The crisis and regional employment in Europe: what role for sheltered economies?

29 January, 2016

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Fratesi, Ugo, Rodríguez-Pose, Andrés, (2016), “The crisis and regional employment in Europe: what role for sheltered economies?”, Centre for Economic Policy Research, January. This paper examines how the evolution of employment trends in the regions of Europe since the outbreak of the crisis may have been shaped by the emergence of sheltered economies in certain regions of Europe in the pre-crisis period. The paper uses descriptive and econometric analysis to determine the relationship …Read More

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Analysis of developments in EU capital flows in the global context

29 January, 2016

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Darvas, Zoslt, Merler, Sylvia, Huttl, Pia, Walsh, Thomas, (2016), “Analysis of developments in EU capital flows in the global context”, Bruegel, 28 January Free movement of capital, which is one of the four fundamental economic freedoms of the European Union, can enhance welfare if it leads to better allocation of financial and productive resources. However, it can also be a source of vulnerability, with far-reaching spillovers. Monitoring and assessing capital …Read More

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On the correction of Eurozone external imbalances and the pitfalls of bilateral imbalance measures

29 January, 2016

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Di Mauro, Filippo, Nagengast, Arne, Stehrer, Robert, (2016), “On the correction of Eurozone external imbalances and the pitfalls of bilateral imbalance measures”, Voxeu, 29 January Now the worst of the Eurozone Crisis has passed, one question that emerges is whether improving current account balances should be an objective for policymakers. And if so, what tools are available? This column argues that because of the emergence of global value chains, trade imbalances within the Eurozone …Read More

Library » EU » Economy » Politics » Policy Papers

Reserve accumulation, inflation and moral hazard: Evidence from a natural experiment

28 January, 2016

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Chitiu, Livia, (2016), “Reserve accumulation, inflation and moral hazard: Evidence from a natural experiment”, ECB Working Paper Series No. 1880, January This paper assesses whether international reserve accumulation can be inflationary because of moral hazard and incentive effects. It tests the hypothesis that an increase in international reserves may incentivise countries to become complacent and pursue less prudent policies due to the perceived safety provided by higher reserve holdings. Relevant …Read More

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The Global Economy’s Marshmallow Test

28 January, 2016

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Sachs, Jeffrey, (2016), “The Global Economy’s Marshmallow Test”, Project Syndicate, 27 January The world economy is experiencing a turbulent start to 2016. Stock markets are plummeting; emerging economies are reeling in response to the sharp decline in commodities prices; refugee inflows are further destabilizing Europe; China’s growth has slowed markedly in response to a capital-flow reversal and an overvalued currency; and the US is in political paralysis. A few central …Read More

Library » EU » Economy » Politics » Opinion Articles

Labour market reforms, growth and inequality: Evidence from a new dataset

28 January, 2016

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F. Campos, Nauro, B Nugent, Jeffrey, (2016), “Labour market reforms, growth and inequality: Evidence from a new dataset”, Voxeu, 28 January Labour market liberalisation is one of the most important structural reforms, and yet one of the least well understood. The conventional view is that such reforms increase welfare and improve economic performance.For example, changes in employment laws that lower the costs of hiring and firing workers encourage job separations, increase job creation …Read More

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Break The Vicious Circle Of Falling Prices And Wages

28 January, 2016

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Janssen, Ronald, (2016), “Break The Vicious Circle Of Falling Prices And Wages”, Social Europe Journal, 27 January The IMF has recently released its latest World Economic Outlook (WEO) pointing to persistently weak growth and another downward revision of its projected growth rates for 2016 and 2017 by 0.2 percentage points in each year. Despite this, the IMF’s growth trajectory still sees the world economy recovering slightly from the weakness it …Read More

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Flexible Fiscal Rules and Countercyclical Fiscal Policy

27 January, 2016

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Guerguil, Martine, Mandon, Pierre, Tapsoba, Rene, (2016), ” Flexible Fiscal Rules and Countercyclical Fiscal Policy”, IMF Working Paper No. 16/8, 22 January We are very grateful to Jean-Louis Combes and Alexandru Minea for their valuable comments and suggestions. The paper also benefited from useful discussions and comments from Vitor Gaspar, Abdelhak Senhadji, Paulo Medas, Marialuz Moreno Badia, Xavier Debrun, Mousse Sow, Sampawende Tapsoba, Dell’Erba Salvatore, Tigran Poghosyan, Estelle Liu, and participants at the IMF’s Fiscal Affairs Department …Read More

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European Bank Resolution: Making it work!

27 January, 2016

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Ceps, (2016), “European Bank Resolution: Making it work!”, Interim Report of the Ceps Task Force on Implementing Financial Sector Resolution, January From the start of 2016, new rules for bank resolution are in place – as spelled out in the Bank Recovery and Resolution Directive (BRRD) – across the EU, and a new authority (the Single Resolution Board, or SRB) is fully operational for resolving all banks in the eurozone.The …Read More

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Bad banks and rude awakenings: Italian banks at a crossroads

27 January, 2016

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Merler, Sylvia, (2016), “Bad banks and rude awakenings: Italian banks at a crossroads”, Bruegel publications, 26 January Taking a step back, it is important to understand what could be behind the sudden change in market sentiment. Borrowing a literary expression, this is to some extent the chronicle of a death foretold. Italian banks have been very resilient to the first wave of financial crisis in 2008, due to the low …Read More

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