Download or read book Revisiting the Case for Debt Mutualization in the Euro Area written by Sakai Ando and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the feasibility of an idea proposed first by the German Council of Economic Experts in 2011 and revisited by Italian and French authorities in 2021: the one-off mutualization of some European legacy debt through the creation of a European Debt Management Agency (EDMA). The paper does not argue in favor or against these proposals or make a proposal of its own. Rather it outlines a conceptual framework that can be used to quantify the contours of mutualization proposals and draws lessons from the debt assumption in the United States in 1790. The framework suggests that by capitalizing the convenience yield on European-wide safe assets, the EDMA could issue up to 15 percent of euro area GDP, helping to put national debts on a sounder trajectory. The analysis suggests that, without mutualization, some euro area countries are likely to experience decreasing debt-to-GDP ratios over the forecast period. This is not the case for Belgium, Finland, France, Italy, and Spain, where further fiscal consolidation would be needed. For these countries, we consider the effects of a debt mutualization equivalent to 26 percent of their GDP. For Italy, this operation alone is enough to ensure a decreasing debt-to-GDP path. For the others, the news is more mixed: while the additional fiscal consolidation is smaller, 1.3 to 2.3 percent of GDP are still required to reduce debt with 95 percent probability.

Download or read book Revisiting the Case for Debt Mutualization in the Euro Area a Quantitative Exploration written by Sakai Ando and published by International Monetary Fund. This book was released on 2023-03-17 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revisiting the Case for Debt Mutualization in the Euro Area: A Quantitative Exploration

Download or read book Revisiting the Economic Case for Fiscal Union in the Euro Area written by Mr.Helge Berger and published by International Monetary Fund. This book was released on 2018-02-20 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.

Download or read book Bank Debt in Europe written by Mrs.Vanessa Le Lesle and published by International Monetary Fund. This book was released on 2012-12-20 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The crisis in Europe has underscored the vulnerability of European bank funding models compared to international peers. This paper studies the drivers behind this fragility and examines the future of bank funding, primarily wholesale, in Europe. We argue that cyclical and structural factors have altered the structure, cost, and composition of funding for European banks. The paper discusses the consequences of shifting funding patterns and investor preferences and presents possible policy options and bank actions to enhance European bank funding models’ robustness.

Download or read book Policy Shock written by Edward J. Balleisen and published by Cambridge University Press. This book was released on 2017-11-02 with total page 593 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, compelling case studies show how past crises have reshaped regulation, and how policy-makers can learn from crises in the future.

Download or read book Political Fiscal and Banking Union in the Eurozone written by Wharton Financial Institutions Center and published by . This book was released on 2013-09-06 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: PAPERBACK

Download or read book Capital and the Debt Trap written by Claudia Sanchez Bajo and published by Springer. This book was released on 2011-08-30 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis is destroying wealth but is also a remarkable opportunity to uncover the ways by which debt can be used to regulate the economic system. This book uses four case studies of cooperatives to give an in-depth analysis on how they have braved the crisis and continued to generate wealth.

Download or read book World Economic Outlook April 2019 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2019-04-09 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: After strong growth in 2017 and early 2018, global economic activity slowed notably in the second half of last year, reflecting a confluence of factors affecting major economies. China’s growth declined following a combination of needed regulatory tightening to rein in shadow banking and an increase in trade tensions with the United States. The euro area economy lost more momentum than expected as consumer and business confidence weakened and car production in Germany was disrupted by the introduction of new emission standards; investment dropped in Italy as sovereign spreads widened; and external demand, especially from emerging Asia, softened. Elsewhere, natural disasters hurt activity in Japan. Trade tensions increasingly took a toll on business confidence and, so, financial market sentiment worsened, with financial conditions tightening for vulnerable emerging markets in the spring of 2018 and then in advanced economies later in the year, weighing on global demand. Conditions have eased in 2019 as the US Federal Reserve signaled a more accommodative monetary policy stance and markets became more optimistic about a US–China trade deal, but they remain slightly more restrictive than in the fall.

Download or read book The Cambridge Handbook of the Law of the Sharing Economy written by Nestor M. Davidson and published by Cambridge University Press. This book was released on 2018-11-22 with total page 952 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook grapples conceptually and practically with what the sharing economy - which includes entities ranging from large for-profit firms like Airbnb, Uber, Lyft, Taskrabbit, and Upwork to smaller, non-profit collaborative initiatives - means for law, and how law, in turn, is shaping critical aspects of the sharing economy. Featuring a diverse set of contributors from many academic disciplines and countries, the book compiles the most important, up-to-date research on the regulation of the sharing economy. The first part surveys the nature of the sharing economy, explores the central challenge of balancing innovation and regulatory concerns, and examines the institutions confronting these regulatory challenges, and the second part turns to a series of specific regulatory domains, including labor and employment law, consumer protection, tax, and civil rights. This groundbreaking work should be read by anyone interested in the dynamic relationship between law and the sharing economy.

Download or read book Effectiveness and Channels of Macroprudential Instruments written by Mr.Thierry Tressel and published by International Monetary Fund. This book was released on 2016-01-12 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as needed. We develop a new approach using the euro area Bank Lending Survey to assess the effectiveness of macro-prudential policies in containing credit growth and house price appreciation in mortgage markets. We find instruments targeting the cost of bank capital most effective in slowing down mortgage credit growth, and that the impact is transmitted mainly through price margins, the same banking channel as monetary policy. Limits on loan-to-value ratios are also effective, especially when monetary policy is excessively loose.

Download or read book Free Fair and Alive written by David Bollier and published by New Society Publishers. This book was released on 2019-09-03 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: The power of the commons as a free, fair system of provisioning and governance beyond capitalism, socialism, and other -isms. From co-housing and agroecology to fisheries and open-source everything, people around the world are increasingly turning to 'commoning' to emancipate themselves from a predatory market-state system. Free, Fair, and Alive presents a foundational re-thinking of the commons — the self-organized social system that humans have used for millennia to meet their needs. It offers a compelling vision of a future beyond the dead-end binary of capitalism versus socialism that has almost brought the world to its knees. Written by two leading commons activists of our time, this guide is a penetrating cultural critique, table-pounding political treatise, and practical playbook. Highly readable and full of colorful stories, coverage includes: Internal dynamics of commoning How the commons worldview opens up new possibilities for change Role of language in reorienting our perceptions and political strategies Seeing the potential of commoning everywhere. Free, Fair, and Alive provides a fresh, non-academic synthesis of contemporary commons written for a popular, activist-minded audience. It presents a compelling narrative: that we can be free and creative people, govern ourselves through fair and accountable institutions, and experience the aliveness of authentic human presence.

Download or read book Financial Regulation in the European Union After the Crisis written by Domenica Tropeano and published by Routledge. This book was released on 2018-01-12 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the financial crisis, new regulatory measures were introduced which, along with changes in monetary and macroeconomic policy, have transformed the global financial structure. However, this new financial structure displays various fragilities. A new shadow banking system has grown both inside and outside the traditional banks and the divergence between core and periphery countries’ banks has increased further due to both the new regulations and the European Central Bank’s very peculiar interventions. Following Minsky’s approach, this volume explores the interplay between monetary policy, regulation and institutions in the aftermath of the great financial crisis. Minsky’s insights are used to interpret the recent regulatory changes and consider how they have affected the evolution of banks and financial markets. The unfortunate conclusion is that the changes in financial regulation introduced in various jurisdictions and inspired by the work of the Basel Committee, have not succeeded in thwarting the instability of the economic system. Instead, the mix of policies implemented so far has brought about increased fragility in the financial system. Minksy’s work on financial stability offers alternative solutions which policy-makers need to consider to resolve these issues. Financial Regulation in the European Union After the Crisis is an important volume for those who study political economy, banking and monetary economics.

Download or read book Broadband Strategies Handbook written by Tim Kelly and published by World Bank Publications. This book was released on 2012-03-16 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: This guide identifies issues and challenges in broadband development, analyzing potential solutions to consider, and providing practical examples from countries that have addressed broadband-related matters.

Download or read book Vertical Markets and Cooperative Hierarchies written by Kostas Karantininis and published by Springer Science & Business Media. This book was released on 2007-05-24 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects sixteen essays that provide clarification to issues pertinent to contemporary cooperatives. Twenty three internationally recognized scholars of agricultural cooperatives from a variety of disciplines such as industrial organization, finance, sociology, networks, and political theory contributed theoretical work and empirical observations from different countries.

Download or read book The Euro and the Battle of Ideas written by Markus K. Brunnermeier and published by Princeton University Press. This book was released on 2016-08-04 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: How philosophical differences between Eurozone nations led to the Euro crisis—and where to go from here Why is Europe's great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Greece, Ireland, Spain, Italy, and other Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe’s survival. As the authors demonstrate, Germany, a federal state with strong regional governments, saw the Maastricht Treaty, the framework for the Euro, as a set of rules. France, on the other hand, with a more centralized system of government, saw the framework as flexible, to be overseen by governments. The authors discuss how the troubles faced by the Euro have led its member states to focus on national, as opposed to collective, responses, a reaction explained by the resurgence of the battle of economic ideas: rules vs. discretion, liability vs. solidarity, solvency vs. liquidity, austerity vs. stimulus. Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe’s future.

Download or read book Financial Regulation in the EU written by Raphaël Douady and published by Springer. This book was released on 2017-08-29 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation. This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges. Coverage will include: • A review of the recent regulatory changes from a legal and economic perspective • Analysis of how the economic model of financial institutions and entities is impacted by the new frameworks • How to improve securitization and new instruments under MIFID II • Issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II • How long term funding can be supplied in lieu of the non-conventional monetary policies • A new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes.

Download or read book The Accumulation of Freedom written by Anthony J. Nocella II and published by AK Press. This book was released on 2012-02-14 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: The only crisis of capitalism is capitalism itself. Let's toss credit default swaps, bailouts, environmental externalities and, while we're at it, private ownership of production in the dustbin of history. The Accumulation of Freedom brings together economists, historians, theorists, and activists for a first-of-its-kind study of anarchist economics. The editors aren't trying to subvert the notion of economics—they accept the standard definition, but reject the notion that capitalism or central planning are acceptable ways to organize economic life. Contributors include Robin Hahnel, Iain McKay, Marie Trigona, Chris Spannos, Ernesto Aguilar, Uri Gordon, and more.