Schäfer, Larissa, (2016), “Forgive but not forget: the behaviour of relationship banks when firms are in distress”, European Bank for Reconstruction and Development, March A new EBRD Working Paper studies whether relationship banks help firms in financial distress. Combining a new and direct measure of relationship lending with unique credit registry data, I examine the effect of relationship lending on ex-post loan performance. My findings demonstrate that the same firm is …Read More
Labour Mobility of Migrants and Natives in the European Union: An Empirical Test of the ‘Greasing of the Wheels’ Effect of Migrants
Landesmann, Michael, Leitner, Sandra M., (2015), “Labour Mobility of Migrants and Natives in the European Union: An Empirical Test of the ‘Greasing of the Wheels’ Effect of Migrants”, The Vienna Institute for International Economic Studies, August In the context of current developments of large refugee movements across Europe, it is important to study the impact of migration flows in the European economy. One aspect of this is the impact on mobility patterns (i.e. …Read More
Study on structures of aggressive tax planning and indicators
Meldgaard, Henrik, Bundgaard, Jakob, Floristean, Alexandru, Dyppel Weber, Katja, (2016), “Study on structures of aggressive tax planning and indicators”, European Commission, Working Paper N. 61 – 2015. As a response to the increasing sophistication of tax planners in identifying and exploiting the legal arbitrage opportunities and the boundaries of acceptable tax planning, policymakers across OECD, G20 and EU countries have taken steps to ensure that taxation duly takes place where economic value is generated and where the economic …Read More
The Digital Market for Local Services: A one-night stand for workers? An example from the on-demand economy
De Groen, Willem Pieter , Maselli, Ilaria, Fabo, Brian, (2016), “The Digital Market for Local Services: A one-night stand for workers? An example from the on-demand economy”, CEPS, 4 April This case study provides a snapshot of the dynamics in the digital market for locally provided personal services. Based on a case study for a Belgium platform with 14,113 identified workers and 9,459 posted tasks, the findings suggest that the current intermediation is …Read More
Monetary Policy, Bank Bailouts and the Sovereign-bank Risk Nexus in the Euro Area
Fratzscher, Marcel, Rieth, Malte, (2015), “Monetary Policy, Bank Bailouts and the Sovereign-bank Risk Nexus in the Euro Area”, European Commission Directorate-General for Economic and Financial Affairs, DISCUSSION PAPER 009, September 2015 The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms twoway causality between shocks to sovereign risk and bank risk, with the former …Read More
Vade Mecum on the Stability and Growth Pact
European Commission, (2016), “Vade Mecum on the Stability and Growth Pact”, Institutional Paper 021, March Enhancing clarity of the strengthened fiscal (and economic) governance toolbox is among the actions set out in the 21 October 2015 Communication by the Commission On steps towards Completing Economic and Monetary Union.( 1 ) This document is the second issue of the Vade mecum, published for the first time in May 2013 with the …Read More
Economic surveillance and coordination mechanisms won’t work without proper scrutiny by national parliaments
Kreilinger, Valentin, (2016),” National Parliaments, Surveillance mechanisms and ownership in the Euro Area“, Jacques Delors Institut , March European coordination mechanisms play an increasingly important role in EU Economic Governance. However, there is still too little acceptance of the common rules and too little compliance in member states. This study asks to what extent the role of national parliaments and national political ownership can help to explain the lack of compliance and how recent …Read More
Policy options and risks of an extension of the ECB’s quantitative easing programme: An analysis
Gerba, Eddie, Macchiarelli, Corrado, (2016), “Policy options and risks of an extension of the ECB’s quantitative easing programme: An analysis”, European Parliament, February During the press conference on 3 December 2015, president Mario Draghi reiterated the readiness of the ECB to adopt additional measures in order to maintain an appropriate degree of monetary accommodation. Different options are available, including the increase in the amount of monthly purchases of assets, currently set at 60 …Read More
Economic Survey of Greece 2016
OECD, (2016), ” Economic Survey of Greece 2016“, OECD, 10 March The Economic Survey of Greece says poverty has risen since the crisis to reach one third of the population. Tackling poverty and inequality must be urgent policy priorities, it adds. The survey sees the recovery strengthening in 2017 as ongoing reforms and external demand benefit investment and jobs. It stresses that successful negotiations to address public debt sustainability are …Read More
Reality Check for the Global Economy
Acalin, Julien, Blanchard, Olivier, et al., (2016), “Reality Check for the Global Economy”, PIIE Briefing 16-3, March. After five years of disappointing recovery throughout the major economies, almost everyone is ready to believe the worst. The widespread large declines in global asset prices indicate a significant divergence between what financial markets fear and what most mainstream macroeconomic forecasts are showing for the world economy. Having some clarity to distinguish between the more solid underlying economic …Read More