Gottlieb, Geoff, N’Diaye, Papa, et al., (2015),“Crisis Program Review”, IMF, 9 November. This paper provides an updated review of Fund-supported programs undertaken during the global financial crisis. It follows a series of previous reviews during 2009–12 that assessed program design and outcomes during the surge in Fund supported programs since 2008. The review covers experience during 2008–15 for 32 arrangements financed from the Fund’s general resources account (GRA). It covers 27 countries for which …Read More

Bozio, Antoine, Emmerson, Carl, Peichl, Andreas, Tetlow, Gemma, (2015), “European Public Finances and the Great Recession: France, Germany, Ireland, Italy, Spain and the United Kingdom Compared”,   Institute for Fiscal Studies, Volume 36, Issue 4, 2015. We compare economic trends over the financial crisis, and the tax and benefit reforms implemented in response, across six EU countries. Countries where the crisisled to a relatively greater increase in public spending than a decline in tax …Read More

Kim, Jun Il, (2015), “Debt Maturity : Does It Matter for Fiscal Space?”, IMF Papers, 9 December. This paper examines how debt maturity affects the debt limit, defined as the maximum amount of debt a government can afford without defaulting. We develop a model where investors are risk neutral, the primary balance is stochastic but exogenous, and default occurs solely due to the government’s inability to pay. We find that debt …Read More

Copelovitch, Mark, Gandrud, Christopher, Hallerberg, Mark, (2015), “Financial regulatory transparency: new data and implications for EU policy”, Bruguel Publications, Issue 2015/20, 10 December. This paper introduces a new international financial regulatory data transparency index – the Financial Regulatory Transparency (FRT) Index – in order to address the exisiting gap in measuring regulatory transparency. Relevant Posts Gandrud, Christopher, Hallerberg, Mark, (2015), “Does Banking Union Worsen the EU’s Democratic Deficit? The Need for Greater Supervisory Data Transparency”, Journal …Read More

Gros, Daniel, (2015), “Countries under Adjustment Programmes: What role for the ECB?”, CEPS, 10 December. Providing ‘technical assistance/advice’ on programmes for countries under financial stress is well within the mandate of the European Central Bank (ECB). Being fully part of the Troika, however, is a different role. Formally the ECB does not participate in the ‘decision-making’ on programmes (decisions are taken by the Finance Ministers – and the IMF). However, the …Read More