Gros, Daniel, (2017), “Implications of the Expanding Use of Cash for Monetary Policy”, Centre for European Policy Studies (CEPS), 20 Ιουνίου Financial innovation seems to have had little impact on the oldest medium of transaction, namely cash. The ratio of currency in circulation to GDP has increased in most countries, independently of the continuing spread of cashless transactions. Currency is part of the monetary base. Its increase thus leads to …Read More

Da Silva, Antonio Dias, Givone,  Audrey, Sondermann, David, (2017), “When do countries implement structural reforms?” , ECB, Ιούνιος The objective of this paper is to investigate which factors ‐ macroeconomic, policy‐related or institutional  ‐ foster the implementation of structural reforms. To this objective, we look at episodes of structural reforms over three decades across 40 OECD and EU countries and link them to such factors. Our results suggest that structural reforms implementation is more …Read More

Smith, Jonathan Acosta, Grill, Michael, Lang, Jan Hannes, (2017), “The leverage ratio, risk-taking and bank stability” , ECB, Ιούνιος This paper addresses the trade-off between additional loss-absorbing capacity and potentially higher bank risk-taking associated with the introduction of the Basel III Leverage Ratio. This is addressed in both a theoreti-cal and empirical setting. Using a theoretical micro model, we show that a leverage ratio requirement can incentivise banks that are bound …Read More

Darvas, Zsolt, (2017), “Income inequality and growth in Europe: key role for national policies”, Bruegel, 29 Μαΐου The literature is inconclusive whether income inequality is good or bad for growth and job creation. Offering opportunity for all segments of the population is crucial and income inequality might reduce social mobility. Income inequality in the EU is at a much lower level than in most other parts of the world, but …Read More