This site is for archive purposes. Please visit for latest updates
Go to Top


Low interest rates, capital flows, and declining productivity in South Europe

Gopinath, Gita, Kalemli-Ozcan, Sebnem, Karabarbounis, Loukas, Villegas-Sanchez, Carolina, (2015), “Low interest rates, capital flows, and declining productivity in South Europe”,  Voxeu, 28 September Joining the Eurozone was once a near unquestionably good idea. Now, the costs of joining the monetary union are under close scrutiny. This column takes a slightly different tack, presenting an alternative perspective on how joining the euro has impacted productivity in southern Europe. It turns out that capital wasn’t allocated efficiently across firms …Read More

A Strategy for Resolving Europe’s Problem Loans

Aiyar, Shekhar, Ilyina, Anna, (2015), “A Strategy for Resolving Europe’s Problem Loans”, IMF Direct blog, 24 September Problem loans are clogging the arteries of Europe’s banking system. The global financial crisis and subsequent recession have left businesses and households in many countries with debts that they cannot repay. Nonperforming loans as a share of total loans in the EU have more than doubled since 2009, reaching €1 trillion—over 9 percent of the region’s …Read More

Household saving rates in the EU: Why do they differ so much?

H. Stierle, Michael, Rocher,  Stijn, (2015), “Household saving rates in the EU: Why do they differ so much?”, European Commission publications, Discussion Paper 005, September Household saving rates differ significantly among EU countries and differences have proven to be persistent over time. In countries as Germany, France and Belgium, households save a relative large share of their disposable income. On the other hand, households in Romania and Bulgaria seem to spend often …Read More

Greece budget update – September

Merler, Sylvia, (2015), “Greece budget update – September”, Bruegel publications, 22 September Last week, while Europe was looking with growing anticipation at the elections which took place in Greece this weekend, the Greek finance ministry published last week the latest budget execution bulletin, which covers the period January-August 2015. It shows an unchanged primary surplus, still underperforming revenues and what might be the first small step towards the normalization of primary …Read More

The Circular Economy: Barriers and Opportunities for SMEs

Rizos, Vasileios, Behrens, Arno, Kafyeke, Terri, Hirschnitz-Garbers, Martin, Ioannou, Anastasia, (2015), “The Circular Economy: Barriers and Opportunities for SMEs”, CEPS Working Documents, 17 September The ‘circular economy’ is gaining momentum as a concept in both academic and policy circles, and circular business models have been linked to significant economic benefits. This paper identifies barriers and enablers to adopting circular economy business practices, and presents key messages for policy-makers. It draws on input from a literature review, on discussions held in …Read More

The global productivity slump: Common and country-specific factors

Eichengreen, Barry, Park, Donghyun, Shin, Kwanho, (2015), “The global productivity slump: Common and country-specific factors”, Voxeu, 17 September Productivity growth is slowing down around the world. The question is what lies behind this phenomenon and if it can be reversed. This column takes a historic perspective on total factor productivity growth slowdowns to suggest that global factors may play a role in the problem. Factors that are negatively associated with TFP slumps include educational attainment, …Read More

The then and now of tightening cycles

Cohen-Setton, Jeremie, (2015), “The then and now of tightening cycles”, Bruegel publications, 14 September What’s at stake: This week the Fed will be considering whether to raise its interest rate for the first time in nearly a decade. In a volatile context, the outcome of the struggle between those who want to normalize policy ASAP and those who worry about moving too quickly will be watched closely as it could provide …Read More

Domestic and multilateral effects of capital controls in emerging markets

Pasricha, Gurnain, Falagiarda, Matteo, Bijsterbosch, Martin, Aizenman, Joshua, (2015), “Domestic and multilateral effects of capital controls in emerging markets”, ECB Working Paper, No. 1844, August Using a novel dataset on changes in capital controls and currency-based prudential measures in 17 major emerging market economies (EMEs) over the period 2001-2011, this paper provides new evidence on domestic and multilateral (or spillover) effects of capital controls before and after the global financial crisis. Our results, based on panel VARs, suggest that capital …Read More

The age of global value chains

Amador, João, Di Mauro, Filippo, (2015), “The age of global value chains”, Voxeu, 9 September There is an urgent need for policymakers to fully acknowledge the extent to which conventional indicators related to gross trade are severely flawed as policy benchmarks because they fail to take into account the existence of global value chains and their increasing role in shaping the global economy. This column, which introduces a new Vox ebook, urges …Read More

The state of the monetary union

Philippon, Thomas, (2015), “The state of the monetary union”, Voxeu, 31 Αυgust The Eurozone crisis continues to take centre stage. This column discusses how deep the EZ crisis is, how long it will last, and what should be the policy priorities. A number of findings emerge. First, the difference in labour market performance between the US and the Eurozone is one of degree but not of kind. Second, the economic consequences …Read More