Ha-Joon Chang (2015) “What does it really mean to be ‘pro-business’?“, The Guardian, 03 Μαρτίου. Despite the best efforts of some of its members to discredit it with market rigging, tax avoidance, and unjustified bonuses, the business community is still held in awe in Britain. Any suggestion of higher taxes for top earners or tougher regulations on the abuse of market power is howled down as dangerously anti-business. Politicians …Read More
Sovereign default and debt restructuring: Was Argentina’s ‘haircut’ excessive?
Edwards, S. (2015) “Sovereign default and debt restructuring: Was Argentina’s ‘haircut’ excessive?“, VoxEU Organisation, 04 Μαρτίου. There were 24 sovereign defaults and debt restructurings between 1997 and 2013. Using data on 180 debt restructurings – for both sovereign bonds and sovereign syndicated bank loans – this column argues that the roughly 75% ‘haircut’ Argentina imposed on its creditors in 2005 was an outlier. Greece’s ‘haircut’ of roughly 64% in …Read More
A Global Projection Model for Euro Area Large Economies
Jakab, Ζ., Lukyantsau, Ρ. & Wang, S. (2015) “A Global Projection Model for Euro Area Large Economies“, IMF Publications, Working Paper No. 15/50 The GPM project is designed to improve the toolkit for studying both own-country and cross-country linkages. This paper creates a special version of GPM that includes the four largest Euro Area (EA) countries. The EA countries are more vulnerable to domestic and external demand shocks because …Read More
Corporate Taxation in Europe: Let’s get it together!
De Groen, P. W. (2015) “Corporate Taxation in Europe: Let’s get it together!“, Financial Markets, CEPS Commentaries, 16 Φεβρουαρίου More comprehensive cooperation in corporate taxation at European level could significantly advance the region’s socio-economic prosperity, but its potential contribution is unfortunately overlooked in the current search for growth and job creation. Lucrative tax niches established in some member states and the fear of losing fiscal autonomy prevent several countries from …Read More
Capital taxation in the 21st century
Auerbach, J. A. & Hassett, K. (2015) “Capital taxation in the 21st century“, VoxEU Organisation, 03 Μαρτίου. Piketty’s justification for his proposed wealth tax relies on the notion that the rate of return on capital exceeds economic growth. This column challenges this basis, arguing that it fails to account for risk. The authors also examine the relative merits of a consumption tax, which may be more valid. In Capital …Read More
Politics and investment: Examining the territorial allocation of public investment in Greece
Rodríguez-Pose, Α., Psycharis, Υ. & Tselios, V. (2015) “Politics and investment: Examining the territorial allocation of public investment in Greece“, VoxEU Organisation, 03 Μαρτίου. Electoral results and the geographical allocation of public investment in Greece have been intimately related. This column describes how incumbent Greek governments between 1975 and 2009 tended to reward those constituencies returning them to office. Increases in both the absolute and relative electoral returns for …Read More
Η μεταστροφή του ΣΥΡΙΖΑ – Η λιτότητα είναι εδώ για να μείνει;
Καλύβας, N. Σ. (2015) “Η μεταστροφή του ΣΥΡΙΖΑ – Η λιτότητα είναι εδώ για να μείνει;“, Foreign Affairs Hellenic Edition, 03 Μαρτίου. Περίληψη: Η Ελλάδα και οι Ευρωπαίοι εταίροι της αναμένεται να επιτύχουν μια μακροπρόθεσμη συμφωνία για την χρηματοδότηση της χώρας, μέχρι τον Ιούνιο. Ο ΣΤΑΘΗΣ Ν. ΚΑΛΥΒΑΣ είναι καθηγητής Πολιτικών Επιστημών στην έδρα Arnold Wolfers και διευθυντής στο Program on Order, Conflict, and Violence στο Πανεπιστήμιο Yale. Το …Read More
The end of fiscal waterboarding?
Gros, D. (2015) “The end of fiscal waterboarding?“, Economic Policy, CEPS Commentaries, 23 Φεβρουαρίου. In this Commentary, Daniel Gros argues that linking the primary surplus demanded of the new Greek government to the state of the economy is a sound approach. Some flexibility is warranted on this account, but the concept should be used to distribute the effort better over time, not to wriggle out of it. Σχετικές …Read More
Assessing Syriza’s first month in office: why Greece remains a long way from a break with austerity
Exadaktylos, T. (2015) “Assessing Syriza’s first month in office: why Greece remains a long way from a break with austerity“, LSE EUROPP, 03 Μαρτίου. The new Greek government, led by the Coalition of the Radical Left (Syriza), won power on 25 January. Theofanis Exadaktylos assesses the government’s first month in office. He notes that while Syriza won the election with a commitment to renegotiate the country’s bailout agreement, the …Read More
Post-Crisis banking regulation: Evolution of economic thinking as it happened on Vox
Danielsson, J. (2015) “Post-Crisis banking regulation: Evolution of economic thinking as it happened on Vox“, VoxEU Organisation, 02 Μαρτίου. This column introduces a new Vox eBook collecting some of the best Vox columns on financial regulations, starting with the fundamentals of financial regulations, moving on to bank capital and the Basel regulations, and finishing with the wider considerations of the regulatory agenda and the political dimension. Collecting columns from …Read More