Damming Capital
Ocampo, Jose Antonio, Gallagher Kevin, & Griffith-Jones, Stephany. Capital-account regulations have been at the center of global financial debates for two years. The reasons are clear: since the world has experienced a “multi-speed recovery,” as the International Monetary Fund puts it, slow-growth advanced countries are maintaining very low interest rates and other expansionary monetary policies, while fast-growth […]
Helping young workers during the crisis: contributions by social partners and public authorities
Young workers in Europe have long faced many difficulties in their transition into the labour market and particularly in finding secure employment. The financial crisis of 2008 has worsened this situation significantly. Though there are important regional and sectoral variations, national debates as to the causes of these problems focus on a complex interaction of […]
Coping with crises: why and how to protect employment and earnings
Paci, Pierella, Revenga, Ana, & Rijkers, Bob. Events of the past two years are a reminder that crises are a recurring phenomenon with deep and often protracted impacts on labor markets. This paper examines the challenges inherent in crafting policy responses, with particular attention to developing countries. It focuses on the potential tradeoffs between offsetting adverse […]
Greek Dept-The Endgame Scenarios
Buhheit, Lee & Gulati, Mitu. Perhaps Greece – a country with a debt to GDP already approaching 150 percent and set to move even higher – avoids a debt restructuring. What are the possible scenarios if Greece cannot return to the capital markets to refinance this gargantuan debt stock once its EU/IMF bailout package expires […]
Though a Debt-Default Would Hurt, Investors May Not Give Up on Greece
Hannon, Paul. What was once unimaginable is now highly probable, and a member of the euro zone, the world’s second-largest economy, looks likely to default on its debt. It’s an outcome for which bond investors have been preparing themselves for some time, such are the stratospheric levels to which Greek bond yields have climbed in […]
The politics of moral hazard
In essence the True Finns, real winners of Finland’s general election on Sunday, are perhaps best seen as a political expression of that economic mantra of the moment, “moral hazard”. A right-wing populist movement, the party has successfully tapped disquiet over the country’s stalling economy and the idea that the profligate EU, overfunded by Finns, is […]