Shin, H.S., (2013), “Procyclicality and the Search for Early Warning Indicators”, International Monetary Fund, IMF Working Paper No. 13/258, December. This paper compares three types of early warning indicators of financial instability – those based on financial market prices, those based on normalized measures of total credit and those based on liabilities of financial intermediaries. Prices perform well as concurrent indicators of market conditions but are not suitable as early …Read More
External Imbalances and Financial Crises
Taylor, A., (2013), “External Imbalances and Financial Crises”, International Monetary Fund, IMF Working Paper No. 13/260, December. Consider two views of the global financial crisis. One view looks across the border: it blames external imbalances, the unprecedented current account deficits and surpluses in recent years. Another view looks within the border: it faults domestic financial systems where risks originated in excessive credit booms. We can use the lens of macroeconomic …Read More
The impact of knowledge-intensive entrepreneurship on the growth and competitiveness of European traditional sectors
Kastelli I. and Caloghirou, Y., (forthcoming), “The impact of knowledge-intensive entrepreneurship on the growth and competitiveness of European traditional sectors”. In H. Hirsch-Kreinsen , I. Schwinge (eds.), Knowledge-Intensive Entrepreneurship In Low-Tech Industries, Cheltenham: Edward Elgar Publishing. This chapter highlights the relation of knowledge intensive entrepreneurship with growth and competitiveness of European traditional sectors. We argue that knowledge intensive entrepreneurship in LMT sectors a) can contribute to overcoming competitive pressures from …Read More
Ποτέ δεν το είδα να έρχεται: Γιατί η οικονομική κρίση κατέλαβε τους οικονομολόγους εξαπίνης
Greenspan, A., (2013), “Ποτέ δεν το είδα να έρχεται: Γιατί η οικονομική κρίση κατέλαβε τους οικονομολόγους εξαπίνης”, Foreign Affairs, The Hellenic Edition, 23 Δεκεμβρίου. Ο πρώην πρόεδρος της Κεντρικής Τράπεζας (Federal Reserve) των ΗΠΑ αναρωτιέται για το πώς τόσοι πολλοί ειδικοί, συμπεριλαμβανομένου του ιδίου, απέτυχαν να δουν την οικονομική κρίση του 2008 να πλησιάζει. Ένα σημαντικό μέρος της απάντησης στο ερώτημα αυτό είναι μια πολύ παλιά ιδέα: τα Κεϋνσιανά «ένστικτα», …Read More
New Evidence on the Remedies of the Greek Sovereign Debt Problem
Apergis, N. and Cooray, A., (2013), “New Evidence on the Remedies of the Greek Sovereign Debt Problem”, Hellenic Observatory Papers on Greece and Southeast Europe, GreeSE Paper No.79, November. The goal of the present paper is to investigate not only the dynamics of the Greek public debt, but also what are the appropriate measures required for achieving fiscal consolidation. The empirical estimation is carried out using a macroeconomic dataset spanning …Read More
The aftermath of the crisis: Regulation, supervision and the role of central banks
Visco, I., (2013), “The aftermath of the crisis: Regulation, supervision and the role of central banks”, Centre for Economic Policy Research, Policy Insight No.68, December. The financial crisis has brought to the fore a number of issues. It has been severe and widespread, and has affected many economies in different and long-lasting ways. Maintaining financial stability has once again become a major concern of policymakers and central banks are heavily …Read More
Ελλάδα, τρόικα, Ευρώπη: ανάγκη για reset
Ντόκος, Θ., (2013), “Ελλάδα, τρόικα, Ευρώπη: ανάγκη για reset”, Η Καθημερινή, 18 Δεκεμβρίου. Στις συχνές τριβές και εμπλοκές στις διαπραγματεύσεις της ελληνικής κυβέρνησης με την τρόικα –όχι απρόσμενες, αν λάβει κανείς υπόψη την έλλειψη σαφούς εντολής αυτού του άτυπου οργάνου, τις όχι σπάνιες παλινωδίες όσον αφορά στην υλοποίηση των συμφωνηθέντων από ελληνικής πλευράς, αλλά και την αλαζονεία της ισχύος που φαίνεται πλέον να χαρακτηρίζει μεσαίου επιπέδου στελέχη της πλευράς των …Read More
Rescuing Europe from the Ground Up
Sinn, H.W., (2013), “Rescuing Europe from the Ground Up”, Project Syndicate, 21 December. The European Union has earned its place as an instrument for peace in Europe. Free trade has brought prosperity to its peoples, and the freedom to choose a place of residence guards against the resurgence of totalitarian regimes. The Acquis Communautaire protects all member states’ citizens under the rule of law. Anyone who doubts the existence of …Read More
Single supervision and resolution rules: Is ECB independence at risk?
Masciandaro, D. and Passarelli, F., (2013), “Single supervision and resolution rules: Is ECB independence at risk?”, VoxEU, 21 December. During the Great Moderation, central banks focused on price stability, and independence was seen as crucial to limit inflation bias. Since the Global Financial Crisis, emergency support measures for banks, and central banks’ increasing involvement in supervision, have called central bank independence into question. This column argues that the literature has …Read More
An exercise in prolonging a banking credit crunch
Münchau, W., (2013), “An exercise in prolonging a banking credit crunch”, The Financial Times, 22 December. The lousy agreement on banking union will produce the financial sector equivalent of austerity The agreement on a eurozone banking union is neither a glass half full, nor half empty. As many commentators are saying, last week’s deal is hideously complex, and a common resolution mechanism without a fiscal backstop for failed banks is …Read More