Kim, Jun Il, (2015), “Debt Maturity : Does It Matter for Fiscal Space?”, IMF Papers, 9 Δεκεμβρίου. This paper examines how debt maturity affects the debt limit, defined as the maximum amount of debt a government can afford without defaulting. We develop a model where investors are risk neutral, the primary balance is stochastic but exogenous, and default occurs solely due to the government’s inability to pay. We find that debt …Read More
Financial regulatory transparency: new data and implications for EU policy
Copelovitch, Mark, Gandrud, Christopher, Hallerberg, Mark, (2015), “Financial regulatory transparency: new data and implications for EU policy”, Bruguel Publications, Issue 2015/20, 10 Δεκεμβρίου. This paper introduces a new international financial regulatory data transparency index – the Financial Regulatory Transparency (FRT) Index – in order to address the exisiting gap in measuring regulatory transparency. Σχετικές Αναρτήσεις Gandrud, Christopher, Hallerberg, Mark, (2015), “Does Banking Union Worsen the EU’s Democratic Deficit? The Need for Greater Supervisory Data Transparency”, Journal …Read More
Countries under Adjustment Programmes: What role for the ECB?
Gros, Daniel, (2015), “Countries under Adjustment Programmes: What role for the ECB?”, CEPS, 10 Δεκεμβρίου. Providing ‘technical assistance/advice’ on programmes for countries under financial stress is well within the mandate of the European Central Bank (ECB). Being fully part of the Troika, however, is a different role. Formally the ECB does not participate in the ‘decision-making’ on programmes (decisions are taken by the Finance Ministers – and the IMF). However, the …Read More
Fiscal Consolidation During Times of High Unemployment: The Role of Productivity Gains and Wage Restraint
Lama, Ruy, Guzman Medina, Juan Pablo, (2015), “Fiscal Consolidation During Times of High Unemployment: The Role of Productivity Gains and Wage Restraint”, IMF Papers, 10 Δεκεμβρίου. This paper studies the Swedish fiscal consolidation episode of the 1990s through the lens of a small open economy model with distortionary taxation and unemployment. We argue that the simultaneous reduction in the fiscal deficit and unemployment rate in this episode stems from two factors: (i) high …Read More
ECB roils markets with disappointing stimulus package
Ruparel, Raoul, (2015), ” ECB roils markets with disappointing stimulus package”, Open Europe blog, 4 Δεκέμβριου Markets across Europe were down sharply yesterday after the ECB significantly disappointed expectations in terms of further easing. As the dust settle many will rightly be wondering why exactly market expectations became so dislocated from actual ECB thinking and what this means for the longer term. Open Europe’s Raoul Ruparel, who warned the ECB could …Read More
Designing fiscal policy for steady, enduring growth
Buti, Marco, Gaspar, Vitor, (2015), “Designing fiscal policy for steady, enduring growth”, Voxeu, 10 Δεκεμβρίου Designing fiscal policy for today’s complex and uncertain economic climate is a problem that perplexes governments worldwide. This column proposes a solution – a new fiscal architecture with strengthened but budget-neutral automatic stabilisers. It won’t be easy, but overcoming predominantly political challenges will help foster steady and enduring growth. Σχετικές Αναρτήσεις Rannenberg, Ansgar, Schoder, Christian, Strasky, Jan, (2015), “The macroeconomic effects …Read More
Ετήσια Επισκόπηση της Ανάπτυξης για το 2016: Ενίσχυση της ανάκαμψης και προώθηση της σύγκλισης
Ευρωπαϊκή Επιτροπή – Δελτίο Τύπου, (2015), “Ετήσια Επισκόπηση της Ανάπτυξης για το 2016: Ενίσχυση της ανάκαμψης και προώθηση της σύγκλισης”, European Commission, Βρυξέλλες, 26 Νοεμβρίου. Η Ετήσια Επισκόπηση της Ανάπτυξης δρομολογεί τον ετήσιο κύκλο της οικονομικής διακυβέρνησης. Καθορίζει τις γενικές οικονομικές και κοινωνικές προτεραιότητες της ΕΕ και παρέχει κατευθύνσεις πολιτικής στα κράτη μέλη για το επόμενο έτος. Οι πολιτικές προκλήσεις διαφέρουν μεταξύ των χωρών και, ως εκ τούτου, θα διαφέρει και …Read More
Looking for a success in the euro crisis adjustment programs: the case of Portugal
Reis, Ricardo, (2015), “Looking for a success in the euro crisis adjustment programs: the case of Portugal”, Centre for Economic Policy Research, Δεκέμβριος. Portugal’s adjustment program in 2010-14 under the troika was extensive and aimed at addressing its large debt and anemic growth, so it may serve as a blueprint for reforms in the Eurozone. This paper argues that, conditional on a diagnosis of the underlying problems of the Portuguese economy, the …Read More
The importance of wealth concentration and why it is so difficult to measure
Alvaredo, Facundo, Atkinson, Tony, Morelli, Salvatore, (2015),“The importance of wealth concentration and why it is so difficult to measure”, Voxeu, 8 Δεκεμβρίου. The concentration of personal wealth has received a lot of attention since the publication of Thomas Piketty’s Capital in the 21st Century. This column investigates the UK and finds wealth distribution to be highly concentrated. The data seem to suggest that the top wealth share has increased in the UK …Read More
How to avert the risk of deflation in Europe: rethinking the policy mix and European economic governance
Theodoropoulou, Sotiria, (2015), “How to avert the risk of deflation in Europe: rethinking the policy mix and European economic governance”, European trade union institute, No 16, 2015. This policy brief discusses the risks of deflation for the European economy. It critically evaluates the European economic governance for not having averted this risk and discusses how a more coordinated approach to both fiscal policy and collective wage bargaining, both aiming at national …Read More