Moreira, A. & Savov, A. (2014) “Shadow banking and the economy“, VoxEU Organisation, 16 September. The prevailing view of shadow banking is that it is all about regulatory arbitrage – evading capital requirements and exploiting ‘too big to fail’. This column focuses instead on the tradeoff between economic growth and financial stability. Shadow banking transforms risky, illiquid assets into securities that are – in good times, at least – …Read More
Baker, D. (2014) “Influencing the Debate from Outside the Mainstream: Keep it Simple“, Dean Baker’s comments at the 2014 Rethinking Economics NYC Forum, Forum titled “The Role of Economic Models in Public Policymaking”, 13 September. If people working outside of the mainstream of the profession are going to have any impact on economic policy debates in the United States it is essential that they understand the forum in which the …Read More
Bertoncini, Υ. & Vitorino, Α. (2014) “Reforming Europe’s governance, for a more Legitimate and Effective Federation of Nation States“, New Decision-Makers – New Challengers Project, Notre Europe, Studies and Reports, September. If the challenges facing the EU demand, first and foremost, detailed political responses, it is essential that the European institutions whose aim is to come up with those political responses are fully legitimate and effective, and that the …Read More
Tonveronachi, M. (2014 ) “The ECB and the Single European Financial Market: A Proposal to Repair Half of a Flawed Design“, Levy Economics Institute Publications, The State of the US and World Economies Public Policy Brief No. 137, September. The flaws of the Maastrict Treaty are a frequent object of commentary but, as yet, Europe remains unable—or, perhaps more accurately, unwilling—to address these flaws. The European project will remain …Read More
De Mooij, R., Keen, M. & Perry, V. (2014) “Taking a bite out of Apple? Fixing international corporate taxation“, VoxEU Organisation, 14 September. Multinational companies’ ability to pay little corporate income tax has grabbed headlines recently. This column argues that the details of international tax rules matter for macroeconomic performance – especially in low-income countries. This emphasises the importance of the G20–OECD Action Plan on Base Erosion and Profit …Read More
Binder, M. & Coad, A. (2014) “Heterogeneity in the Relationship between Unemployment and Subjective Well-Being, A Quantile Approach“, Explorations in Theory and Empirical Analysis, Working Paper No. 808, Levy Economics Institute, June. Unemployment has been robustly shown to strongly decrease subjective well-being (or “happiness”). In the present paper, we use panel quantile regression techniques in order to analyze to what extent the negative impact of unemployment varies along the …Read More
Schraad-Tischler, D. & Kroll, C. (2014) “Social imbalance in Europe is increasing“, Social Inclusion Monitor, Bertelsmann Stiftung, September. First Social Justice Index compares all 28 EU states / In Europe the gap is growing between North and South as well as between young and old / Social division threatens the future viability of the European project / European social strategy needed Europe is making some progress in terms of …Read More
Boughton, J. (2014) “Restoring financial stability with economic growth“, VoxEU Organisation, 15 September. The international financial system is not working fine and reforms of regional and global institutions are much needed. This column discusses some of the transformations that the IMF could implement in order to keep pace with the changes in the world economy. One problem for the credibility of the IMF is the G20 in its current …Read More
Shiller, R. J. (2014) “Parallels to 1937“, Project Syndicate Opinion Page, 11 September. The depression that followed the stock-market crash of 1929 took a turn for the worse eight years later, and recovery came only with the enormous economic stimulus provided by World War II, a conflict that cost more than 60 million lives. By the time recovery finally arrived, much of Europe and Asia lay in ruins. The …Read More
European Central Bank (2014) Monthly Bulletin: September, ECB–Eurosystem, September. Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 4 September 2014 to lower the interest rate on the main refinancing operations of the Eurosystem by 10 basis points to 0.05% and the rate on the marginal lending facility by 10 basis points to 0.30%. The rate on the deposit facility was lowered …Read More
