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Banks Credit and Productivity Growth in the EU

17 January, 2017
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Hassan, Fadi, di Mauro, Filippo, I.P. Ottaviano, Gianmarco, (2016), “Banks Credit and Productivity Growth in the EU”, European Investment Bank Working Papers 2016/05, 20 December Financial institutions are key to allocate capital to its most productive uses. In order to examine the relationship between bank credit and firm-level productivity in the context of different financial markets set-ups, we introduce a model of overlapping generations of entrepreneurs under complete and incomplete credit markets. …Read More

Library » EU » Economy » Scientific Articles

From Debt Collection to Relief Provision: 60 Years of Official Debt Restructurings through the Paris Club

17 January, 2017
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Cheng, Gong, Diaz-Cassou, Javier, Erce, Aitor, (2016), “From Debt Collection to Relief Provision: 60 Years of Official Debt Restructurings through the Paris Club”, European Stability Mechanism, 22 December Despite the frequency of official debt restructurings, little systematic evidence has been produced on their characteristics and implications. Using a dataset covering more than 400 Paris Club agreements, this paper aims to fill that gap. It provides a comprehensive description of the …Read More

Library » EU » Economy » Scientific Articles

Finance and growth: The direction of causality

17 January, 2017
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Lin Chong, Eilyn Yee, Mody, Ashoka, Varela Sandoval, Francisco, (2017), “Finance and growth: The direction of causality”, VoxEu, 17 January Recent research suggests a point beyond which the benefits of financial development diminish, and further development can even hurt growth. This column describes how a negative relationship between credit and growth emerged strongly after 1990 and was particularly pronounced in the Eurozone, consistent with the notion that an overgrown financial sector weakens economic …Read More

Library » EU » Economy » Policy Papers

World Economic Outlook Update – January 2017

17 January, 2017
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International Monetary Fund, (2017), “World Economic Outlook Update – January 2017”, International Monetary Fund, January After a lackluster outturn in 2016, economic activity is projected to pick up pace in 2017 and 2018, especially in emerging market and developing economies. However, there is a wide dispersion of possible outcomes around the projections, given uncertainty surrounding the policy stance of the incoming U.S. administration and its global ramifications. The assumptions underpinning …Read More

Library » EU » Economy » Reports

Economic Crises and the Crisis of Economics

16 January, 2017
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Subacchi, Paola, (2017), “Economic Crises and the Crisis of Economics”, Project Syndicate, 13 January Is the economics profession “in crisis”? Many policymakers, such as Andy Haldane, the Bank of England’s chief economist, believe that it is. Indeed, a decade ago, economists failed to see a massive storm on the horizon, until it culminated in the most destructive global financial crisis in nearly 80 years. More recently, they misjudged the immediate …Read More

Library » EU » Economy » Opinion Articles

Management and Resolution of Banking Crises: Lessons from Recent European Experience

16 January, 2017
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Honohan, Patrick, (2017), “Management and Resolution of Banking Crises: Lessons from Recent European Experience Patrick Honohan”, PIIE, January 2017 After almost a decade of contrasting and somewhat unpredictable policy responses to each succeeding bank failure, global policy for bank resolution has coalesced around a new approach.1 Replacing the seeming arbitrariness of earlier actions, the new international framework is designed to allow failing banks to be resolved smoothly without damaging interruptions …Read More

Library » EU » Economy » Policy Papers

The Need for Different Classes of Macroeconomic Models

16 January, 2017
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Blanchard, Olivier, (2017), “The Need for Different Classes of Macroeconomic Models”, PIIE, 12 January Theory models, aimed at clarifying theoretical issues within a general equilibrium setting. Models in this class should build on a core analytical frame and have a tight theoretical structure. They should be used to think, for example, about the effects of higher required capital ratios for banks, or the effects of public debt management, or the effects …Read More

Library » EU » Economy » Opinion Articles

Non-Performing Loans In The Euro Area: Are Core-Periphery Banking Markets Fragmented?

13 January, 2017
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Anastasiou, Dimitrios , Louri, Helen, Tsionas, Mike, (2017), “Non-Performing Loans In The Euro Area: Are Core-Periphery Banking Markets Fragmented?”, Bank Of Greece, December 2016 The objective of this study is to examine the causes of non-performing loans (NPLs) in the banking system of the euro area for the period 2003-2013 and distinguish between core and periphery country determinants. The increase in NPLs post crisis has put into question the robustness …Read More

Library » EU » Economy » Scientific Articles

Helicopter money: Loved, not spent

13 January, 2017
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Bright, Ian, Janssen, Senne, (2017), “Helicopter money: Loved, not spent”, Voxeu, 13 January 2017 With growth and inflation in Europe remaining low, the idea of helicopter money is slowly gaining traction with politicians and economists alike. This column presents the results of a survey that asked people how, if they were to receive an extra €200 per month to do with as they chose, they would use the money. There was …Read More

Library » EU » Economy » Policy Papers

Confusion about the lender of last resort

13 January, 2017
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Bindseil, Ulrich, Laeven, Luc, (2017), “Confusion about the lender of last resort”, Voxeu, 13 January 2017 The scale and scope of central bank lender of last resort operations during the Global Crisis raised concerns that central banks may be taking excessive risks and supporting moral hazard. This column argues that criticism of such operations is misguided. In the crisis, central banks did not make financial losses when acting as lender of …Read More

Library » EU » Economy » Opinion Articles