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The quest for banking stability in the euro area: The role of government interventions

Kizys, Renatas,  Paltalidis, Nikos, Vergos, Konstantinos, (2015), “The quest for banking stability in the euro area: The role of government interventions”, Journal of International Financial Markets, Institutions and Money, 25 Σεπτεμβρίου. We build upon a Markov-Switching Bayesian Vector Autoregression (MSBVAR) model to study how the credit default swaps market in the euro area becomes an important chain in the propagation of shocks through the entire financial system. The study sheds light on the regime-dependent interconnectedness between …Read More

Economic crises and mortality

Ruhm, Christopher J.,  (2015), “Economic crises and mortality”, Voxeu, 29 Οκτωβρίου. Conventional wisdom tells us that health deteriorates when the economy weakens and improves when it strengthens. Some research tentatively agrees, but there is a marked dearth of challenges and robust research. This column presents new evidence suggesting that the reductions in mortality occurring during typical economic downturns also occur in periods of crisis, adding useful caveats for different types of …Read More

Selected Takeaways from the ECB’s Sintra Forum on “Inflation and Unemployment in Europe”

Constâncio, Vítor, Hartmann, Philipp, Tristani, Oreste, (2015), “Selected Takeaways from the ECB’s Sintra Forum on “Inflation and Unemployment in Europe” “, Voxeu, 28 Οκτωβρίου. Today the European Central Bank publishes the proceedings of its 2015 Sintra Forum on Central Banking (ECB 2015). In this column the organisers highlight some of the main points from the discussions, including the candid debate between Forum participants that favour a faster pace of structural reforms and the …Read More

The contribution of the wage structure to early retirement behaviour

Frimmel, Wolfgang, Winter-Ebmer, Rudolf, (2015), “The contribution of the wage structure to early retirement behaviour”, Voxeu, 28 Οκτωβρίου. The literature on retirement age has tended to focus on the supply side of the labour market. Using Austrian data, this column examines how firms can influence workers’ retirement decisions through wage structure. Deferred compensations schemes characterised by steeper seniority-wage profiles are found to be associated with workers retiring earlier. Given that early labour …Read More

Greece’s Long Road From ‘No’ to ‘Yes’

Konstandaras, Nikos, (2015), “Greece’s Long Road From ‘No’ to ‘Yes’”, The New York Times, 26 Οκτωβρίου Greeks will commemorate the Oct. 28 national holiday in a very different country from what it was a year ago. The anniversary marks the day in 1940 when a Greek government rejected an ultimatum from Fascist Italy to allow its troops to enter the country. The “No” (“Ochi” in Greek) united a deeply divided …Read More

Could Europe’s next growth locomotive be Made in Italy?

Terzi, Alessio, (2015), “Could Europe’s next growth locomotive be Made in Italy?”, Bruegel Institute, 27  Οκτωβρίου Important reforms put in place over the past months, combined with a conjunction of particularly supportive external factors, mean that Italy could indeed become the fastest growing large economy in the euro area in a not-too-distant future. Σχετικές Αναρτήσεις O’Neill, J. (2014) “A Crazy Idea About Italy“, Bloomberg View, 05 Νοεμβρίου. Mazzolini, G. & …Read More

Key Findings: Social Justice in the EU – Index Report 2015-Social Inclusion Monitor Europe

Schraad-Tischler, Daniel, (2015), “Key Findings: Social Justice in the EU – Index Report 2015-Social Inclusion Monitor Europe”, Bertelsmann Stiftung, Οκτώβριος The Bertelsmann Stiftung conducts an annual study of developments in opportunities for social participation in all 28 EU member states. Despite economic recovery, the gap between young and old is growing and the social divide between northern and southern Europe remains immense. Σχετικές Αναρτήσεις Schraad-Tischler, D. & Krol, C. (2014) “Social …Read More

The Great Financial Plumbing: From Northern Rock to Banking Union

Lannoo, Karel, (2015), “The Great Financial Plumbing: From Northern Rock to Banking Union”, CEPS Paperbacks, 19 Οκτωβρίου The financial and economic crises have led to an enormous plumbing exercise, involving a fundamental re-design of the global and European regulatory and supervisory system. This book systematically assesses the big items on the G-20 and EU agendas and the effectiveness with which they have been implemented in the EU. Its publication coincides …Read More

Monetary Policy: Dispelling The Technocratic Illusion

Islam, Yanatul, Saraceno, Francesco, (2015), “Monetary Policy: Dispelling The Technocratic Illusion”, Social Europe, 26 Οκτωβρίου The past few weeks have seen the Fed struggle to define a clear exit route from its forward guidance strategy. Ambiguous macroeconomic data have triggered different interpretations by prestigious board members, leaving markets with little clue as to future Fed moves. Σχετικές Αναρτήσεις Rieth, Malte, Fratzscher, Marcel, (2015), “Bank bailouts, monetary policy, and credit default risks in the …Read More

Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence

J. Blanchard, Olivier, David Ostry, Jonathan, R. Ghosh, Atish, Chamon, Marcos, (2015), ” Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence”, IMF Publications, Working Paper No. 15/226, 23 Οκτωβρίου The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. Emerging market policy makers however believe that inflows lead to credit booms and rising output, and the evidence appears to go their way. To reconcile …Read More