Astarita, Caterina, (2015), “Taxing Wealth: Past, Present, Future”, European Economy Discussion Paper, N. 003, Ιούλιος. In times of fiscal consolidation and strong macroeconomic adjustment needs in some EU Member States, the debate on wealth taxation gained momentum, both in the academic and in the policy debate. In this context, the aim of the workshop, held by DG ECFIN on 13 November 2014, was to discuss theoretical and policy issues associated with wealth taxation, including the broad …Read More
EU crises and integrational panic: the role of the media
Cross, Mai’ai K. Davis, Ma, Xinru, (2015), “EU crises and integrational panic: the role of the media”, Journal of European and Public Policy, Volume 22, Issue 8, pages 1053-1070, 26 January 2015. Even a casual look at the history of the European Union (EU) since its inception in 1957 shows that at numerous junctures through its development the EU (or European Economic Community/European Community [EEC/EC] in its previous incarnations) has …Read More
Hollande proposes a Eurozone government
Scarpetta, Vincenzo, (2015), “Hollande proposes a Eurozone government”, Open Europe blog, 20 Ιουλίου Almost inevitably, the Greek crisis has reignited the debate over the future of Eurozone integration. Whatever happens with Greece – the country’s euro exit is definitely not off the table – it is clear that, at least in terms of rhetoric and intentions, we are likely to witness a renewed push for closer ties among the countries sharing …Read More
Βιβλιοθήκη » EE » Πολιτική » Άρθρα Γνώμης
Inequality and Labor Market Institutions
Jaumotte, Florence, Osorio Buitron, Carolina, (2015), “Inequality and Labor Market Institutions”, IMF Staff Discussion Note, SDN /15/14, July The rise of inequality in advanced economies, and in particular the growing concentration of incomes at the top of the distribution, has become a greater focus of attention for economists and policymakers. Understanding the factors behind this phenomenon is essential to determine whether policy action is needed to reduce income inequality, taking into account other policy objectives. Traditional …Read More
The great collapse in value added trade
Stehrer, Robert, Nagengast, Arne, (2015), “The great collapse in value added trade”, ECB Working Paper Series, No 1833 / July 2015 This paper studies the great collapse in value added trade using a structural decomposition analysis. We show that changes in vertical specialisation accounted for almost half of the great trade collapse, while the previous literature on gross trade has mainly focused on fi nal expenditure, in-ventory adjustment and adverse credit supply conditions. The decline in …Read More
Long-lasting consequences of the European crisis
Jimeno, Juan, (2015), “Long-lasting consequences of the European crisis”, ECB Working Paper Series, No 1832 / July 2015 The Great Recession and the subsequent European crisis may have long-lasting effects on aggregate demand, aggregate supply, and, hence, on macroeconomic performance over the medium and long-run. Besides the fact that financial crisis last longer and are succeeded by slower recoveries, and apart from the hysteresis effects that may operate after episodes of long-term unemployment, the combination of high …Read More
Understanding past and future financial crises
Olivier Gourinchas, Pierre, Obstfeld, Maurice, (2015), “Understanding past and future financial crises”, Voxeu, 21 Ιουλίου What explains the different effects of the crisis around the world? This column compares the 2007–09 crisis to earlier episodes of banking, currency, and sovereign debt distress and identifies domestic-credit booms and real currency appreciation as the most significant predictors of future crises, in both advanced and emerging economies. It argues these results could help policymakers determine the …Read More
Political Union Now!
Techau, Jan, (2015), “Political Union Now!”, Carnegie Europe, 13 Ιουλίου Let’s put aside Angela Merkel’s economic wisdom in the Greek crisis for the moment. To be sure, as an economics layman with a penchant for fiscal conservatism, Merkel’s alleged toughness sounded reasonable to me, partly because it was well cushioned by enormous generosity. I think she basically had it right, and that her strategy for the euro crisis was better than …Read More
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Europe’s Civil War
Slaughter, Anne-Marie, (2015), “Europe’s Civil War”, Project Syndicate, 21 Ιουλίου The negotiations leading up to the latest tentative deal on Greece’s debt brought into relief two competing visions of the European Union: the flexible, humane, and political union espoused by France, and the legalistic and economy-focused union promoted by Germany. As François Heisbourg recently wrote, “By openly contemplating the forced secession of Greece [from the eurozone], Germany has demonstrated that …Read More
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From Systemic Banking Crises to Fiscal Costs: Risk Factors
Amaglobeli, David, End, Nicolas, Jarmuzek, Mariusz, Palomba, Geremia, (2015), “From Systemic Banking Crises to Fiscal Costs: Risk Factors”, IMF Working Paper/WP/15/166, Fiscal Affairs Department, Ιούλιος This paper examines the risk factors associated with fiscal costs of systemic banking crises using cross-country data. We differentiate between immediate direct fiscal costs of government intervention (e.g., recapitalization and asset purchases) and overall fiscal costs of banking crises as proxied by changes in the public debt-to-GDP ratio. We find that both …Read More