European bank deleveraging and global credit conditions

Erik Feyen, Ines Gonzalez del Mazo, 12 May 2013

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In the run up to the global financial crisis, European banks significantly increased their lending activities both domestically and outside home markets driven by a procyclical spiral of cheap abundant funding, increasing profitability, and economic growth.

Topics: Europe's nations and regions, Global crisis
Tags: banking, credit, Eurozone crisis

A pro-growth economic plan

Richard Wood, 11 May 2013

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There are similarities in the nature of the economic problems facing affected economies around the world:

Topics: Global crisis
Tags: austerity, Eurozone crisis, IMF, recovery

Escaping liquidity traps: Lessons from the UK’s 1930s escape

Nicholas Crafts, 12 May 2013

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In mid-1932, the UK had experienced a recession of a similar magnitude to that of 2008-09, was engaged in fiscal consolidation that reduced the structural budget deficit by about 4% of GDP, had short-term interest rates that were close to zero, and was in a double-dip recession (Crafts and Fearon 2013).

Topics: Europe's nations and regions
Tags: Britain, Eurozone crisis, house building, housing, UK

France’s weak economic performance: Sick of taxation?

Balázs Égert, 10 May 2013

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France is often labelled these days as one of Europe’s problem children (The Daily Telegraph 2013, Handelsblatt 2013). Indeed, France is one of the OECD countries which has recorded the weakest real per capita income growth over the last two decades or so (Figure 1).

Topics: Europe's nations and regions
Tags: Eurozone crisis, France, reform, taxation

Banking crises and political survival over the long run – why Great Expectations matter

Jeffrey Chwieroth, Andrew Walter, 10 May 2013

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The wave of banking and sovereign-debt crises that began in 2007 has had powerful and continuing economic consequences (IMF 2013a; 2013b). Economists have used long run historical data to investigate the economic aftermaths of financial crises, but we lack any equivalent panoramic analysis of the impact of crises on politics.

Topics: Global crisis, Politics and economics
Tags: business cycle, elections, Eurozone crisis, Finance

Self-defeating austerity shocks

Reda Cherif, Fuad Hasanov, 3 May 2013

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In many advanced countries, in the wake of the 2008 global financial crisis, deficits skyrocketed and public debt ballooned (see Figure 1). In fact, fiscal stimulus accounted for only a small fraction of the increase in debt, whereas collapsing revenues and higher unemployment and social benefits contributed the largest share (IMF 2011).

Topics: Global crisis
Tags: austerity, Eurozone crisis, fiscal policy

Political Credit Cycles: The Case of the Euro Zone

Jesús Fernández-Villaverde, Luis Garicano, Tano Santos, 24 March 2013

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URL: www.cepr.org/pubs/dps/DP9404.asp.asp
Topics: Macroeconomic policy, Politics and economics
Tags: bubbles, Eurozone crisis, financial crisis, Political Economy

Should the role of preparing budgetary projections be delegated to an independent agency?

Rossana Merola, Javier J. Pérez, 1 May 2013

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The debate about fiscal forecasts has recently been growing more intense in Europe. At its root, there is the evidence of planned government deficits significantly exceeding recurrent budgetary plans in recent years. This comes at a time of high public deficit and debt levels for EU member states.

Topics: Global crisis, Monetary policy
Tags: Eurozone crisis, fiscal policy, forecasting

Current-account surpluses in the Eurozone: Should they be reduced?

Alexandr Hobza, Stefan Zeugner, 26 April 2013

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Current-account deficits are widely acknowledged to have posed significant policy problems in several Eurozone countries.1  Since the onset of the crisis, their adjustment has been associated with sharp contractions in consumption and investment, entailing high economic and social costs. But a deficit in any country requires a surplus in another to finance it.

Topics: Europe's nations and regions
Tags: Eurozone crisis, imbalances

Job placement and displacement: Evidence from a randomised experiment

Bruno Crépon, Esther Duflo, Marc Gurgand, Roland Rathelot, Philippe Zamora, 24 April 2013

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Youth unemployment is a growing concern in many countries, including France where more than a quarter of recent graduates cannot find stable work. Some of these young graduates do not benefit from resources like unemployment benefits because they lack a sufficient employment history.

Topics: Labour markets
Tags: Eurozone crisis, graduates, unemployment, youth unemployment

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