There is a common problem underlying the economic troubles of Europe, Japan, and the US: the symbiotic relationship between politicians who heed narrow interests and the growth of a financial sector that has become increasingly opaque (Igan and Mishra 2011).
The doomsday cycle turns: Who’s next?
Simon Johnson, Peter Boone, 21 September 2012
The first sovereign debt crisis in the EU
Jon Danielsson, Hermann Oskarsson, 11 September 2012
Today is not the first time Europe has suffered a sovereign-debt crisis. Twenty years ago another crisis happened, passing without notice except amongst those affected, i.e. the Faroe Islands. The islands accumulated too much sovereign debt, eventually getting hit by a crisis much larger in magnitude than even the worst in the ongoing European crisis.
The EU’s implementation of Basel III: A deeply flawed compromise
Morris Goldstein, 27 May 2012
By all accounts, EU member countries have for months been debating how to implement the minimum bank capital standards agreed under Basel III. Their arguments have unfolded as the EU works to complete its fourth Capital Requirements Directive and its Capital Requirements Regulation (see Veron 2012).
Three issues have been contentious:
The European debate on bank capital is not just about Europe
Nicolas Véron, 4 May 2012
The EU’s finance ministers are furiously debating the piece of banking legislation known as CRD4/CRR (the abbreviations stand for the fourth Capital Requirements Directive and the Capital Requirements Regulation).
The coming revolt against austerity
Charles Wyplosz, 2 May 2012
It is not just the election of François Hollande in France. Adopting contractionary fiscal policies in the teeth of a double-dip recession never made sense. And yet, public debts are high and markets in endemic panic. The solution must be based on a comprehensive analysis of the situation, not on arcane debates on the strength of the “confidence factor”.
Fiscal consolidation: Too much of a good thing?
John Van Reenen, 27 April 2012
This week’s political events in the Netherlands and France which look likely to lead to government dissolution, have been interpreted as a set-back for the pace of fiscal consolidation in Europe with popular resentment punishing incumbent leaders (“Leaders in Austerity Backlash” was the headline of the Financial Times on 24 April 2012).
Divergence of fortunes in recoveries
Prakash Loungani, M Ayhan Kose, Marco E Terrones, 24 April 2012
The last global recession was the deepest of the four recessions the world has experienced since World War II. Each recession led to fears of economic apocalypse but the global economy recovered in a year or two. Because of the depth of the last recession, some analysts worried that the world would relive the Great Depression of the 1930s.
Fiscal austerity and policy credibility
Marco Buti, Lucio R Pench, 20 April 2012
The renewed phase of tension in Europe, and the Eurozone in particular, since the second half of 2011, with the prospect of a double-dip recession alternating with that of a sovereign-debt crisis, has reignited the debate on fiscal austerity, to which European governments have been committed since the end of the most acute phase of the crisis in 2009.
Is the euro rescue succeeding? An update
Uri Dadush, Zaahira Wyne, 20 April 2012
The current gyrations of sentiment over government-bond spreads are diverting attention from the real issue – the Eurozone periphery needs a big realignment towards the tradable sector to reignite growth sustainably.
Too early to sound the alarm
Manfred J M Neumann, 17 April 2012
Debt finance of public consumption has clearly gone too far in several countries. Too far in the sense that it has reached if not exceeded the borderline of sustainability. Have austerity measures meanwhile gone too far, too?
- Predicting economic turning pointsAhir, Loungani
- How rich nations benefit from EU membershipCampos, Coricelli, Moretti
- The chartbook of economic inequalityAtkinson, Morelli
- Taxing, spending, and inequalityClements, Coady, de Mooij, Gupta
- How poorer nations benefit from EU membershipCampos, Coricelli, Moretti
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Claessens, 18 April 2014
Campos, Coricelli, Moretti
Ostry, Berg, Tsangarides
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche
- Making city lights shine brighterYusuf, Leipziger
- The euro in the 'currency war'Bénassy-Quéré, Martin
- The roots of shadow bankingPerotti
- What’s wrong with Europe?Baldini, Manasse
- How the EZ crisis is permanently changing EU institutionsMicossi
- The 13th Annual GEP Postgraduate Conference 20141 - 2 May 2014 / Nottingham / Sponsored by Nottingham Centre for Research on Globalisation and Economic Policy (GEP) University of Nottingham, United Kingdom
- Exchange Rates and External Adjustment2 - 3 June 2014 / Zurich / Swiss National Bank
- 13th Summer School in International Development Economics: Investment, Saving and Wellbeing in Developing Countries10 - 13 June 2014 / Palazzo Feltrinelli, Gargnano, Lake Garda (Italy) / Organisers: Centro Studi Luca d’Agliano, Centre for Economic Policy Research (CEPR), Paolo Baffi Center on International Markets, Money and Regulation, Department of Economics, Management and Quantitative Methods of the University of Milan, Department of Economics, Quantitative Methods and Business Strategies of the University of Milan Bicocca, Vilfredo Pareto Doctoral Program in Economics of the University of Turin, The Lombardy Advanced School of Economic Research (LASER).
- 3rd WB-BE Research Conference: Financing growth: Levers, Boosters and Brakes23 - 24 June 2014 / Banco de España headquarters in Madrid / This conference is sponsored by Banco de España and The World Bank