Glinavos, Ioannis, (2013), “Redefining the Market-State Relationship-Responses to the Financial Crisis and the Future of Regulation”, Routledge publications, Routledge Research in Finance and Banking Law series, September This book offers an interdisciplinary overview of the role of law in modern capitalism in the context of financial crisis. In this work, the reader will find a discussion of key issues relevant to the crisis that have occupied the pages of the financial press since …Read More
How European integration influences the way we think about redistribution of income
Costa-Font, Joan, Cowell, Frank, (2015), “How European integration influences the way we think about redistribution of income”, LSE blog, 22 October What makes us more (or less) inclined to redistribute resources? Drawing on findings from a recent study, Joan Costa-Font and Frank Cowell write that European integration has a role in lessening national pride and is conducive to a more positive attitude toward income redistribution. They argue that when individuals identify themselves with …Read More
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Inflation expectations and global risks: the need for ECB action
Wolff B., Guntram, (2015), “Inflation expectations and global risks: the need for ECB action”, Bruegel, 21 October The ECB will have its next monetary decision meeting on Thursday. Instead of following politically motivated statements that complain about low nominal rates, the ECB needs to focus on its mandate: price stability, defined as inflation rates close to but below 2% in the medium-run. So what do data on inflation dynamics and on …Read More
Library » EU » Economy » Policy Papers
Union power and inequality
Jaumotte, Florence, Osorio Buitron, Carolina, (2015), “Union power and inequality”, VoxEU, 22 October Inequality in advanced economies has risen considerably since the 1980s, largely driven by the increase of top earners’ income shares. This column revisits the drivers of inequality, emphasising the role played by changes in labour market institutions. It argues that the decline in union density has been strongly associated with the rise of top income inequality and discusses the …Read More
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Free movement of labour in Europe: a solution for better labour allocation?
Galgóczi, Béla, Leschke, Janine, (2015), “Free movement of labour in Europe: a solution for better labour allocation?”, European Trade Union Institute, June The European Commission has time and again promoted intra-EU labour mobility as a major contributor to the better functioning of European labour markets. On the other hand, concerns about increasing labour mobility are mounting in a number of member states and populist parties are trying to capitalise on …Read More
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The public-private sector pay debate in Europe
Müller, Torsten, Schulten, Thorsten, (2015), “The public-private sector pay debate in Europe”, European Trade Union Institute, August This Working Paper critically reviews the empirical evidence and the basic assumptions on which European and national policymakers base their strategy of cutting and freezing public sector pay as one central element of the current crisis management. Using comparative studies and new statistical data, the paper demonstrates that these assumptions are wrong, as …Read More
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Financial industry mobilisation and securities markets regulation in Europe
Chalmers, Adam William, (2015), “Financial industry mobilisation and securities markets regulation in Europe”, European Journal of Political Research, Issue 3, Volume 54, August The 2007–2009 financial crisis has led to considerable debate about the role of financial industry actors in global regulatory processes. This article seeks to contribute to this debate by assessing when and why financial industry actors mobilise in order to influence securities markets regulations. Do these mobilisation …Read More
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Fiscal policy adjustments in the euro area stressed countries: new evidence from non-linear models with state-varying thresholds
De Santis A., Roberto, Legrenzi, Gabriella and Milas, Costas, (2015), “Fiscal policy adjustments in the euro area stressed countries: new evidence from non-linear models with state-varying thresholds”, ECB Working Paper Series, No 1858, October We introduce a non-linear model to study the adjustment of fiscal policy variables in Greece, Ireland, Portugal and Spain over the last 50 years, based on endogenously estimated budget deficit-to-GDP thresholds, which vary with fiscal disequilibria, the economic cycle and financial market conditions. …Read More
Dealing with Systemic Sovereign Debt Crises: Fiscal Consolidation, Bail-ins or Official Transfers?
Sandri, Damiano, (2015), “Dealing with Systemic Sovereign Debt Crises: Fiscal Consolidation, Bail-ins or Official Transfers?”, IMF Working Paper, WP/15/223, 16 October The paper presents a tractable model to understand how international financial institutions (IFIs) should deal with the sovereign debt crisis of a systemic country, in which case private creditors’ bail-ins entail international spillovers. Besides lending to the country up to its borrowing capacity, IFIs face the difficult issue of how to …Read More
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The macro-micro conflict
Danielsson, Jon, Fouché, Morgane, Macrae, Robert, (2015), “The macro-micro conflict”, Voxeu, 20 October There has always been conflict between macro- and microeconomic regulation. Microeconomic policy reigns supreme during good times, and macro during bad. This column explains that while the macro and micro objectives have always been present in regulatory design, their relative importance has varied according to the changing requirements of economic, financial and political cycles. The conflict between the two seems set to …Read More
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