Piotr Żuk, Eva Katalin Polgar, Li Savelin, Juan Luis Diaz del Hoyo and Paul König, (2018), “Real convergence in central, eastern and south-eastern Europe”, ECB, 10 Μαΐου This article establishes stylised facts about convergence and analyses the sources of economic growth in central, eastern and south-eastern European (CESEE) economies within and outside the European Union (EU).22 It also compares the performance across countries and identifies the challenges that these economies …Read More

Rustom M Irani, Rajkamal Iyer, Ralf Meisenzahl, José Luis Peydró, (2018), “The Rise of Shadow Banking: Evidence from Capital Regulation”, CEPR, Μάιος We investigate the connections between bank capital regulation and the prevalence of lightly regulated nonbanks (shadow banks) in the U.S. corporate loan market. For identification, we exploit a supervisory credit register of syndicated loans, loan-time fixed-effects, and shocks to capital requirements arising from surprise features of the U.S. …Read More

Daniel Gros, (2018), “Convergence in the European Union: Inside and outside the euro”, CEPS, 27 Απριλίου The convergence process in Europe has bifurcated: the new member states (NMSs) from Central and Eastern Europe are catching up in terms of income per capita, as one would expect, with the initially poorer ones growing generally at a faster pace. Within the euro area, however, the North has diverged from the South since …Read More

Francesco Chiacchio, Georgios Petropoulos, David Pichler, (2018), “The impact of industrial robots on EU employment and wages: A local labour market approach”, working paper, issue 02, bruegel, 18 Απριλίου The authors of this working paper study the impact of industrial robots on employment and wages in six European Union countries, which make up 85.5 percent of the EU industrial robots market. In theory, robots can directly displace workers from performing …Read More

Willem Pieter de Groen, (2018), “Cash Outflows in Crisis Scenarios”, 17 Απριλίου The large majority of the more than €2.5 trillion of public and monetary support that euro area banks received between 2008 and 2016 was in the form of liquidity support. Liquidity, however, has not been adequately addressed in the legislative overhaul following the global financial crisis. This paper focuses on liquidity at the moment when the need for …Read More

Franklin Allen, Itay Goldstein, Julapa Jagtiani, (2018), “The Interplay between Financial Regulations, Resilience, and Growth”, CEPR, Απρίλιος Interconnectedness has been an important source of market failures, leading to the recent financial crisis. Large financial institutions tend to have similar exposures and thus exert externalities on each other through various mechanisms. Regulators have responded by putting more regulations in place with many layers of regulatory complexity, leading to ambiguity and market …Read More

Sebastian Schmidt, (2018), “The effective lower bound and the desirability of gradual interest rate adjustments”, ECB, Research Bulletin No. 45, 13 Απριλίου The lower bound on nominal interest rates makes it desirable for monetary policy to aim for gradual adjustments of the policy rate in addition to the stabilisation of inflation and the output gap. In a situation where the economy is in recession, inflation is below target, and the …Read More

Francesco Chiacchio, Katerina Gradeva, Paloma Lopez-Garcia, (2018), “The post-crisis TFP growth slowdown in CEE countries: exploring the role of Global Value Chains”, Working Paper Series,  No 2143 / Απρίλιος 2018 Using micro-aggregated firm information for nine Central and Eastern European (CEE) countries and data from input-output tables, we examine the role of Global Value Chains (GVCs) for technology diffusion across EU countries. Our empirical results provide support for a two-stage diffusion …Read More

Cosmina Amariei, (2018), “Fostering Institutional Investment in Europe’s Capital Markets: Reality vs. Expectations”, 2nd Interim Report of the CEPS-ECMI Task Force on Asset Allocation in Europe, ECMI, Brussels, 11 Απριλίου The capacity of insurance companies and pension funds to fulfil their financial obligations to policy holders and beneficiaries continues to be under scrutiny, with additional challenges posed by the prolonged low yield environment and the path towards normalisation of monetary policy …Read More