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The Return of Public Investment

18 January, 2016
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Rodrik, Dani, (2016), “The Return of Public Investment”, Project Syndicate, 13 January The idea that public investment in infrastructure – roads, dams, power plants, and so forth – is an indispensable driver of economic growth has always held powerful sway over the minds of policymakers in poor countries. It also lay behind early development assistance programs following World War II, when the World Bank and bilateral donors funneled resources to …Read More

Library » EU » Economy » Society » Opinion Articles

Towards a global narrative on long-term real interest rates

15 January, 2016
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Rachel, Łukasz,  D. Smith, Thomas, (2016), “Towards a global narrative on long-term real interest rates”, Voxeu, 15 January Many candidate explanations for the low level of real interest rates have been put forward. Less progress has been made on bringing together the different hypotheses into a unifying framework, on quantifying their relative importance and on predicting the future path for real interest rates. This column attempts to fill that gap, and suggests …Read More

Library » EU » Economy » Politics » Opinion Articles

Five things we need to know about the on-demand economy

15 January, 2016
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Maselli, Ilaria, Lenaerts, Karolien, Beblavý, Miroslav, (2016), “Five things we need to know about the on-demand economy”, Ceps publications, 8 January The last few years have witnessed the exponential growth of platforms like Uber and Airbnb and the creation of countless other less well-known examples. The expansion of the on-demand economy puts huge pressure on regulators to adapt it to the existing frameworks for labour and taxation. The rapid growth of the sector also divides …Read More

Library » EU » Economy » Policy Papers

What strategy for a genuine single market?

14 January, 2016
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Pelkmans, Jacques, (2016), “What strategy for a genuine single market?”, CEPS,  Special Report No. 126, 13 January. This strategy paper focuses on making the most of the EU single market. The EU should pursue a genuine single market, and treat it as a common asset of all its citizens, economic operators and member states. The economic case to be made on behalf of the genuine single market is powerful, even more so due …Read More

Library » EU » Economy » Scientific Articles

Global Liquidity and Monetary Policy Autonomy-An Examination of Open-Economy Policy Constraints

14 January, 2016
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Angrick, Stefan, (2015), “Global Liquidity and Monetary Policy Autonomy-An Examination of Open-Economy Policy Constraints”, IMK Working Paper 159, 8 December. This paper examines the monetary policy constraints facing economies on a fixed peg or managed float regime, contrasting the Mundell-Fleming Trilemma view against the Compensation view commonly found at central banks. While the former holds that foreign exchange inflows and outflows affect the domestic money base, constraining monetary policy under nonfloating …Read More

Library » EU » Economy » Politics » Scientific Articles

Give Recovery a Chance

14 January, 2016
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Timbeau, Xavier, et al., (2015), “GIVE RECOVERY A CHANCE”, independent Annual Growth Survey (iAGS) 2016, Fourth Report, 25 November. The ongoing recovery of the EA economy is too slow to achieve a prompt return to full employment. Despite apparent improvement in the labour market, the crisis is still developing under the covers, with the risk of leaving long-lasting “scars”, or a “scarification” of the social fabric in the EA. Moreover, the EA …Read More

Library » EU » Economy » Society » Reports

Dating financial stress episodes: A new model-based approach

14 January, 2016
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Duprey, Thibaut, Benjamin, Klaus, Peltonen, Tuomas, (2016), “Dating financial stress episodes: A new model-based approach”, Voxeu, 14 January. It is widely agreed that the Global Crisis qualifies as a period of ‘systemic’ financial stress. However, identifying and classifying other similar periods is challenging. This column presents a new framework for a transparent and objective identification of systemic financial stress episodes, beyond the expert-selected stress events available so far. The approach is applied to 27 …Read More

Library » EU » Economy » Opinion Articles

Cost-benefit analysis of ‘leaning against the wind’: Are costs larger also with less effective macroprudential policy?

13 January, 2016
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Svensson, Lars E.O., (2016), “Cost-benefit analysis of ‘leaning against the wind’: Are costs larger also with less effective macroprudential policy?”, Voxeu, 12 January. The monetary policy of ‘leaning against the wind’ involves a higher policy interest rate. It is usually justified as reducing the probability and severity of a future crisis. This column argues that the costs of the policy exceed the benefits by a substantial margin, especially when taking into …Read More

Library » EU » Economy » Policy Papers

The Threat That Will Save Europe

13 January, 2016
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Gros, Daniel, (2016), “The Threat That Will Save Europe”, Social Europe Journal, 11 January. For the European Union, 2015 was another year of fundamental challenges. Two key elements of European integration – the euro and border-free travel within the Schengen Area – were placed under severe strain. And neither is in the clear. Nonetheless, one development in 2015 offers reason to hope that EU leaders will move beyond “muddling through” to …Read More

Library » EU » Economy » Politics » Opinion Articles

Introducing a New Broad-based Index of Financial Development

13 January, 2016
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Svirydzenka, Katsiaryna, (2016), “Introducing a New Broad-based Index of Financial Development”, IMF Working Paper No. 16/5, 12 January. There isa vast body of literature estimating the impact of financial development on economic growth, inequality, and economic stability. A typical empirical study approximates financial development with either one of two measures of financial depth – the ratio of private credit to GDP or stock market capitalization to GDP. However, these indicators do not …Read More

Library » EU » Economy » Scientific Articles