Did the euro kill governance in the periphery?

Jesús Fernández-Villaverde, Luis Garicano, Tano Santos, 30 April 2013

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The conventional wisdom before the creation of the euro was that the monetary union would force its least productive members to undertake the structural reforms needed to modernise their economies. In the past, the peripheral European countries had used devaluations to recover from adverse business-cycle shocks, but without correcting the underlying imbalances of their economies.

Topics: EU institutions, Politics and economics
Tags: euro, governance, resource curse

Infrastructure: The governance failures

Nicklas Garemo, Jan Mischke, 30 March 2013

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Europe’s infrastructure programme was the big loser from February’s EU budget deal. Planned infrastructure investment of €50 billion over seven years was reduced to just €24 billion.

Topics: Industrial organisation, Politics and economics
Tags: governance, infrastructure

The problems of European monetary union – asymmetric shocks or asymmetric behaviour?

Andrea Boltho, Wendy Carlin, 31 March 2012

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Much of the literature that was sceptical of the prospective success of the euro feared the effects of Mundellian asymmetric shocks on an area which (unlike the US) had little inter-country labour mobility and no common fiscal policy.

Topics: Europe's nations and regions
Tags: eurozone, governance, growth

What is holding Italy back?

Daniel Gros, 9 November 2011

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Italy’s economy has clearly underperformed since it entered the euro – both relative to its peers and relative to the previous decade. Italy’s growth rate averaged just over 1% during the boom years preceding the crisis. During the crisis, its GDP plunged 5%; instead of rebounding, its economy is now growing at only about 1%.

Topics: Europe's nations and regions, Global crisis
Tags: global crisis, governance, Italy

The long shadow of the fall of the wall

Daniel Gros, 17 June 2010

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Economists call a happy monetary union an ‘optimum currency area’. The Eurozone is clearly no longer a happy family, but as Tolstoy observed some time ago, unhappy families are unhappy in their own ways.

Topics: EU institutions
Tags: Eurozone crisis, Eurozone rescue, governance

Eurozone governance: What went wrong and how to repair it

Jean Pisani-Ferry, 17 June 2010

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The EU faces two challenges: managing the crisis while coordinating Eurozone adjustment, and reforming its governance to avoid future crises. The first is vital in the eyes of the markets but creation of the Van Rompuy task force has focused attention on the second.

Topics: EU institutions
Tags: Eurozone crisis, Eurozone rescue, governance

Natural resources and development strategy after the crisis

Milan Brahmbhatt, Otaviano Canuto, 2 March 2010

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Recent events have rekindled interest in the role of primary commodities in development. Was the boom in commodity prices from 2003 to 2008 just a cyclical event or does it represent a period of strength, driven by factors such as demand in fast-growing developing countries like China?

Topics: Development
Tags: development, governance, resource curse

Elections in developing countries: do they improve economic policy?

Paul Collier, Lisa Chauvet, 21 November 2009

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The relationship between democracy and development has been extensively debated. Most cross-country analyses suggest that democracy has no robust impact on growth.

Topics: Development
Tags: democracy, elections, governance

Sovereign wealth funds, governance, and reserve accumulation

Joshua Aizenman, Reuven Glick, 16 January 2009

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Sovereign wealth funds (SWFs) are saving funds controlled by sovereign governments that hold and manage foreign assets.

Topics: International finance
Tags: foreign exchange reserves, governance, sovereign wealth funds

Board (in)competence and the subprime crisis

Harald Hau, Johannes Steinbrecher, Marcel Thum, 12 January 2009

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“Who were the first bank supervisory board members?” Answer: “The three Magi in the holy bible. They were politicians with time to spare, were dressed in expensive clothing, and did not really know where the journey was going!”

Topics: Europe's nations and regions, Microeconomic regulation
Tags: bank supervisory board, Germany, governance

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