Sadeh, T. (2014) “The euro’s effect on trade“, European Union Politics, Vol. 15, No. 2, Ιούνιος.   This study argues that the euro area more than doubled trade among its members, but this process was delayed and fitful. The estimates in this article are close to those obtained by Rose and Frankel, despite the usage of methods developed by their critics. Furthermore, the euro area has increased the trade of …Read More

Gropas, R. & Triandafyllidou, Α. (2014) “’Voting With Their Feet’, Highly Skilled Emigrants From Southern Europe”, American Behavioral Science (ABS), Ιούνιος.   In this article, the authors present new empirical data on highly skilled emigrants from two southern European countries, Italy and Greece, which have been particularly hit by the global financial and Eurozone crisis. The data have been generated by an e-survey conducted in late spring and summer 2013. …Read More

Magud, N. & Vesperoni, R. E. (2014) Exchange-rate flexibility and credit during capital inflow deversals: Purgatory… not paradise, VoxEU Organisation, 30 Μαΐου.   Expansionary monetary policy in advanced economies have created capital inflow booms in emerging markets. This column analyses the effect of exchange rate flexibility on credit markets during capital inflow booms. In economies with less flexible exchange rate regimes, credit grows faster and more towards foreign currency. These …Read More

Lof, Μ. & Malinen, Τ. (2014) “Determinants of the growth and sovereign debt correlation“, VoxEU Organisation, 25 Μαΐου.   Public debt and economic growth are historically negatively correlated. This column discusses new evidence that rejects the debt-to-growth causality. After estimating the effects between debt and growth in both directions, there is no evidence that high indebtedness suppresses economic growth. The effect of growth on debt is the main driver of …Read More

De Grauwe, P. & Ji, Y. (2014) “Disappearing government bond spreads in the eurozone – Back to normal?“, Economic Policy, CEPS Working Documents, 14 Μαΐου.   Since the announcement of the Outright Monetary Transactions (OMT) programme by Mario Draghi, President of the ECB, in 2012, the government bond spreads began a strong decline. This paper finds that most of this decline is due to the positive market sentiments that the …Read More