A Positive Theory of Tax Reform

4 November, 2015

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Ilzetzki, Ethan, (2015), “A Positive Theory of Tax Reform”, Centre for Economic Policy Research, November. The political impediments to reform and the forces allowing its success are studied in a model where the tax base and statutory rate are separate instruments of tax policy. The model predicts that big bang reforms—large changes in the tax code—may be easier to enact than marginal reforms. Preferences over the tax base face a tipping point …Read More

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Firmer Foundations for a Stronger European Banking Union

3 November, 2015

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Schoenmaker, Dirk, (2015), “Firmer Foundations for a Stronger European Banking Union”, Bruegel Institute, November The Banking Union is a milestone in European banking integration. While supervision of European banks by national supervisors was loosely coordinated through the European Banking Authority (EBA), the Banking Union has positioned the European Central Bank (ECB) as centralised supervisor of the European banks, initially in the euro area. The Banking Union creates a paradigm shift for the various stakeholders. French …Read More

Library » EU » Economy » Reports

Political Representation in Times of Bailout-Evidence from Greece and Portugal

2 November, 2015

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Freire, André, Lisi, Marco, Andreadis, Ioannis, Leite Viegas, José Manuel, (2015), “Political Representation in Times of Bailout-Evidence from Greece and Portugal”, Routledge Publications, September Since 2008 many European states have experienced significant challenges in adapting to austerity, and political actors within these states have made significant changes in their discourses and practices. This book explores the short-term impact of the sovereign debt crisis on aspects of political representation in Greece and Portugal, …Read More

Library » EU » Politics » Books

Europe’s Orphan: The Future of the Euro and the Politics of Debt

30 October, 2015

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Sandbu, Martin, (2015), “Europe’s Orphan: The Future of the Euro and the Politics of Debt”, Princeton University Press, October Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe’s Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues …Read More

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Interlinkages between Household and Corporate Debt in Advanced Economies

30 October, 2015

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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

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Employment and the Great Recession : The Role of Real Wages

30 October, 2015

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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

30 October, 2015

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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

29 October, 2015

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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

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Between Debt and the Devil: Money, Credit, and Fixing Global Finance

29 October, 2015

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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

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The quest for banking stability in the euro area: The role of government interventions

29 October, 2015

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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

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