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Opinion

Ashoka Mody

The Rolling Global Crisis Will Come Home

When productivity growth slows down, there are two choices: to invest in the future or to live within one’s means. Instead, policymakers preoccupied with short-term goals have sought easy growth elixirs and soothing words.

By: Ashoka Mody Topic: Global Economics & Governance Date: August 26, 2015
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Guntram B. Wolff
Thomas Walsh

The dragon sneezes, Europe catches a cold

European stock prices, financial contagion and the trade exposure to China. How the turmoil in China’s stock market is affecting European stock markets through Europe's trade exposure to China

By: Guntram B. Wolff and Thomas Walsh Topic: Finance & Financial Regulation, Global Economics & Governance Date: August 26, 2015
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Jérémie Cohen-Setton

The history of the macroeconomic divide

What’s at stake: Following up on his mathiness critique that economic theory is becoming a sloppy mixture of words and symbols, Paul Romer wrote a series of blog posts over the past few weeks discussing how things went so far off in the macroeconomic field, where a group (often referred as fresh-water economists) completely retreated from scientific engagement with macroeconomists who disagreed with them and gave up on using evidence to evaluate models.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance Date: August 24, 2015
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Opinion

Ashoka Mody
Guntram B. Wolff

Euro Area Banks Remain Vulnerable

Strengthening the banking system is important to achieve a sustainable recovery, because it will revitalise credit to the healthier segments of the economy. However without restructuring, euro area banks are still vulnerable.

By: Ashoka Mody and Guntram B. Wolff Topic: Finance & Financial Regulation Date: August 21, 2015
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Silvia Merler

Greece budget update - August

The Greek finance ministry published last week the latest budget execution bulletin. The state budget primary balance increased significantly during July. Greece recorded a primary surplus of 1.6 billion euros in July, which takes the cumulated primary surplus for the first six months of the year at 3.5 billion euros, against a primary surplus target of 2.99 billion euros. This is the highest monthly value for the primary surplus since August 2014.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: August 17, 2015

59 minutes ago

What went wrong with macro redux? http://t.co/gsNp1D6jyS @JCSBruegel

3 hours ago

Should we be worried about the turmoil in #China’s stock market? http://t.co/IMejK5rSFS @GuntramWolff @7homaswal5h

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Ashoka Mody
Guntram B. Wolff

Still vulnerable: the euro area’s small and medium-sized banks

In our recent research we show that the small and medium-sized banks (SMBs) – and among them the unlisted banks – remain under considerable stress.

By: Ashoka Mody and Guntram B. Wolff Topic: Finance & Financial Regulation Date: August 14, 2015
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Opinion

Guntram B. Wolff

Greece: Lessons for Europe

It was inevitable that Greece would have to make cuts. Yet, if it is ever to pay back its debts, what the country needs most of all is a growth strategy.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: August 13, 2015
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Jérémie Cohen-Setton

The decline in market liquidity

Has it become harder for buyers and sellers to transact without causing sharp price movements?

By: Jérémie Cohen-Setton Topic: Finance & Financial Regulation Date: August 12, 2015
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Opinion

Grégory Claeys

Los trémulos cimientos del 'plan Juncker'

Los detalles del plan alimentan el escepticismo

By: Grégory Claeys Topic: European Macroeconomics & Governance Date: August 7, 2015
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Ashoka Mody

Wolfgang Schäuble, Debt Relief, and the Future of the Eurozone

The German Finance Minister Wolfgang Schäuble has had enough. Greece, he says, cannot receive debt relief from European creditors because European official creditors are forbidden by European treaties to grant relief. But this cannot be true. Once a loan has been made, any lender exposes himself to a default risk.

By: Ashoka Mody Topic: European Macroeconomics & Governance Date: August 6, 2015
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Opinion

Guntram B. Wolff

Greece’s debt burden can and must be lightened within the Euro

The current link between debt servicing and membership of the single currency leads to a vicious circle that increases uncertainty, weakens growth and makes full debt repayment less likely. There will be no confidence and no growth in Greece without a solution to the debt problem.

By: Armin von Bogdandy, Marcel Fratzscher and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: August 5, 2015
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Ashoka Mody

Delhi’s children deserve quality education

Money has not held up educational advancement in Delhi or in India more generally. Delhi’s education budget has risen steadily. And the worry is that the increased budget will once again be hijacked by glamorous but wasteful projects, including in higher education.

By: Ashoka Mody and Ritika Katyal Topic: Global Economics & Governance Date: August 4, 2015
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