A tale of three countries: recovery after banking crises
Darvas, Zsolt. Three small, open European economies — Iceland, Ireland and Latvia – experienced serious trouble during the global financial crisis. Behind their problems were rapid credit growth and expansion of other banking activities in the years leading up to the crisis, largely financed by international borrowing. The crisis hit Latvia harder than any other […]
Happy 2012?
Wyplosz, Charles. Another year, and the Eurozone crisis lingers on. This column asks why, and discusses what can be done. It proposes a solution that can be achieved without the pain of a new EU treaty. Πηγή: Voxeu πλήρες κείμενο
Apart from the fiscal compact – on competitiveness, nominal wages and labour productivity
Ard den Reijer, Peeters, Marga. While EU leaders are drafting a fiscal compact, the problem of intra-European real exchange-rate misalignments remains. This column argues that reducing imbalances implies a focus on competitiveness, and hence on the alignment of nominal-wage growth with labour-productivity growth. Πηγή: Voxeu πλήρες κείμενο
Rethinking the Growth Imperative
Rogoff, Kenneth. Modern macroeconomics often seems to treat rapid and stable economic growth as the be-all and end-all of policy. That message is echoed in political debates, central-bank boardrooms, and front-page headlines. But does it really make sense to take growth as the main social objective in perpetuity, as economics textbooks implicitly assume? Πηγή: Project Syndicate […]