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Labor Market Reforms in Europe: Towards More Flexicure Labor Markets?

Eichhorst, Werner, Marx, Paul, Wehner, Caroline,(2016), “Labor Market Reforms in Europe: Towards More Flexicure Labor Markets?”, IZA DP No. 9863, April Labor market segmentation refers to a salient divide between secure and insecure jobs and is related to problems in important areas, including macro‐economic efficiency, workers’ wellbeing and repercussions for social cohesion. European countries have started a new wave of labor market reforms in the aftermath of the 2008/09 crisis to tackle …Read More

France, Germany and the New Framework for EMU Governance

Maris, Georgios, Sklias,Pantelis, (2016), “France, Germany and the New Framework for EMU Governance”, Journal of Contemporary European Studies/Volume 24, Issue 1, 2016, April The European crisis is the best case study for examining both the vulnerabilities of Europe’s framework for economic governance and the very process of European integration itself. This statement is true for several reasons: first, because the European crisis is the most serious crisis the European Union has …Read More

What’s Wrong With Negative Interest Rates?

Stiglitz, Joseph, (2016), “What’s Wrong With Negative Interest Rates?”, Social Europe, 13 April The fact is that the eurozone’s structure and the ECB’s policies have ensured that banks in the underperforming countries, and especially in the crisis countries, are very weak. Deposits have left, and the austerity policies demanded by Germany are prolonging the aggregate-demand shortfall and sustaining high unemployment. In these circumstances, lending is risky, and banks have neither the …Read More

The ECB can make a difference if deeds match words

Ligthart, Nick, Mody, Ashoka, (2016) ,”The ECB can make a difference if deeds match words”, Voxeu, 14 April On 10 March 2016, ECB President Mario Draghi announced new measures to stimulate economic activity and raise inflation in the Eurozone (Constâncio and Draghi 2016b). The action was prompted by the worry that ‘core’ inflation, which strips out volatile food and energy prices, has remained stubbornly close to, or under, an annual rate …Read More

Youth unemployment in the Mediterranean region and its long-term implications

Boot, Nuria, Wilson, Karen E., Wolff, Guntram B., (2016), “Youth unemployment in the Mediterranean region and its long-term implications”, Bruegel, 13 April Youth unemployment in the Mediterranean region has consequences for the whole of Europe. Tackling youth unemployment in the region must continue to be a high policy priority. Europe’s Mediterranean neighbourhood has become a focal point of attention due to the refugee crisis. With over a million people arriving in Europe in the …Read More

Breaking the link between housing cycles, banking crises, and the recession

Persaud, Avinash, (2016), “Breaking the link between housing cycles, banking crises, and the recession”, Voxeu, 14 April Since the breakup of Bretton Woods in the early 1970s, the housing market has been at the centre of the biggest banking crises across the world. This column considers the nexus between housing, banking, and the economy, and how these ties can be broken. It argues for two modest regulatory changes in banking and …Read More

Financial cycles, labour misallocation, and economic stagnation

Borio, Claudio, Kharroubi, Enisse, Upper, Christian, Zampolli, Fabrizio, (2016), “Financial cycles, labour misallocation, and economic stagnation”, Voxeu, 14 April Some analysts claim that secular stagnation is responsible for the disappointing post-crisis economic performance. This column provides a different explanation that points to an unsuspected villain: the misallocation of resources (in our case, labour) during the pre-crisis financial boom and the long shadow it has cast post-crisis. The findings draw on an empirical analysis …Read More

Quantitative Easing: An Underappreciated Success

Gagnon, Joseph E., (2016), “Quantitative Easing: An Underappreciated Success”, Peterson Institute for International Economics, April After short-term interest rates in many advanced economies fell below 1 percent, central banks turned to quantitative easing (QE) to support economic growth. They purchased massive and unprecedented amounts of long-term bonds in an effort to reduce long-term borrowing costs. Nevertheless, recovery from the Great Recession proved disappointingly slow. Recently, some central banks have pushed short-term …Read More

The Refugee Surge in Europe : Economic Challenges

Aiyar, Shekhar, Barkbu, Bergljot, Batini, Nicoletta, Berger, Helge, Detragiache, Enrica, Dizioli, Allan, Ebeke, Christian,  Lin, Huidan, Kaltani, Linda, Sosa, Sebastian, Spilimbergo, Antonio, Topalova, Petia, (2016), “The Refugee Surge in Europe : Economic Challenges”, IMF Staff Discussion Note SDN/16/02, January The dislocation of large parts of the population in Syria and other conflict zones is, first and foremost, a humanitarian catastrophe with important ramifications across many countries in the Middle East, Europe, and beyond. This note focuses on one facet of this complex issue, the economic aspects of the surge in asylum seekers …Read More

Post-crisis International Banking: An Analysis with New Regulatory Survey Data

Ichiue, Hibiki, Lambert, Frederic, (2016), ” Post-crisis International Banking: An Analysis with New Regulatory Survey Data”, IMF WP/16/88, April Foreign bank lending has stopped growing since the global financial crisis. Changes in banks’ business models, balance-sheet adjustments, as well as the tightening of banking regulations are potential drivers of this prolonged slowdown. The existing literature however suggests an opposite effect related to regulation, with tighter regulations encouraging foreign lending through regulatory arbitrage. …Read More