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Debt Dilution and Sovereign Default Risk

23 September, 2016
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Hatchondo, Juan Carlos, Martinez, Leonardo, Sosa-Padilla, César, (2016), “Debt Dilution and Sovereign Default Risk”, Journal of Political Economy, 31 August We measure the effects of debt dilution on sovereign default risk and study debt covenants that could mitigate these effects. We calibrate a baseline model with endogenous debt duration and default risk (in which debt can be diluted) using data from Spain. We find that debt dilution accounts for 78 percent of the …Read More

Library » EU » Economy » Scientific Articles

Tax Policy Reforms in the OECD 2016

23 September, 2016
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OECD, (2016), “Tax Policy Reforms in the OECD 2016”, OECD Publishing, 22 September This is the first edition of “Tax Policy Reforms in the OECD”. This annual series of reports aims to track and compare tax policy developments over time across OECD countries. This year’s edition focuses on the tax reforms that were introduced in 2015 and identifies the most significant tax policy reforms as well as common tax policy …Read More

Library » EU » Economy » Reports

Size and composition of public investment, sectoral composition and growth

22 September, 2016
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Felice, Giulia, (2016), “Size and composition of public investment, sectoral composition and growth”, European Journal of Political Economy, September After providing some descriptive evidence on the relationship between the size and composition of public expenditure and the sectoral employment composition of the economy, this paper develops an endogenous growth model with two private sectors, where the government provides, as pure public goods, both infrastructure investment, directly affecting the productivity of private capital …Read More

Library » EU » Economy » Scientific Articles

Public Investment Multipliers in EU Countries: Does the Efficiency of Public Sector Matter?

22 September, 2016
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Papaioannou, Sotiris K., (2016), “Public Investment Multipliers in EU Countries: Does the Efficiency of Public Sector Matter?”, Centre of Planning and Economic Research, February This study examines whether differences in public sector efficiency are associated with diverging effects of public investment on growth. At first stage, we estimate public investment multipliers for each country of the European Union (EU). Their size varies considerably across countries. Then we construct measures of public …Read More

Library » EU » Economy » Reports

Infrequent but long-lived zero-bound episodes and the optimal rate of inflation

21 September, 2016
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Dordal i Carreras, Marc, Coibion, Olivier, Gorodnichenko, Yuriy,Wieland, Johannes, (2016),  “Infrequent but long-lived zero-bound episodes and the optimal rate of inflation”, VoxEu, 21 September Models that estimate optimal inflation rates struggle to accurately account for interest rates reaching the zero lower bound, due to the lack of historical data available. This column suggests periods of hitting the zero lower bound are longer than previously thought, and models the optimal inflation …Read More

Library » EU » Economy » Opinion Articles

New perspectives on the Great Depression: a review essay

21 September, 2016
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S. Tavlas, George,(2016), “New perspectives on the Great Depression: a review essay”, Bank of Greece, 16 September The Great Depression was the most devastating and destructive economic event to afflict the global economy since the beginning of the twentieth century. What, then, were the origins of the Great Depression and what have we learned about the appropriate policy responses to economic depressions from that episode? This essay reviews two recently …Read More

Library » EU » Economy » Scientific Articles

The IMF and Euro Area Crises: Review of a Report from the Independent Evaluation Office

21 September, 2016
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M. Truman, Edwin, (2016), “The IMF and Euro Area Crises: Review of a Report from the Independent Evaluation Office”, Peterson Institute for International Economics, September The economic and financial crises in euro area countries since 2010 have tested the viability of the euro area and continue to challenge the future of the seven-decade European integration project. Euro area leaders reluctantly brought the International Monetary Fund (IMF) into the management of six …Read More

Library » EU » Economy » Policy Papers

An inflation-predicting measure of the output gap in the euro area

20 September, 2016
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Jarociński, Marek, Lenza, Michele, (2016), “An inflation-predicting measure of the output gap in the euro area”, ECB, Working Paper No 1966, September Using a small Bayesian dynamic factor model of the euro area we estimate the deviations of output from its trend that are consistent with the behavior of inflation. We label these deviations the output gap. In order to pin-down the features of the model, we evaluate the accuracy of …Read More

Library » EU » Economy » Reports

Fragmented Politics and Public Debt

20 September, 2016
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Crivelli, Ernesto, Gupta, Sanjeev, Mulas-Granados, Carlos, Correa-Caro, Carolina, (2016), “Fragmented Politics and Public Debt”, IMF, Working Paper No. 16/190, 19 September In this paper, we study the impact of fragmented politics on public debt—in particular, between two consecutive legislative elections. Using data for 92 advanced and developing countries during 1975-2015, we find a positive association between political fragmentation and public debt changes. Corruption magnifies the effects; with higher perceived corruption, political fragmentation …Read More

Library » EU » Economy » Reports

The IMF’s Lost Influence in the 21st Century and Its Implications

20 September, 2016
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Weisbrot, Mark, (2016), “The IMF’s Lost Influence in the 21st Century and Its Implications”, Cepr Publications, 25 July Over the last decade and a half, an epoch-making change took place in international economic relations. This change was so big that it was probably the most important development in the international financial system since the breakdown of the Bretton Woods system of fixed exchange rates in 1973. But hardly anyone noticed it. What …Read More

Library » EU » Economy » Opinion Articles