates the potential impact of bank defaults on public finances based on stress test scenarios using an advance analytical methodology. Σχετικές αναρτήσεις …Read More
The role of trade credit financing in international trade
Eck, K, Engemann, M. & Schnitzer, M. (2015) “The role of trade credit financing in international trade“, VoxEU Organisation, 20 Απριλίου 2015. Credits extended bilaterally between firms, so called trade credits, are particularly expensive yet many firms use it, especially for international transactions. This column argues that such cash-in-advance financing serves as a credible signal of quality. Data from a unique survey of German firms show that it fosters …Read More
Πλέοντας σε φουρτουνιασμένες θάλασσες. Πώς να αποφεύγουμε μελλοντικές κρίσεις [Βίντεο]
Πλέοντας σε φουρτουνιασμένες θάλασσες. Πώς να αποφεύγουμε μελλοντικές κρίσεις [Βίντεο], European Commission Audiovisual Services, Πέμπτη, 16 Απριλίου, 2015. Η Ευρώπη βγαίνει από τη μεγαλύτερη οικονομική κρίση που γνώρισε ποτέ η παγκόσμια οικονομία μετά τη μεγάλη ύφεση με νέους κοινούς θεσμούς και με μεγαλύτερη δέσμευση όσον αφορά τη συνυπευθυνότητα και την αλληλεγγύη. Γιατί ξέσπασε η κρίση και πώς αντέδρασε η Ευρώπη.
Three waves of convergence. Can Eurozone countries start growing together again?
Buti, M. & Turrini, A. (2015) “Three waves of convergence. Can Eurozone countries start growing together again?“, VoxEU Organisation, 17 Απριλίου. An oft expressed view is that the Eurozone is a straitjacket on periphery members and income convergence has slowed, halted or reversed. This column argues that EZ convergence never stopped. What changed was the type of convergence. Today’s convergence is neither nominal nor real, it is structural. Structural …Read More
Dynastic Inequality, Mobility and Equality of Opportunity
Ravi Kanbur & Joseph E. Stiglitz (2015) “Dynastic Inequality, Mobility and Equality of Opportunity“, Centre for Economic Policy Research (CEPR), Discussion Paper No. 10542, Απρίλιος. One often heard counter to the concern on rising income and wealth inequality is that it is wrong to focus on inequality of outcomes in a “snapshot.” Intergenerational mobility and “equality of opportunity”, so the argument goes, is what matters for normative evaluation. In …Read More
World Economic Outlook (WEO) Uneven Growth: Short- and Long-Term Factors
World Economic Outlook (WEO) Uneven Growth: Short- and Long-Term Factors, International Monetary Fund: World Economic and Financial Surveys, 15 Απριλίου 2015. Global growth remains moderate, with uneven prospects across the main countries and regions. It is projected to be 3.5 percent in 2015, in line with forecasts in the January 2015 World Economic Outlook (WEO) Update. Relative to last year, the outlook for advanced economies is improving, while growth …Read More