Bricongne, Jean-Charles, Maria Mordonu, Aurora, (2015), “Interlinkages between Household and Corporate Debt in Advanced Economies”, Discussion Paper 017, European Commission publications, October This article contributes to the debate on deleveraging in the non-financial private sector. It proposes a framework to assess the interconnectedness of deleveraging in the household sector and in the nonfinancial corporations sector. In doing so, several factors are controlled for: inflation, interest rates, labour intensity and also the influence of the general government …Read More
Employment and the Great Recession : The Role of Real Wages
B. Bakker, Bas, (2015), ” Employment and the Great Recession : The Role of Real Wages”, IMF publications, 28 October This paper argues that the sharp increase in unemployment in a number of advanced countries during the Great Recession was not just cyclical (the result of a lack of aggregate demand); the degree of adjustment of real wages and the impact this had on labor productivity also played a role. In many …Read More
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Options for European deposit insurance
Schoenmaker, Dirk, Wolff, Guntram, (2015), “Options for European deposit insurance”, Voxeu, 30 October The five presidents’ report on Completing Europe’s Economic and Monetary Union in June this year called for European Deposit Insurance to complete the Banking Union. European Council President Tusk also called for completing banking union by creating a European deposit insurance and he argued that this could be done without treaty change. Relevant Posts Schoenmaker, Dirk, Wolff, Guntram, (2015), …Read More
Library » EU » Economy » Policy Papers
Doing Business 2016-Measuring Regulatory Quality and Efficiency
World Bank, (2015), “Doing Business 2016-Measuring Regulatory Quality and Efficiency”, World Bank Group Publications, 27 October Societies need regulation—and businesses, as part of society, are no exception. Without the rules that underpin their establishment, operation and dissolution, modern businesses cannot exist. And where markets left to themselves would produce poor outcomes, well-designed regulation can ensure outcomes that are socially optimal and likely to leave everyone better off. Relevant Posts Doing Business 2015: Going Beyond Efficiency, Comparing Business Regulations for Domestic …Read More
Between Debt and the Devil: Money, Credit, and Fixing Global Finance
Turner, Adair, (2015), “Between Debt and the Devil: Money, Credit, and Fixing Global Finance”, Princeton University Press, October. Between Debt and the Devil challenges the belief that we need credit growth to fuel economic growth, and that rising debt is okay as long as inflation remains low. In fact, most credit is not needed for economic growth—but it drives real estate booms and busts and leads to financial crisis and …Read More
The quest for banking stability in the euro area: The role of government interventions
Kizys, Renatas, Paltalidis, Nikos, Vergos, Konstantinos, (2015), “The quest for banking stability in the euro area: The role of government interventions”, Journal of International Financial Markets, Institutions and Money, 25 September. We build upon a Markov-Switching Bayesian Vector Autoregression (MSBVAR) model to study how the credit default swaps market in the euro area becomes an important chain in the propagation of shocks through the entire financial system. The study sheds light on the regime-dependent interconnectedness between …Read More
Library » EU » Economy » Politics » Scientific Articles
Economic crises and mortality
Ruhm, Christopher J., (2015), “Economic crises and mortality”, Voxeu, 29 October. Conventional wisdom tells us that health deteriorates when the economy weakens and improves when it strengthens. Some research tentatively agrees, but there is a marked dearth of challenges and robust research. This column presents new evidence suggesting that the reductions in mortality occurring during typical economic downturns also occur in periods of crisis, adding useful caveats for different types of …Read More
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Selected Takeaways from the ECB’s Sintra Forum on “Inflation and Unemployment in Europe”
Constâncio, Vítor, Hartmann, Philipp, Tristani, Oreste, (2015), “Selected Takeaways from the ECB’s Sintra Forum on “Inflation and Unemployment in Europe” “, Voxeu, 28 October. Today the European Central Bank publishes the proceedings of its 2015 Sintra Forum on Central Banking (ECB 2015). In this column the organisers highlight some of the main points from the discussions, including the candid debate between Forum participants that favour a faster pace of structural reforms and the …Read More
Library » EU » Economy » Politics » Policy Papers
The contribution of the wage structure to early retirement behaviour
Frimmel, Wolfgang, Winter-Ebmer, Rudolf, (2015), “The contribution of the wage structure to early retirement behaviour”, Voxeu, 28 October. The literature on retirement age has tended to focus on the supply side of the labour market. Using Austrian data, this column examines how firms can influence workers’ retirement decisions through wage structure. Deferred compensations schemes characterised by steeper seniority-wage profiles are found to be associated with workers retiring earlier. Given that early labour …Read More
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Could Europe’s next growth locomotive be Made in Italy?
Terzi, Alessio, (2015), “Could Europe’s next growth locomotive be Made in Italy?”, Bruegel Institute, 27 October Important reforms put in place over the past months, combined with a conjunction of particularly supportive external factors, mean that Italy could indeed become the fastest growing large economy in the euro area in a not-too-distant future. Relevant Posts O’Neill, J. (2014) “A Crazy Idea About Italy“, Bloomberg View, 05 November. Mazzolini, G. & …Read More
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