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.

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Topics:  Labour markets

Tags:  unemployment, Eurozone crisis, youth unemployment, graduates

Fighting financial protectionism

Dirk Schoenmaker 18 April 2013

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 International cooperation between national supervisors broke down during the Global Financial Crisis. The collapse of Lehman and Fortis provide vivid illustrations that national supervisors ultimately choose for their national interest in crisis management. Reform of global governance, guided by the G20 and executed by the Financial Stability Board, has so far focused on soft law solutions (Arner and Taylor 2009). Regulators adopt a consensual approach towards the setting of international standards.

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Topics:  Global crisis International finance

Tags:  protectionism, Eurozone crisis

Augmented inflation targeting: Le roi est mort, vive le roi

Richard Baldwin, Daniel Gros 17 April 2013

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The Bank of Japan recently embraced inflation targeting – a decade and a half after academics recommended it (Krugman 2013). But this is not inflation targeting as conceived before the Global Crisis. Inflation targeting didn’t die, it evolved (as shown by the recent Vox eBook, Is inflation targeting dead? Central Banking After the Crisis.

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Topics:  Global crisis Monetary policy

Tags:  Japan, Eurozone crisis, augmented inflation targeting

The much-needed EU pivot to east Asia

Patrick A Messerlin 16 April 2013

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The EU is facing formidable challenges. The economic crisis is far from over in many Eurozone and non-Eurozone member states. The EU’s current macroeconomic and budgetary policies are not politically sustainable at the EU’s current anaemic growth rate. Less visible, but much more pernicious and damaging, is the lessening of competition in many sectors due to the past several years of crisis, a trend that is evident to varying degrees across all EU member states.

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Topics:  International trade

Tags:  EU, Japan, Eurozone crisis, Taiwan

Are Germans really poorer than Spaniards, Italians and Greeks?

Paul De Grauwe, Yuemei Ji 16 April 2013

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Rarely have statistics been misused so much for political purposes as when recently the ECB published the results of a survey of household wealth in the Eurozone countries (2013a).1  From this survey it appeared that the median German household had the lowest wealth of all Eurozone countries. Figure 1 summarises the main results for the most significant Eurozone countries.

Figure 1. Net wealth of median households (1000€)

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Topics:  Europe's nations and regions

Tags:  Germany, Eurozone crisis

How the EZ crisis is permanently changing EU institutions

Stefano Micossi,

Date Published

Mon, 04/15/2013

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Eurozone crisis

Measuring the credit crunch

Michiel Bijlsma, Andrei Dubovik, Bas Straathof 15 April 2013

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How do we estimate the impact of a credit crunch during a crisis? Comparing the value of production before and after the crisis may be misleading. A firm might have produced less because it could not obtain credit, but it might also have produced less because the demand for its products dropped or was expected to do so in the near future. This means that we have to disentangle the effects on production of the reduction in credit supply from the effects that are due to a decline in credit demand.

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Topics:  Global crisis International finance

Tags:  Eurozone crisis

The Eurozone crisis and EU institutional change: A new CEPR Policy Insight

Stefano Micossi 15 April 2013

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Since the Eurozone crisis blew up in 2010, a series of decisions taken at crisis summits have massively centralised at EU level executive powers over national economic policies.

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Topics:  EU institutions Europe's nations and regions

Tags:  Eurozone crisis

Balance-sheet repairs in European banks

Nadege Jassaud, Heiko Hesse 13 April 2013

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Much has been achieved to address the EU financial crisis.1 Since 2011, EU banks have boosted their capital adequacy ratios, partly due to the second EU-wide stress-testing and recapitalisation exercise led by the European Banking Authority. Over two years, the tier 1 ratio of European banks (sample of 57 EU banks) increased by 1.2%, from 9% in December 2010 to 10.2% in June 2012.

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Topics:  Europe's nations and regions Global governance

Tags:  Banking crisis, Eurozone crisis, balance sheets

Time for the Eurozone to shift gear: Issuing euros to finance new spending

Biagio Bossone 08 April 2013

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The crisis in peripheral Europe is deepening and spreading to core Europe, affecting France and now threatening Germany (Wood 2013). Political concerns in a number of Eurozone countries undermine confidence within the region. The Cyprus blunder has added to overall nervousness (see Wyplosz 2013). In Italy, falling productivity and falling real incomes, as well as prospects for yet more austerity to come, are further depressing the economy. Financial markets are giving the country the benefit of the doubt, in the expectation that a new government will soon be in charge.

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Topics:  Monetary policy

Tags:  Eurozone crisis, Cyprus

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