2024-03-28T15:03:41Zhttp://aei.pitt.edu/cgi/oai2
oai:aei.pitt.edu:1988
2011-02-15T22:20:47Z
7374617475733D707562
7375626A656374733D44:44303032:44303032303133
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D706F6C6963797061706572
Europe as a Global Economic Actor. CEPS Policy Brief No. 20, April 2002
Gros, Daniel.
international economy
EU-Middle East
[From the Introduction]. The three years since the start of EMU have been characterised by an extraordinary degree of volatility in global financial and other markets (oil, etc.). Most official comments have so far focused on the fact that Europe has remained an ‘island of stability’. But this selfcongratulatory tone cannot mask the fact that EU institutions have generally not been in the forefront of the efforts to stabilise the global economy. This is partly understandable as most of the volatility originated outside the EU. But just ‘putting one’s own house in order’ does not seem to be sufficient when global economic (or political) stability is at stake, as recent events amply demonstrate. This note will concentrate on two particular aspects of this issue, namely 1) the absence of the EU in the efforts to contain emerging markets’ volatility and 2) the inability of the EU to develop a coherent strategy for the use of its economic instruments in the Middle East.
2002-04
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/1988/1/PB20.pdf
Gros, Daniel. (2002) Europe as a Global Economic Actor. CEPS Policy Brief No. 20, April 2002. [Policy Paper]
http://aei.pitt.edu/1988/
oai:aei.pitt.edu:2019
2011-02-15T22:20:54Z
7374617475733D707562
7375626A656374733D44:44303032:44303032303136
7375626A656374733D44:44303032:44303032303039
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303230
74797065733D776F726B696E677061706572
Open Regionalism Going Global: APEC and the New Transatlantic Economic Partnership. Pacific Economic Paper No. 286, December 1998
Elek, Andrew.
international economy
regionalism, international
EU-Asia-general
EU-US
Since 1996, the European Union (EU) has launched several significant initiatives which seek to forge closer economic partnerships with various APEC participants. The 1996 Asia-Europe Meeting (ASEM) initiative has now been followed by the launch of a new Transatlantic Economic Partnership (TEP) to be forged between the EU and the United States. These links will influence the evolution of APEC, the North American Free Trade Agreement (NAFTA) as well as the potential Free Trade Area of the Americas (FTAA). This combination of initiatives could contribute towards the gradual emergence of a global marketplace. On the other hand, since the EU and APEC have adopted very different models of cooperation, these new experiments in inter-regional economic cooperation could also lead to new tensions within existing regional groups. The TEP represents a new approach to the EU’s economic relations with the rest of the world. It does not propose yet another traditional, preferential ‘free trade area” and deals with issues other than the reduction of border barriers to trade. The proposal also indicates clear awareness of the need for the TEP to co-exist and complement other international economic institutions. This combination of features creates an opportunity to encourage the leaders of both APEC and the EU to adopt some new guiding principles for the nature of new cooperative arrangements among groups of economies. Such principles would seek to ensure that new cooperative arrangements among economies were ‘open clubs’ which took adequate account of the interests of others; these principles can build on and generalise the fundamental principles of the World Trade Organisation (WTO)as well as on APEC’s principles of open regionalism, as expressed in the 1995 Osaka Action Agenda. They will also need to be applicable to the full range of international economic transactions, which now extend far beyond trade in goods and services. This paper proposes a set of guiding principles to facilitate closer economic integration among groups of economies are proposed in this paper; under the headings of: WTO-consistency, transparency, non-discrimination, accession and review.
1998-12
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/2019/1/pep%2D286.pdf
Elek, Andrew. (1998) Open Regionalism Going Global: APEC and the New Transatlantic Economic Partnership. Pacific Economic Paper No. 286, December 1998. [Working Paper]
http://aei.pitt.edu/2019/
oai:aei.pitt.edu:2193
2011-02-15T22:21:36Z
7374617475733D756E707562
7375626A656374733D44:44303031:44303031303337
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D636F6E666572656E63655F6974656D
"The politics of an emergent global regime for controlling tax competition"
Thomas, Kenneth P.
tax policy
international economy
This paper probes what I call the emergent global regime for controlling tax competition. Since at least the early 1990s, states have perceived that competition for investment, whether through direct subsidies or tax incentives, threatens to undermine the fiscal underpinnings of modern state, particularly in terms of its provision of social welfare programs. As states have provided financial or fiscal subsidies to capital (especially mobile capital), the have had to compensate through some combination of imposing higher levels of taxation on other actors, running higher deficits, or cutting spending. Each has shown itself to have substantial problems, and the response of states has now come full circle: to reconsider the competition for investment that causes the fiscal problems in the first place.
2001
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/2193/1/002671_1.pdf
Thomas, Kenneth P. (2001) "The politics of an emergent global regime for controlling tax competition". In: UNSPECIFIED, Madison, Wisconsin. (Unpublished)
http://aei.pitt.edu/2193/
oai:aei.pitt.edu:2252
2013-11-03T02:53:59Z
7374617475733D756E707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303032
7375626A656374733D44:44303031:44303031303130
74797065733D636F6E666572656E63655F6974656D
“Expanding Authority: The European Union and Extraterritorial Competition Policy”
Damro, Chad.
competition policy
common foreign & security policy 1993--European Global Strategy
international economy
In this paper, I will focus on a relatively new supranational policy area-ECP-through which the EU is expanding its authority and significantly contributing to its presence as an international actor. The first section of the paper provides a brief discussion of the EU’s institutional capacity and legal foundation for exercising ECP. Second, I briefly comment on the EU’s somewhat ambiguous international identity. Next, I provide an empirical discussion of the BMD case, highlighting those aspects of particular importance for the current study. Fourth, assessing the outcome of the BMD case, I address the implications of the EU’s newly established authority for the international political economy. In the fifth section, I assess the EU’s response to the destabilizing effects of ECP. In the final section, I summarize the findings.
1999
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/2252/1/002209_1.PDF
Damro, Chad. (1999) “Expanding Authority: The European Union and Extraterritorial Competition Policy”. In: UNSPECIFIED, Pittsburgh, Pennsylvania. (Unpublished)
http://aei.pitt.edu/2252/
oai:aei.pitt.edu:2365
2011-02-15T22:22:26Z
7374617475733D756E707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B657467656E6572616C
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:6575726F7065616E69736174696F6E6575726F7065616E697A6174696F6E6E6174696F6E616C6964656E74697479
7375626A656374733D44:44303032:676C6F62616C69736174696F6E676C6F62616C697A6174696F6E
7375626A656374733D44:44303035:69646F7067:69646F706768646F63
74797065733D636F6E666572656E63655F6974656D
"International Production and the Periphery of the European Union"
Pournarakis, Mike.
europeanisation/europeanization & European identity
international economy
historical development of EC (pre-1986)
general
globalisation/globalization
The dramatic rise in international production in recent years stands out as the most decisive factor in the globalization of economic activity. Foreign Direct Investment (FDI) has been growing very rapidly in the recent past while international trade ceased being the principle mechanism linking national economies. It is rather the interlinkages of trade and FDI that influence the economic growth and welfare of countries in a global environment that undergoes continuous change. In this trend, the European Union (EU), plays a protagonist's role. Since 1985 we have witnessed a shift in the European Community (EC) from trade-policy-led to production-based integration. The unification of the EC marker was accompanied by a massive FDI inflow while intra-EC investment exhibited a spectacular increase with an unprecedented level of merger and acquisition activity. The EC periphery does not seem to be in position to partake in these dramatic changes in the area of international production. The heavy concentration of transnational activity in the central core of the European Union is in the center of many concerns voiced by the periphery. This paper addresses the above problem. First, the paper attempts to assess the extent and nature of the problem. Secondly, it looks into possible explanations on a cause and effect basis. Finally, the question is raised whether corporate integration supports regional integration in the EU in the absence of a comprehensive FDI policy.
1999
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/2365/1/002915_1.PDF
Pournarakis, Mike. (1999) "International Production and the Periphery of the European Union". In: UNSPECIFIED, Pittsburgh, PA. (Unpublished)
http://aei.pitt.edu/2365/
oai:aei.pitt.edu:2378
2011-02-15T22:22:30Z
7374617475733D756E707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:44303031303335:737077656C666172657374617465
7375626A656374733D44:44303035:69646F7067:69646F706768646F63
74797065733D636F6E666572656E63655F6974656D
“Advanced Welfare States in the International Economy: Vulnerabilities and Options”
Scharpf, Fritz W.
international economy
welfare state
historical development of EC (pre-1986)
The capitalist welfare state achieved its full development within the nearly closed national economies of the early postwar decades. After the rampant protectionism following the Great Depression, and after the complete breakdown of world markets in World War II, the restoration of international competition in the markets for industrial goods was a slow process, while agriculture and services remained largely protected, and capital markets tightly controlled in most countries. Behind these protective barriers, economically advanced democracies were finally free to exploit the economic efficiency of dynamic capitalism without having to accept its unequal distributional consequences, and they learned to control the recurrent crises that had been associated with unfettered international capitalism before World War One and, again, in the inter-war period.
1999
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/2378/1/002532_1.pdf
Scharpf, Fritz W. (1999) “Advanced Welfare States in the International Economy: Vulnerabilities and Options”. In: UNSPECIFIED, Pittsburgh, PA. (Unpublished)
http://aei.pitt.edu/2378/
oai:aei.pitt.edu:2730
2011-02-15T22:23:45Z
7374617475733D756E707562
7375626A656374733D44:44303032:44303032303039
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D636F6E666572656E63655F6974656D
"Competitive cooperation in the EU’s emergence as a strategic partner for the U.S. in the world political economy"
Smith, Michael.
international economy
EU-US
This paper attempts in a preliminary way to sketch some of the dimensions of changing EU/US economic relations during the late 1990s, with particular reference to the ability of the EU to forge coherent and credible bargains as the basis for cooperation. It has been argued by a number of commentators that the EU and the US constitute a potential strategic partnership or coalition in the international arena of the 1990s, and there is evidence that EU/US policy convergence could constitute one of the defining processes of the late 1990s. The paper constitutes an attempt more clearly to identify the questions arising from these coexisting processes and trends, and to relate them to a body of theory about the nature and implications of international cooperation. A central premise is that the complex combination of processes places a high premium on the evolution and adjustment of EU external policy strategies. The central question is to what extent can the EU function as a credible partner for the US at the strategic level in the world political economy?
1997
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/2730/1/002547_1.pdf
Smith, Michael. (1997) "Competitive cooperation in the EU’s emergence as a strategic partner for the U.S. in the world political economy". In: UNSPECIFIED, Seattle, WA. (Unpublished)
http://aei.pitt.edu/2730/
oai:aei.pitt.edu:2812
2011-02-15T22:24:02Z
7374617475733D756E707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:6575726F7065616E69736174696F6E6575726F7065616E697A6174696F6E6E6174696F6E616C6964656E74697479
74797065733D636F6E666572656E63655F6974656D
"The myth of Bretton Woods"
Andrews, David M.
international economy
europeanisation/europeanization & European identity
[This paper is] a discussion of the transformation of the international monetary system in the period immediately following the adoption of the Bretton Woods agreements. The Bretton Woods architects intended to fashion an international monetary order that would provide maximum autonomy for national economic policy, upending the priorities of the classical gold standard. This emphasis on national prosperity was reflected in the contemporary analyses of both Karl Polanyi and Ragnar Nurske each of whom argued that domestic economic stability needed to form the core of the new international economic system -a concept later termed "embedded liberalism" by John Rugge. But the system finally agreed at Bretton Woods was already considerably weaker and less coherent than the original plans of either John Maynard Keynes, the chief British negotiator of the accord, or Harry Dexter White, his American counterpart Disagreements within the Roosevelt administration resulted in a much more ambiguous formulation than either of the two original architects desired, particularly on the issue of control of capital movements. Soon the infant system faced challenges not only on this front but indeed on all its major postulates. Within a generation, the practices of "the Bretton Woods system" were so completely different from its founding precepts that even leading scholars had confused the two-and not just superficially.
2003
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/2812/1/079.pdf
Andrews, David M. (2003) "The myth of Bretton Woods". In: UNSPECIFIED, Nashville, TN. (Unpublished)
http://aei.pitt.edu/2812/
oai:aei.pitt.edu:2843
2011-02-15T22:24:11Z
7374617475733D756E707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D46:46303130
7375626A656374733D44:44303031:44303031303138:656C6D656D706C6F796D656E74756E656D706C6F796D656E74
7375626A656374733D44:44303032:676C6F62616C69736174696F6E676C6F62616C697A6174696F6E
7375626A656374733D44:44303031:706F6C69746963616C6166666169727331323334:70616666676F7665726E616E6365:70616666676F7665726E616E63657375626E6174696F6E616C726567696F6E616C2F7465727269746F7269616C
74797065733D636F6E666572656E63655F6974656D
"Employment programs in Ireland 1987-1999: National, sub-national and supra -national governance in a globalized political economy"
Boyle, Nigel.
Ireland
international economy
globalisation/globalization
employment/unemployment
subnational/regional/territorial
This paper examines how sovereignty is being reconfigured in the Irish political economy. The constitutive features of the "Celtic Tiger" are characterized as: (a) a strategically "competitive nationalism" focused on maximizing foreign direct investment, (b) a simultaneously internationalized and localized domestic governance regime centered on a European model of "competitive social partnership," and (c) a "flexible developmental state" that enjoyed "embedded autonomy." The conventional explanation of the Celtic Tiger focuses on the alliance between an insulated, technocratic state agency, the Industrial Development Authority, and multinational corporations. This paper examines the role of FAS, the Irish Training and Employment Authority, the agency responsible for active labor market policy. It identifies a crucial coalition between FAS, the European Commission and local/regional social entrepreneurs as the basis for an interventionist policy that has been critical to the success of the tiger economy. The parochial and highly responsive nature of Irish politics and the sovereignty-diffusing role of the EU can be seen to be the driving forces behind dramatic policy and institutional innovation.
2003
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/2843/1/094.pdf
Boyle, Nigel. (2003) "Employment programs in Ireland 1987-1999: National, sub-national and supra -national governance in a globalized political economy". In: UNSPECIFIED, Nashville, TN. (Unpublished)
http://aei.pitt.edu/2843/
oai:aei.pitt.edu:2851
2019-09-12T14:13:21Z
7374617475733D756E707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:656665636F6D6D65726365
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303039
74797065733D636F6E666572656E63655F6974656D
"Private governance and E-commerce: Triangular diplomacy and contested authority in the United States and European Union"
Cowles, Maria Green.
EU-US
international economy
e-commerce
The article begins by discussing the development and expansion of private governance theory and its broader conceptual framework. The second part of the article highlights the promotion of private authority in global ecommerce activities, and the creation of the Global Business Dialog on e-commerce (GBDc). The third section examines the GBDe's policies in the three key areas of consumer confidence: privacy policy, alternative dispute resolution, and trustmarks. The final section of the article reviews the case study in light of triangular diplomacy and contested authority, and discusses how our theoretical approaches to private governance and global governance in general need to be expanded to recognize the role of private actors in this sovereignty@bay world.
2003
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/2851/1/102.pdf
Cowles, Maria Green. (2003) "Private governance and E-commerce: Triangular diplomacy and contested authority in the United States and European Union". In: UNSPECIFIED, Nashville, TN. (Unpublished)
http://aei.pitt.edu/2851/
oai:aei.pitt.edu:6560
2011-02-15T22:43:11Z
7374617475733D756E707562
7375626A656374733D44:44303032:44303032303039
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D636F6E666572656E63655F6974656D
"The United States and the European Union: The politics of 'bi-multilateral' negotiations"
Smith, Michael
international economy
EU-US
The paper starts from the evident significance but also the problematical nature of bilateral EU-U.S. negotiations within the global political economy. It deals first with some of the issues raised by the multitude of negotiation processes that occur in and around EU-U.S. relations, and proposes some examples of the kinds of areas in which investigation might be centered. It also relates the enquiry in this paper to other approaches in the study of EU-U.S. relations, and argues for the benefits of a negotiation perspective. The second section attempts to clarify what is meant by "bi-multilateral" negotiations, and some of the questions this raises about the nature of negotiation processes and outcomes, in the light of the negotiation literature. This section goes on to pose a number of potential research questions dealing with the issues from the perspective of "bi-multilateral" negotiation. In particular, it points to the different ways in which bi-multilateral negotiations can occur: as pan of the construction or reconstruction of international regimes, as put of a designed and institutionalized process and as a result o£ "contagion" through which bilateral issues call into question multilateral processes. The final section of the [paper] briefly addresses the further development of the framework and the selection of case studies.
2003
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/6560/1/001511_1.pdf
Smith, Michael (2003) "The United States and the European Union: The politics of 'bi-multilateral' negotiations". In: UNSPECIFIED, Nashville, TN. (Unpublished)
http://aei.pitt.edu/6560/
oai:aei.pitt.edu:7007
2011-02-15T22:45:52Z
7374617475733D756E707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:44303031303335:737077656C666172657374617465
7375626A656374733D44:44303032:676C6F62616C69736174696F6E676C6F62616C697A6174696F6E
74797065733D636F6E666572656E63655F6974656D
"Globalization and the Western Welfare State. An Annotated Bibliography"
Rieger, Elmar
Leibfried, Stephart.
international economy
globalisation/globalization
welfare state
The present situation of Western European and North American societies offers a panorama marked by increasing disorder and institutional discontinuity. A crucial element in this disorder is the relationship between welfare state institutions and economic globalization. This relationship points to problems which afflict most central institutional domains of modern societies, but also to more disturbing issues like basic insecurities about values and political concepts, about the individual's position vis & vis society and political authority, and about the demarcation of different "spheres of justice". Here we are concerned with globalization and welfare states", a relationship in which all these insecurities are reflected -- and in which all this translates into conceptual and analytic problems and puzzles for the researcher. and this bibliography should provide a first orientation to anyone who begins to confront "globalization and the welfare state". What we have tried to gather together is "raw material". It may help to achieve a more complex and adequate understanding of today's welfare states and the international economic system. However, this bibliography is highly subjective -- perhaps even idiosyncratic --, and it is so for a simple reason. Our background is comparative welfare state research. Therefore we emphasize matters which are white spots in our intellectual world maps, like international relations theory and international political economy. "Hic sunt leones.' we hope that researchers from the 'international" research community will nevertheless find the bibliography useful for their own work.
1995
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/7007/1/rieger_elmar.pdf
Rieger, Elmar and Leibfried, Stephart. (1995) "Globalization and the Western Welfare State. An Annotated Bibliography". In: UNSPECIFIED, Charleston, South Carolina. (Unpublished)
http://aei.pitt.edu/7007/
oai:aei.pitt.edu:7017
2011-02-15T22:45:55Z
7374617475733D756E707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303039
7375626A656374733D46:466A6170616E
74797065733D636F6E666572656E63655F6974656D
"The European Union, the United States and Japan: Structure, Action and Interaction"
Smith, Michael.
EU-US
international economy
Japan
This paper is very much a preliminary stab at the further development of work already undertaken by the author on the external economic policies of the EU and the EU's role as an international actor. It arises from attempt to define the demand for external policy carried out through the EU and the ways in which a supply of such policy can be ensured through the different modes of EU policy formation and implementation. It focuses on the formation of EU policies within the 'triad' or the 'triangle' of EU/US/Japan relations, and assesses contrasting approaches to the structures, actions and interactions which characterise them. The conclusion is that conventional 'state-referential' or quasi-mercantilist notions of foreign economic policy in the EU context need to be viewed critically and in the light of a changing world economy best exemplified by the relations between the EU and its major industrial and commercial partners. As a consequence, a form of EU policy making based on complexity of structure, 'negotiated order, the 'capacity to interact' and a 'critical liberal institutionalist' awareness is advanced as a framework for further research and analysis.
1995
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/7017/1/smith_michael.pdf
Smith, Michael. (1995) "The European Union, the United States and Japan: Structure, Action and Interaction". In: UNSPECIFIED, Charleston, South Carolina. (Unpublished)
http://aei.pitt.edu/7017/
oai:aei.pitt.edu:7148
2011-02-15T22:46:37Z
7374617475733D756E707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:656661454D55454D536575726F
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303035:69646F7067:69646F706768646F63
74797065733D636F6E666572656E63655F6974656D
"Werner Report, EMS and EMU: Problems and Prospects of European Monetary Cooperation"
Kaelberer, Matthias.
international economy
EMU/EMS/euro
historical development of EC (pre-1986)
This paper seeks to explain the variance between success and failure of attempts to achieve monetary cooperation and integration in Western Europe. In its first two sections the paper develops six assumptions about international monetary behavior of states and the conditions for monetary cooperation among them. The first section argues that it is the distribution of power - defined as the ability to reduce or externalize the costs of international interdependence - that drives the monetary behavior of states. This general motive of states produces incentives as well as constraints for cooperation in monetary politics. The second section of this paper argues that it is the leadership of a single state that explains the variance of success and failure in monetary cooperation. The discussion in this section is based on a revised version of hegemonic stability theories, which emphasizes the role of the leader in manipulating the structural constraints incentives that states face in the issue area of monetary politics. It also stresses price stability as well as balance of payments position as power tools in the hands of the leader. Sections 3-5 analyze and compare the outcomes of three attempts at European monetary cooperation since 1970: the Werner Report (which remained unsuccessful), the EMS (which is widely viewed as a success of monetary cooperation) and the design for EMU in the Maastricht Treaty. These case studies trace the explanatory factors that can account for the variance in outcomes to the six assumptions that were developed in the conceptual sections of the paper. Overall, the paper concludes that a realist theory of the international political economy provides the necessary analytical tools to understand the patterns of international monetary policy.
1993
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/7148/1/002383_1.PDF
Kaelberer, Matthias. (1993) "Werner Report, EMS and EMU: Problems and Prospects of European Monetary Cooperation". In: UNSPECIFIED, Washington, DC. (Unpublished)
http://aei.pitt.edu/7148/
oai:aei.pitt.edu:7315
2011-02-15T22:47:32Z
7374617475733D756E707562
7375626A656374733D46:46303233
7375626A656374733D46:46303036
7375626A656374733D46:46303037
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666165636F6E6F6D6963706F6C696379
74797065733D636F6E666572656E63655F6974656D
"International Transmission of Shocks and Policies within the EU: The Spanish Case"
Ortega, Eva.
international economy
economic policy
France
Spain
Germany
In this paper I try to evaluate empirically the Spanish economic dependence on its EU neighbors during the last two decades. A Bayesian VAR is estimated to identify the links between their key macromagnitudes. I explore further the possibility that the relationships found were similar responses to common shocks with a number of reduced VARs. Evidence is found supporting the "locomotive" role of Germany with respect to France and to a lesser extent to Spain, due to a faster response to common shocks like shocks to oil prices, US gdp, and US short-term interest rates.
1995
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/7315/1/003003_1.pdf
Ortega, Eva. (1995) "International Transmission of Shocks and Policies within the EU: The Spanish Case". In: UNSPECIFIED, Charleston, South Carolina. (Unpublished)
http://aei.pitt.edu/7315/
oai:aei.pitt.edu:7463
2016-01-30T18:03:12Z
7374617475733D756E707562
7375626A656374733D46:46303236
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:656661454D55454D536575726F
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6566616D6F6E6574617279706F6C696379
7375626A656374733D44:44303035:69646F7067:69646F706768646F63
74797065733D636F6E666572656E63655F6974656D
"Hegemony without Motivation: Domestic Policy Priorities and the Management of Exchange Rate Stabilization"
Barkin, Samuel.
U.K.
international economy
monetary policy
EMU/EMS/euro
historical development of EC (pre-1986)
This article will first develop the concept of financial motivations, presenting first the relevant variables and then the logic suggesting why they should be linked. Then it will look at monetary policy behaviour in four international monetary systems; the gold standard at the beginning of this century, the gold exchange standard of the interwar period, the Bretton Woods system in the 1960s, and the European Exchange Rate Mechanism of the past decade. In each case, the behaviour of the core state in the monetary system will be examined, except in the interwar system, for which both British and American policy will be addressed, as both countries were crucial to the system. This set of cases represents the universe of major functioning market-driven exchange rate systems this century. The case studies will trace the relationship between financial motivation and monetary policy in these core countries. Finally, the conclusion will suggest some implications of these findings for the construction of new systems for exchange rate stabilization.
1995
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/7463/1/31735055277614.pdf
Barkin, Samuel. (1995) "Hegemony without Motivation: Domestic Policy Priorities and the Management of Exchange Rate Stabilization". In: UNSPECIFIED, Charleston, South Carolina. (Unpublished)
http://aei.pitt.edu/7463/
oai:aei.pitt.edu:7687
2011-02-15T22:49:31Z
7374617475733D756E707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:676C6F62616C69736174696F6E676C6F62616C697A6174696F6E
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65636F6E6F6D696366696E616E6369616C6166666169727362706561
7375626A656374733D44:44303031:44303031303130
74797065733D636F6E666572656E63655F6974656D
Supporting Industries in the Age of Globalization and Regionalization: State Aid in the European Union
Aydin, Umut.
international economy
globalisation/globalization
competition policy
business/private economic activity
[From the introduction]. Increasing mobility of capital pressures governments around the world to remain attractive locations for investment. In order to attract new firms or to maintain existing ones, governments at national and subnational levels offer various forms of subsidies to firms including direct grants, tax breaks, worker training credits and free land. Competition to attract footloose capital creates similar pressures for governments around the world, resulting in subsidy races that lead governments to bid against one another with growing subsidy packages. There is considerable variation, however, in the level and type of subsidies governments offer. Among European countries which are similarly situated in the global economy, for instance, Austria and the Netherlands provide subsidies for research and development, Portugal, France and Ireland focus on aiding specific manufacturing sectors, and Belgium and Italy stress regional assistance. What explains this variation in government support to businesses? In this paper, I argue that the mobility of capital in the economy and the domestic institutions and politics influence the level and type of subsidies offered by a government.
2007
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/7687/1/aydin%2Du%2D01d.pdf
Aydin, Umut. (2007) Supporting Industries in the Age of Globalization and Regionalization: State Aid in the European Union. In: UNSPECIFIED, Montreal, Canada. (Unpublished)
http://aei.pitt.edu/7687/
oai:aei.pitt.edu:7925
2011-02-15T22:51:02Z
7374617475733D756E707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666165636F6E6F6D6963706F6C696379
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666166697363616C706F6C696379
74797065733D636F6E666572656E63655F6974656D
European Fiscal Policy Coordination and the Persistent Myth of Stabilization
Jones, Erik.
international economy
fiscal policy
economic policy
[From the introduction]. Institutional and ideological influences are not as important as they might seem at first glance. Seen from Bologna, there are good reasons to doubt the mainstream critique of European macroeconomic governance. Probably the most important is the bias in the conventional wisdom against diversity, asymmetry, inequality, and difference. A close second is the weak scrutiny of realistic alternatives. It may be possible to make macroeconomic governance better it Europe, but the reverse is also true. We should be sure that what we have is broken before we try to fix it. The purpose of this paper is to present an alternative view. It is not a comprehensive argument. Rather it is a piecemeal attack on three of the building blocks in the conventional wisdom. Specifically, I am interested to examine the relationship between stabilization and adjustment; the prospects for fiscal stabilization; and the idea of international fiscal stabilization–by which I mean the timely transfer of fiscal resources to offset asymmetric economic performance across national economies within a common currency area like the euro-zone. My contention is that if we took a different view on these issues, we would find it hard to sustain the conventional wisdom and easy to see how suggestions for closer macroeconomic and fiscal policy coordination are likely to make matters worse.
2007
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/7925/1/jones%2De%2D09b.pdf
Jones, Erik. (2007) European Fiscal Policy Coordination and the Persistent Myth of Stabilization. In: UNSPECIFIED, Montreal, Canada. (Unpublished)
http://aei.pitt.edu/7925/
oai:aei.pitt.edu:8005
2011-02-15T22:51:31Z
7374617475733D756E707562
7375626A656374733D44:44303031:44303031303033
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303039
7375626A656374733D44:44303031:44303031727270
74797065733D636F6E666572656E63655F6974656D
Regulating Risk in a Global Economy: Law, Politics and the Struggle to Govern Genetically Modified Foods
Pollack, Mark A.
EU-US
regulations/regulatory policies
international economy
agriculture policy
[From the introduction]. In this book we investigate these challenges – regulating risk in a global economy – through the prism of the United States (US)-European dispute over the regulation of agricultural biotechnology, or, as more popularly known, genetically modified organisms (GMOs).7 The book addresses the interaction of domestic law and politics, transnational networks, international regimes, and global markets in this area. It starts by examining the US and European regulatory differences that gave rise to the conflict, examining the sources of the differences and their impact on the prospects for regulatory convergence or accommodation. It shows how conflicts arise when national regulations become barriers to international trade, and how they can become particularly bitter and intractable when, as in the case of GMOs, they concern the regulation of risk to society. It then addresses attempts to reconcile these differences through transnational networks and multilateral institutions – which have, as we shall see, enjoyed a record of at best mixed success over the past several decades. The US/EU dispute, and whether it can be resolved through deliberative networks or international regimes, matters profoundly, we argue, not just for those countries but for the rest of the world, whose regulation of genetically modified (GM) foods and crops is likely to be influenced by the outcome of the transatlantic conflict. In analyzing the ongoing struggle over the regulation of agricultural biotechnology, we draw upon, and seek to contribute to, rich literatures on politics and law, at both the domestic and international levels. At the domestic level, we ask why the US and EU systems for the regulation of GM foods and crops look as different as they do, and we survey theories of comparative politics that attribute differences in domestic regulation to differences in organized interests, political institutions, culture and ideas, and contingent events, respectively. We also ask about the development of the two regulatory systems over time, drawing on the historical institutionalist literature to understand the conditions under which different regulatory systems are subject to inertia or path-dependence, resisting pressures for change or displaying change only at the margins. We argue that the current “regulatory polarization” between the United States and the European Union cannot be traced to any single factor, but reflects the efforts of domestic interest groups advocating their preferences in specific institutional and cultural contexts, with a significant role played by contingent events on each side. The adoption of starkly different regulatory systems on each side of the Atlantic was not inevitable, we argue, but once these systems were in place, their subsequent development has been incremental, marginal, and path-dependent.
2007
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/8005/1/pollack%2Dm%2D10g.pdf
Pollack, Mark A. (2007) Regulating Risk in a Global Economy: Law, Politics and the Struggle to Govern Genetically Modified Foods. In: UNSPECIFIED, Montreal, Canada. (Unpublished)
http://aei.pitt.edu/8005/
oai:aei.pitt.edu:8058
2011-02-15T22:51:51Z
7374617475733D756E707562
7375626A656374733D46:46303234
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D45:45303037
7375626A656374733D44:44303031:44303031303230
7375626A656374733D44:44303031:44303031303138:656C6D656D706C6F796D656E74756E656D706C6F796D656E74
7375626A656374733D41:41303239
7375626A656374733D44:44303031:706F6C69746963616C6166666169727331323334:7061666664656D6F637261637964656D6F63726174696364656669636974
7375626A656374733D44:44303031:6575726F7065616E69736174696F6E6575726F7065616E697A6174696F6E6E6174696F6E616C6964656E74697479
7375626A656374733D44:44303032:676C6F62616C69736174696F6E676C6F62616C697A6174696F6E
74797065733D636F6E666572656E63655F6974656D
Enclaves within the State: Internationalisation and democracy in the Swedish public administration
Vifell, Asa.
GATT/WTO
europeanisation/europeanization & European identity
international economy
employment/unemployment
Sweden
integration theory (see also researching and writing the EU in this section)
democracy/democratic deficit
globalisation/globalization
environmental policy (including international arena)
As states are becoming more embedded in complex structures of international and transnational governance tangible effects are being seen in terms of the adjustment of the national administrations coping with international decision making processes. The national adjustment can be seen, not only in terms of formal regulation being made outside the state, which has been the focus of most studies of Europeanization and internationalisation, but also in terms of changed practices among the state actors. This paper focuses on the demands placed on national administrations while participating in international decision making. The paper defines the concept of enclaves as more theoretically founded and empirically adequate than common concepts of networks and policy communities often used to describe international cooperation. Parts of the national administration become embedded in transnational context and follow the rules and working procedures seen as legitimate there. The closest colleagues are those from other member states and international organisations. At the same time they get partly detached from the national level and become enclaves in the national administration. The paper investigates the case of the Swedish public administration and its participation in negotiations: on climate change (UN), employment policy (EU) and trade facilitation (WTO). A theoretical framework, combining theories of governance with more explanatory theories on decision making, is applied to the three empirical cases. The second aim of the study concerning democratic legitimacy is carried out through a number of indicators derived from the deliberative and the representative models of democracy.
2007
Conference or Workshop Item
NonPeerReviewed
application/pdf
http://aei.pitt.edu/8058/1/vifell%2Da%2D08j.pdf
Vifell, Asa. (2007) Enclaves within the State: Internationalisation and democracy in the Swedish public administration. In: UNSPECIFIED, Montreal, Canada. (Unpublished)
http://aei.pitt.edu/8058/
oai:aei.pitt.edu:8100
2011-02-15T22:52:07Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D776F726B696E677061706572
La dimensión internacional de la UE: Delimitación y alcance de las competencias económicas. = The international dimension of the EU: Definition and scope of economic competence. Jean Monnet/Robert Schuman Paper Series, Vol. 2 No.4, April 2003
Navarrete, Donato Fernández.
international economy
(From the introduction). Las relaciones económicas externas de la Unión Europea (UE) son tan amplias y complejas como difíciles de abordar. La Comunidad Europea (CE) es la primera área comercial de bienes y servicios del mundo y también desempeña un papel similar en las inversiones externas. La complejidad que presenta el estudio de las relaciones externas de la UE deriva, principalmente, de dos factores: en primer lugar, de la confusa regulación que el Tratado de la Comunidad (TCE) hace de los acuerdos internacionales que presenta, bajo denominaciones comunes –caso de los de asociación– , acuerdos que tienen objetivos y contenidos muy diferentes; y en segundo lugar, de la falta de claridad de las competencias que corresponden al ámbito comunitario y las que continúan en poder de los estados miembros. Este trabajo pretende sistematizar y encuadrar las competencias económicas externas de la UE en el momento actual y al hilo de las mismas, las relaciones que se derivan frente a terceros países. Es obvio que en los próximos años se van a producir alteraciones de importancia como consecuencia de la Constitución Europea que actualmente se está debatiendo –la cual previsiblemente entrará en vigor en el año 2004– pero, entre tanto, el panorama que tenemos es el que trato de exponer en lo que sigue.
2003-04
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/8100/1/donatofinal.pdf
Navarrete, Donato Fernández. (2003) La dimensión internacional de la UE: Delimitación y alcance de las competencias económicas. = The international dimension of the EU: Definition and scope of economic competence. Jean Monnet/Robert Schuman Paper Series, Vol. 2 No.4, April 2003. [Working Paper]
http://aei.pitt.edu/8100/
oai:aei.pitt.edu:8149
2011-02-15T22:52:27Z
7374617475733D707562
7375626A656374733D44:44303031:443030316C61776C6567616C61666661697273
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303230
7375626A656374733D44:44303032:676C6F62616C69736174696F6E676C6F62616C697A6174696F6E
7375626A656374733D44:44303031:44303031303431
74797065733D776F726B696E677061706572
International Air Transport Agreements and Regionalism: The Impact Of The European Union Upon The Development Of International Air Law. Jean Monnet/Robert Schuman Paper Series Vol. 5 No. 20, July 2005
de Mestral, A.L.C.
Bashor, H.
international economy
regionalism, international
globalisation/globalization
transport policy
law & legal affairs-general (includes international law)
[From the introduction]. There is currently a strong trend in the international market towards increased liberalization of the air transport sector. This trend is gaining momentum worldwide; Dempsey and Gesell explain: “Although nationalism remains an issue with most countries, global market forces, aided by U.S. policy, are moving the industry closer to an open skies policy.” (2) In addition to U.S. policy, the European Union’s (EU) widereaching developments in the industry are also a driving force that must be recognized; arguably, in recent years, pressure from the EU has taken over from the United States as the driving force for change. Globalization, integration, and regionalization of international economies are thus challenging the traditional approach to regulation of this vital sector, a sector which is experiencing rapid transformation and reform. Due to recent developments in air transport services such as “open skies” agreements between governments, commercial alliances between international carriers, and increased attention to the promotion of free competition, the world appears to be evolving into one global air traffic market. In many important ways the driving force behind this change is the EU. The impact of the pressure from the EU is not only felt by its major partners such as the United States but arguably this pressure from the most important regional grouping in the world is having an impact on other regional arrangements. This pressure from the EU is also making itself felt in the world of international air transport law. Ultimately it will also be felt in the multilateral trade law arena.
2005-07
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/8149/1/demestralandbashorfinal.pdf
de Mestral, A.L.C. and Bashor, H. (2005) International Air Transport Agreements and Regionalism: The Impact Of The European Union Upon The Development Of International Air Law. Jean Monnet/Robert Schuman Paper Series Vol. 5 No. 20, July 2005. [Working Paper]
http://aei.pitt.edu/8149/
oai:aei.pitt.edu:8205
2011-02-15T22:52:48Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:656661454D55454D536575726F
7375626A656374733D44:44303032:44303032303039
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D706F6C6963797061706572
Global Euro: Testing Times for Transatlantic Ties? EUMA Papers, Vol. 4 No. 9, April 2007
Campanella, Miriam L.
international economy
EU-US
EMU/EMS/euro
Theories of international cooperation (TIC) predict that deeper economic integration raises the costs of policy conflicts and promotes coordination. As the US-EU economy makes up 60 per cent of the world GDP, policymakers on the two sides of the Atlantic are expected to assign highest priority to joint policy action. Angela Merkel‘s resumption of TAFTA with the objective of fixing some regulatory issues, offers comfort to TIC’s tenets. Though, the correction of the global imbalances and especially the huge US external deficit does not add as much of comfort to TIC’s tenets. A likely overshooting of dollar’s exchange rate vis-à-vis the euro will bring huge consequences on euro zone economies. While TIC’s supporters would call for transatlantic mechanism to arbitrate and coordinate monetary policy to offset potentially huge spillover effects, this paper would suggest EMU institutions to prepare for exchange rate shock adopting a policy of risk management, rather than banking on implausible transatlantic coordination.
2007-04
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/8205/1/Campanella%2DGlobal%20Euro%20ties%2DEUMA.pdf
Campanella, Miriam L. (2007) Global Euro: Testing Times for Transatlantic Ties? EUMA Papers, Vol. 4 No. 9, April 2007. [Policy Paper]
http://aei.pitt.edu/8205/
oai:aei.pitt.edu:8326
2011-02-15T22:53:22Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:676C6F62616C69736174696F6E676C6F62616C697A6174696F6E
74797065733D706F6C6963797061706572
Global Imbalances: Time for Action. Bruegel policy brief 2007/02, March 2007
Ahearne, Alan
Cline, William R.
Lee, Kyung Tae
Park, Yung Chul
Pisani-Ferry, Jean
Williamson, John.
international economy
globalisation/globalization
Summary. Policymakers in the US, Asia and Europe should not wait until financial markets force adjustment in the large imbalances in global current account positions. Although multilateral consultations organised by the IMF began in Summer 2006, they have yet to be followed by policy actions. The current stalemate is dangerous, as market participants are likely to change their minds at some stage about the sustainability of imbalances. Indications that the main players are able to agree on the direction of desirable domestic policy changes and are willing to accept the exchange rate implications of global current account adjustment would help make this adjustment orderly. The time for action is now.
2007-03
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/8326/1/PB200702_Global.pdf
Ahearne, Alan and Cline, William R. and Lee, Kyung Tae and Park, Yung Chul and Pisani-Ferry, Jean and Williamson, John. (2007) Global Imbalances: Time for Action. Bruegel policy brief 2007/02, March 2007. [Policy Paper]
http://aei.pitt.edu/8326/
oai:aei.pitt.edu:8328
2011-02-15T22:53:23Z
7374617475733D707562
7375626A656374733D44:44303031:706F6C69746963616C6166666169727331323334:70616666676F7665726E616E6365
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:706F6C69746963616C6166666169727331323334:706166666C65676974696D616379
74797065733D706F6C6963797061706572
Global Governance: An Agenda for Europe. Bruegel policy brief 2006/07, December 2006
Ahearne, Alan
Pisani-Ferry, Jean
Sapir, Andre
Veron, Nicolas.
governance: EU & national level
international economy
legitimacy
Summary. The system of multilateral rules and institutions that is currently responsible for global economic governance is in a sorry state. In the coming months, Europe will be faced with important decisions about the future of this system. The EU should not wait before proposing and initiating reforms. Europe has a large stake in the multilateral system and has considerable experience in designing effective institutions, making it well placed to lead a reform agenda. Moreover, the legitimacy of the EU in the eyes of its citizens depends on its ability to tackle the big issues that really matter for the future of the global economy.
2006-12
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/8328/1/PB2006_07GlobalGovernance.pdf
Ahearne, Alan and Pisani-Ferry, Jean and Sapir, Andre and Veron, Nicolas. (2006) Global Governance: An Agenda for Europe. Bruegel policy brief 2006/07, December 2006. [Policy Paper]
http://aei.pitt.edu/8328/
oai:aei.pitt.edu:8335
2011-02-15T22:53:25Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D706F6C6963797061706572
Global Current Account Imbalances: How to Manage the Risk for Europe. Bruegel policy brief 2005/02, December 2005
Ahearne, Alan
Von Hagen, Jurgen.
international economy
capital, goods, services, workers
Summary. The evolution of global current account imbalances, especially the huge and growing US current account deficit, has been the most alarming global economic development in recent years. So far, European policymakers seem to have watched the growing imbalances without much concern, in the hope that the EU will be largely unaffected by the inevitable correction of the US external deficit. This apparent complacency is unwarranted. Europe may not be part of the global current account problem, but it is bound to be part of the solution. The US current account deficit must narrow eventually and this process will almost certainly involve a significant depreciation in the dollar. The more stubbornly Asian countries refuse to adjust their exchange rates and current account surpluses, the larger will be the appreciation of the euro and the resulting deterioration in the euro area’s current account balance. The sharper the adjustment and the larger the share of this adjustment that falls on Europe, the greater the risk of deflationary pressures and a severe recession in the euro area.
2005-12
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/8335/1/PB200502_Global_Current.pdf
Ahearne, Alan and Von Hagen, Jurgen. (2005) Global Current Account Imbalances: How to Manage the Risk for Europe. Bruegel policy brief 2005/02, December 2005. [Policy Paper]
http://aei.pitt.edu/8335/
oai:aei.pitt.edu:8353
2018-01-30T17:38:08Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65636F6E6F6D696366696E616E6369616C6166666169727362706561
74797065733D706F6C6963797061706572
The Happy Few: The internationalisation of European firms. New facts based on firm-level evidence. Bruegel blueprint series, Volume 3, November 2007
Mayer, Thierry
Ottaviano, Gianmarco I.P.
international economy
business/private economic activity
[From the foreword]. What are the features of European firms that successfully compete in international markets? To what extent do they contribute to productivity and employment? What are the policies that can improve a nation’s foreign trade performance? What policies can promote the participation of other European firms that are currently excluded from international markets? Which are the gains and the adjustments involved in reducing barriers to trade and foreign direct investment (FDI)? What policies can best maximise gains and smooth adjustments? While these questions are best treated using firm-level trade and FDI data, until very recently various constraints on data availability and data processing prevented policy researchers from looking at the firm-level evidence. That has begun to change. To take advantage of this, Bruegel and the Centre for Economic Policy Research (CEPR) have joined forces to establish a network of European research teams working on firm-level data and international issues. The network is called EFIM, short for European Firms and International Markets.
Pisani-Ferry, Jean.
2007-11
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/8353/1/blueprint3_EFIM.pdf
Mayer, Thierry and Ottaviano, Gianmarco I.P. (2007) The Happy Few: The internationalisation of European firms. New facts based on firm-level evidence. Bruegel blueprint series, Volume 3, November 2007. [Policy Paper]
http://aei.pitt.edu/8353/
oai:aei.pitt.edu:8400
2020-02-16T19:59:54Z
7374617475733D707562
7375626A656374733D44:44303032:44303032303232
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303039
7375626A656374733D46:46303334
7375626A656374733D44:44303032:44303032303136:4430303230313645617374536F7574686561737441736961
7375626A656374733D44:44303032:44303032303136:44303032303136536F75746841736961
7375626A656374733D44:44303032:44303032303032
74797065733D706F6C6963797061706572
Can Multilateralism Survive the Rise of the BRICs? Bruegel Third-Party Papers, July 2005
Pisani-Ferry, Jean.
common foreign & security policy 1993--European Global Strategy
EU-US
East and Southeast Asia
South Asia
EU-Latin America
international economy
Russia
This note briefly addresses the issues raised by the rise of the BRICs and their implications for US-EU discussions. Section 1 deals with the economic shock. Section 2 addresses the challenges to multilateralism. Section 3 concludes by raising issues for discussion.
2005-07
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/8400/1/EN_Can_Multilateralism_Survive_the_Rise_of_the_BRICs.pdf
Pisani-Ferry, Jean. (2005) Can Multilateralism Survive the Rise of the BRICs? Bruegel Third-Party Papers, July 2005. [Policy Paper]
http://aei.pitt.edu/8400/
oai:aei.pitt.edu:8407
2011-02-15T22:53:50Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:656661454D55454D536575726F
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D776F726B696E677061706572
European Perspectives on Global Imbalances. Bruegel Working Papers, 2006/01, July 2006
Ahearne, Alan
von Hagen, Jurgen.
international economy
EMU/EMS/euro
Alan Ahearne and Jürgen von Hagen explore the options European policy makers have in the context of global current account imbalances. Some Europeans are concerned that a disproportionately large burden of adjustment will fall on Europe when the European economy is not flexible enough to cope with a substantial appreciation of the euro. This paper was prepared for the Asia Europe Economic Forum conference in Beijing, 13-14 July 2006.
2006-07
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/8407/1/WP200601AAandJVH.pdf
Ahearne, Alan and von Hagen, Jurgen. (2006) European Perspectives on Global Imbalances. Bruegel Working Papers, 2006/01, July 2006. [Working Paper]
http://aei.pitt.edu/8407/
oai:aei.pitt.edu:8409
2011-02-15T22:53:52Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D776F726B696E677061706572
The Accidental Player: The EU and the Global Economy. Bruegel Working Papers, November 2005
Pisani-Ferry, Jean.
international economy
Paper prepared for a lecture at the Indian Centre for Research on International Economic Relations in New Delhi, 25 November 2005. Jean Pisani-Ferry says that while the US exercises leadership over the entire scope of international economic relations, Europe can be characterised as an ‘accidental player’ whose international behaviour lacks consistency.
2005-11
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/8409/1/Accidental_Player.pdf
Pisani-Ferry, Jean. (2005) The Accidental Player: The EU and the Global Economy. Bruegel Working Papers, November 2005. [Working Paper]
http://aei.pitt.edu/8409/
oai:aei.pitt.edu:8987
2014-10-14T16:41:48Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:676C6F62616C69736174696F6E676C6F62616C697A6174696F6E
74797065733D706F6C6963797061706572
Global Governance: The Next Frontier. Egmont Paper, no. 2, April 2004
Coolsaet, Rik,
Arnould, Valerie.
international economy
globalisation/globalization
In the past two decades, globalisation has proven to be not just economic. It is also a political, a cultural and a security phenomenon. Our collective ability to handle all these challenges has not progressed at the same pace as globalisation itself. Today’s rules, instruments and institutions are often inadequate and ineffective to tackle the scale of our challenges, new and old together. Notwithstanding this, serious talk about global governance has been scarce. The very word is sometimes judged divisive. Moreover, after 9/11 world attention seemed to turn to the sole issue of the combat of the threat of terrorism. Global governance suddenly seemed out of sync with today’s anxieties. But neglecting global issues today, spells trouble for tomorrow. No future is inevitable. Ultimately, our kind of future depends on the kind of choices that we are making – or not making – today. The Royal Institute for International Relations set up an informal working group with the aim of drafting an overall concept of global governance. This resulted in ‘Global Governance: The Next Frontier’. Its main aim was to rephrase the debate about global issues by using an alternative umbrella concept. This will help shake up the policy debate, get people to think afresh about these issues and hopefully tie in with some of the creative thinking from the very beginning of the post-Cold War era, that lead to various recommendations many of which still remain valid. ‘Global Governance: The Next Frontier’ rephrases the debate in two distinct ways. First, by equating the functions of governance at the global level with similar functions of governance at the domestic level, thus linking the national society we are all living in with the international community that has to be forged. Secondly, by equating the notion of global governance to that of core global public goods.
2004
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/8987/1/ep2.U561.pdf
Coolsaet, Rik, and Arnould, Valerie. (2004) Global Governance: The Next Frontier. Egmont Paper, no. 2, April 2004. [Policy Paper]
http://aei.pitt.edu/8987/
oai:aei.pitt.edu:9150
2011-02-15T22:59:14Z
7374617475733D707562
7375626A656374733D46:46303036
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:676C6F62616C69736174696F6E676C6F62616C697A6174696F6E
74797065733D776F726B696E677061706572
France, globalization and global protectionism. CES Working Paper, no. 71, 2001
Meunier, Sophie.
international economy
globalisation/globalization
France
In spite of its mercantilist past, France has reluctantly converted to market liberalism and trade liberalization, both as the unintended by-product of European integration and as a conscious effort by policy-makers. As a result, we should expect France to break free from the traditionally protectionist demands of special interests and instead promote a more open international trade agenda. Nevertheless, the dominant political debate in France today centers precisely on the issue of how much control the nation should retain over its borders. This article analyzes why the theme of “globalization” has met with such a resonance in French public opinion and why France has taken the international lead in fighting the spread of globalization. I argue that the apparent paradox of the French discourse on trade highlights a general shift in the dominant paradigm of trade politics worldwide. The trade debate no longer rests on the traditional openness vs. protectionist dichotomy, but has been recast as Anglo-Saxon globalization vs. preservation of national and cultural identity. The novel features of this new protectionism are, first, that it transcends traditional political cleavages and, second, that it claims to be protecting the interests of the nation as a whole (if not humankind), instead of the special interest of small groups. I call this “global protectionism.” This article first traces the evolution of the anti-globalization discourse in French politics. It then focuses on international factors and on French domestic explanations to account for the extraordinary appeal of the anti-globalization agenda in France. Finally, this article analyzes the potential of the antiglobalization theme for reshaping the domestic political landscape, the course of European integration, and the world political economy.
2001
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/9150/1/Meunier.pdf
Meunier, Sophie. (2001) France, globalization and global protectionism. CES Working Paper, no. 71, 2001. [Working Paper]
http://aei.pitt.edu/9150/
oai:aei.pitt.edu:9297
2015-08-05T19:39:24Z
oai:aei.pitt.edu:9318
2019-12-29T18:19:24Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303039
7375626A656374733D44:44303031:44303031303139
74797065733D776F726B696E677061706572
The US Housing Bust and Soaring Oil Prices: What next for the world economy? CEPS Working Document No. 294/June 2008
Gros, Daniel.
Frale, Cecilia.
energy policy (Including international arena)
EU-US
international economy
This paper estimates the impact of the ongoing housing bust and oil price boom on the US and European economies. It finds that large house price movements (changes in construction investment) are useful to predict exceptionally bad and good times for the US economy, but not for most large European countries. In Europe housing market developments have led to extreme values of GDP, mainly in the UK, Spain and some Nordic countries. Exceptionally good or bad times are defined as realisations of the output gap (the difference between actual and trend GDP) that fall in the % tail of the distribution. Our definition of a ‘bad time’ thus does not necessarily imply a recession, which is officially defined as two consecutive quarters of falling GDP (and employment). A prolonged period of sub par growth could also lead to an equivalent output gap. Our model allows us to estimate the probability of the US and European economies experiencing exceptionally bad times. We find that the probability for the US is over 50% if one assumes that house prices will continue to fall throughout 2008. Adding the high oil price to the picture increases this probability to over 80%. For most European countries we find a much lower probability; except for Spain, where the probability of a large output gap will rise to over 85 % by the end of 2008 if house prices were to fall as much as in the US.
2008-06
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/9318/2/9318.pdf
Gros, Daniel. and Frale, Cecilia. (2008) The US Housing Bust and Soaring Oil Prices: What next for the world economy? CEPS Working Document No. 294/June 2008. [Working Paper]
http://aei.pitt.edu/9318/
oai:aei.pitt.edu:9505
2012-04-06T17:18:30Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:44303031303335:737077656C666172657374617465
74797065733D6F74686572
Scenarios for Global Ageing: An Investigation with the INGENUE 2 World Model. ENEPRI Research Reports No. 9, 1 July 2005
Aglietta, Michel
Borgy, Vladimir
Chateau, Jean.
international economy
welfare state
This paper explores the consequences of pension reforms in Western Europe in a world economy setting. Whereas various economic and social consequences of population ageing have been investigated in OECD countries, very few analyses have explicitly taken the worldwide aspect of the problem into account. In order to do so, this report relies on the latest version of the INGENUE World Model (2). This applied, international, overlapping-generations, general-equilibrium model of the world economy has been built specifically to analyse the international capital flows and growth dynamics induced by the different degrees of population ageing taking place in the various regions of the world. After a description of the major features of the baseline scenario of the model for the world economy over the next 50 years, the authors explore the domestic and international macroeconomic consequences of two scenarios of pension reform in Western Europe as well as their intergenerational distributional effects. These scenarios are then compared with a specific migration scenario, making use of the new features of the INGENUE 2 model.
2005-07
Other
NonPeerReviewed
application/pdf
http://aei.pitt.edu/9505/2/9505.pdf
Aglietta, Michel and Borgy, Vladimir and Chateau, Jean. (2005) Scenarios for Global Ageing: An Investigation with the INGENUE 2 World Model. ENEPRI Research Reports No. 9, 1 July 2005. UNSPECIFIED.
http://aei.pitt.edu/9505/
oai:aei.pitt.edu:9532
2012-04-06T15:53:54Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:44303031303230
74797065733D6F74686572
Testing Global Sectoral Industry Approaches to Address Climate Change: Interim report of a CEPS Task Force. CEPS Task Force Reports, 4 December 2007
Egenhofer, Christian
Fujiwara, Noriko
Stigson, Bjorn.
international economy
environmental policy (including international arena)
Successful global sectoral industry approaches could become an effective means of broadening the range of contributions by all parties to greenhouse gas reductions, and of addressing competitiveness concerns in trade-exposed industries. This report puts these two hypotheses to the test and identifies the key requirements for global sectoral industry approaches to work. The analysis is based on ongoing work within a CEPS multi-stakeholder Task Force on “Sectoral industry approaches to address climate change”, supported by the Cement Sustainability Initiative (CSI) of the World Business Council for Sustainable Development. The Final Report will be published in spring 2008.
2007-12
Other
NonPeerReviewed
application/pdf
http://aei.pitt.edu/9532/2/9532.pdf
Egenhofer, Christian and Fujiwara, Noriko and Stigson, Bjorn. (2007) Testing Global Sectoral Industry Approaches to Address Climate Change: Interim report of a CEPS Task Force. CEPS Task Force Reports, 4 December 2007. UNSPECIFIED.
http://aei.pitt.edu/9532/
oai:aei.pitt.edu:9582
2014-04-08T15:13:16Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D45:45303034
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D706F6C6963797061706572
Will the current crisis trigger a revival of the IMF? Bruegel Policy Contribution 2008/06, November 2008
Pisani-Ferry, Jean.
international economy
capital, goods, services, workers
IMF
[From the Introduction]. As recently as a few weeks ago, a widely held view was that the IMF had lost its relevance in a world of increasingly free capital mobility where the financing needs of more and more developing countries were covered by capital markets. At the same time its legitimacy was at stake as a large part of the developing world openly questioned the sincerity of its advice and the structure of its governance. Even the governor of the Bank of England, Mervyn King, echoed the queries, commenting that “the Fund’s remit is unclear. Its lending activities have waned, and its role in the international monetary system is obscure” (King, 2006). Suddenly, however, calls for a “new Bretton Woods” have again put the Fund at the centre of the discussions on the reform of global financial and monetary arrangements. This note discusses the main challenges it faces and some options for reform1. Its main conclusion is that while the financial crisis and the revival of international cooperation put an end to existential questioning about the future of the Fund, it is unlikely to recapture the central role it once had and must rather adapt to a fragmented and changing landscape.
2008-10
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/9582/1/IMF%2Dfuture%2DPC%2D0ct%2D2008%2D1.pdf
Pisani-Ferry, Jean. (2008) Will the current crisis trigger a revival of the IMF? Bruegel Policy Contribution 2008/06, November 2008. [Policy Paper]
http://aei.pitt.edu/9582/
oai:aei.pitt.edu:9593
2013-11-03T03:08:37Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666167656E6572616C
7375626A656374733D46:46303332
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303031
7375626A656374733D44:44303033:44303033303032
7375626A656374733D44:44303032:443030324575726F7065616E4E65696768626F7572686F6F64506F6C696379
74797065733D776F726B696E677061706572
Political Dimensions of an Externalization of the EU’s Internal Market. College of Europe EU Diplomacy Paper 3/2007, June 2007
Gstöhl, Sieglinde.
EU-EFTA/EEA
European Neighbourhood Policy
international economy
enlargement
Turkey
general
This paper takes stock of the European Union's attempts to 'externalize' its internal market and examines the political dimensions of this strategy. It shows that the policies, polity and politics of third countries' involvement with the internal market vary considerably. The 'export' of internal market norms is most extensive in the EU's neighbourhood such as the European Economic Area, the EU-Turkey customs union, the European Neighbourhood Policy or the Stabilization and Association Process. The author argues that the broader, the more institutionalized and acquis-based the relationship between the Union and a third country, the more likely it constitutes a deep, dynamic and tight form of cooperation which, as a consequence, is likely to raise legitimacy concerns for the EU's partners. These concerns for input legitimacy may only partially and in the short to medium term be balanced by increased output legitimacy.
2007-06
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/9593/1/EDP_3%2D2007_Gst%C3%B6hl.pdf
Gstöhl, Sieglinde. (2007) Political Dimensions of an Externalization of the EU’s Internal Market. College of Europe EU Diplomacy Paper 3/2007, June 2007. [Working Paper]
http://aei.pitt.edu/9593/
oai:aei.pitt.edu:9597
2020-02-16T20:01:53Z
7374617475733D707562
7375626A656374733D44:44303032:44303032303232
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D46:46303334
7375626A656374733D44:44303032:44303032303136:4430303230313645617374536F7574686561737441736961
7375626A656374733D44:44303032:44303032303136:44303032303136536F75746841736961
7375626A656374733D44:44303032:676C6F62616C69736174696F6E676C6F62616C697A6174696F6E
74797065733D776F726B696E677061706572
Europe and Global Economic Governance. College of Europe EU Diplomacy Paper 2/2008, February 2008
Padoan, Pier-Carlo.
East and Southeast Asia
South Asia
EU-Latin America
international economy
Russia
globalisation/globalization
All long-term scenarios confirm that over the next fifteen to twenty years, Europe’s relative economic weight will shrink as that of new emerging economies – Brazil, Russia, India, and China (the so-called BRICS) – rises. On the one hand, this is a positive development insofar as it adds new engines to world growth, but on the other hand, imbalances are now appearing in energy markets, environmental sustainability, and financial stability. One of the major consequences of globalization is the growing interconnection among markets and, consequently, the growing interdependence of the four main international economic policies: in trade, in competition, in the supervision and regulation of international financial markets, and in monetary relations. With the exception of Europe, leading players of the global system are sovereign states, including the BRICS, for which the policy coordination issue arises only in terms of national interest and national institutions. However, the EU’s external economic policy still bears a problem of dysfunctional governance. If this issue is not addressed properly, an unavoidable consequence is a loss of European influence over the management of international economic relations.
2008-02
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/9597/1/EDP_2_2008.Padoan.pdf
Padoan, Pier-Carlo. (2008) Europe and Global Economic Governance. College of Europe EU Diplomacy Paper 2/2008, February 2008. [Working Paper]
http://aei.pitt.edu/9597/
oai:aei.pitt.edu:9599
2011-02-15T23:02:00Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D776F726B696E677061706572
Playing Three-Level Games in the Global Economy. Case Studies from the EU. College of Europe EU Diplomacy Paper 4/2008, May 2008
Constantinou, Chrysanthos
Carello Moix, Paula Irene
Glaser, Michael
Gusačenko, Irena
Marangoni, Anne-Claire
Kosremelli, Sandra
Leaver, Ellen Raine
Serar, Alice.
international economy
The case studies in this paper are a selection of essays that have been written in the framework of the compulsory first-semester course The EU in a Global Political Economy Context, taught by Professor Sieglinde Gstöhl, in the academic year 2007-2008 in the EU International Relations and Diplomacy Studies programme at the College of Europe. They all address recent cases of two- or three-level games played by the European Union in different policy fields of the global economy (reflecting the state of affairs at the end of 2007).
Bonvicini, Davide.
2008-05
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/9599/1/EDP_4_2008.Bonvicini.pdf
Constantinou, Chrysanthos and Carello Moix, Paula Irene and Glaser, Michael and Gusačenko, Irena and Marangoni, Anne-Claire and Kosremelli, Sandra and Leaver, Ellen Raine and Serar, Alice. (2008) Playing Three-Level Games in the Global Economy. Case Studies from the EU. College of Europe EU Diplomacy Paper 4/2008, May 2008. [Working Paper]
http://aei.pitt.edu/9599/
oai:aei.pitt.edu:10632
2011-02-15T23:09:44Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
74797065733D706F6C6963797061706572
The International agenda: immediate priorities and longer-term challenges. Remarks at the Asian Development Bank Institute Annual Conference, Tokyo, 5 December 2008. Bruegel Policy Contribution 2008/07, 16 December 2008
Pisani-Ferry, Jean.
international economy
financial crisis 2008-on/reforms/economic governance
This policy contribution comprises Jean Pisani-Ferry's remarks made at the Asian Development Bank Institute Annual Conference. For him, the challenge policymakers are facing, is to not to waste time before addressing the urgent tasks ahead of them and not to lose the momentum for reform created by the crisis. The sense of urgency and commonality should not be lost.
2008-12
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/10632/1/pc_161208_abdi.pdf
Pisani-Ferry, Jean. (2008) The International agenda: immediate priorities and longer-term challenges. Remarks at the Asian Development Bank Institute Annual Conference, Tokyo, 5 December 2008. Bruegel Policy Contribution 2008/07, 16 December 2008. [Policy Paper]
http://aei.pitt.edu/10632/
oai:aei.pitt.edu:10665
2011-02-15T23:09:53Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
74797065733D706F6C6963797061706572
Reshaping the global economy. Bruegel Policy Contribution 2009/04, March 2009
Pisani-Ferry, Jean
Santos, Indhira.
international economy
financial crisis 2008-on/reforms/economic governance
Jean Pisani-Ferry and Indhira Santos observe that the crisis and the national responses to it have started to reshape the global economy. But beyond the specifics of shock transmission, the crisis has also exposed that, in spite of regional integration and the emergence of new economic powers, the global economy lacks resilience. The authors explain how they believe the international community could build a stronger and more legitimate globalised governance out of the crisis.
2009-03
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/10665/1/pc_reshaping_economy_030409%2D1.pdf
Pisani-Ferry, Jean and Santos, Indhira. (2009) Reshaping the global economy. Bruegel Policy Contribution 2009/04, March 2009. [Policy Paper]
http://aei.pitt.edu/10665/
oai:aei.pitt.edu:10666
2011-02-15T23:09:53Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D45:45303033
7375626A656374733D44:44303032:676C6F62616C69736174696F6E676C6F62616C697A6174696F6E
74797065733D706F6C6963797061706572
International governance-is the G20 the right forum? Bruegel Policy Contribution 2009/05, March 2009
Pisani-Ferry, Jean.
international economy
globalisation/globalization
G7/G8/G20
Jean Pisani-Ferry puts forward the idea that the G20 is a significantly less suitable forum for discussion of regulatory matters than of macroeconomic issues and their implications for the institutions of global governance. While it is sensible to involve developing and emerging countries in the reform of financial regulation, they are unlikely to play a leading role. On macroeconomic matters and as regards institutional reform, however, no meaningful discussion can take place without them.
2009-03
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/10666/1/pc_g20_FINAL010409.pdf
Pisani-Ferry, Jean. (2009) International governance-is the G20 the right forum? Bruegel Policy Contribution 2009/05, March 2009. [Policy Paper]
http://aei.pitt.edu/10666/
oai:aei.pitt.edu:10781
2011-02-23T15:12:51Z
7374617475733D707562
7375626A656374733D44:44303031:44303031303339:4430303130333968756D616E726967687473
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
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Romania, A Country in Need of Workers? The Bitter Taste of “Strawberry Jam”
Silasi, Grigore
Simina, Ovidiu Laurian.
free movement/border control
international economy
human rights & democracy initiatives
welfare state
employment/unemployment
European Neighbourhood Policy
Lisbon StrategyAgenda/Partnership for Growth and Employment
immigration policy
labour/labor
Romania
human rights
Schengen/Prum/border control/freedom to travel
The paper is a contribution at the scientific debate of migration and mobility issues in the context of an enlarged European Union (EU-27). We consider that Romania, a country with a labour market that faces distortions, will benefit from migration on short term, but will need to import labour force in order to maintain the development trend. Remittances, as result of Romanians emigration after 2002, helped the economic development of the country in the last years (remittances’ inflow doubled the FDI). As a response to the media debate regarding Romania’s emigration, we consider that the fear of mass migration from Romania following the year 2007 is not justified. While the European (and mostly British) media cries on the threat of Bulgarians and Romanians’ emigration, as following to the 2007 accession, the scientific reports say that the A8 countries’ migration benefits to economy of the EU15 countries. In the same time, the Romanian media and the Romanian entrepreneurs announce the ‘Chinese invasion’ and the lack of labour in construction, industry and even agriculture. We see labour as goods: the economic theory say that goods are moving with the prices, the highest price attracts (more) goods. Romania is not only a gateway for the East-West international migration (like Portugal, Spain, Italy and Greece for the South-North direction), but a labour market in need of workers. While a big part of the labour force is already migrated, mostly to the SE Europe (some 2.5m workers are cited to be abroad, with both legal and illegal/irregular status), the Romanian companies could not find local workers to use them in order to benefit from the money inflow targeting Romania in the light of its new membership to the European Union (foreign investments and European post accession funds). Instead of increasing the salaries, the local employers rather prefer to ‘import’ workers from poorer countries (Moldavians, Chinese, Ukrainians, who still accept a lower wage as compared to the medium wage in Romania, but bigger enough as compared to those from their countries of origin).
Editura Universitatii de Vest, Timisoara
SIMINA, Ovidiu Laurian
2007
Article
PeerReviewed
application/pdf
http://aei.pitt.edu/10781/1/RJES_5%2D6.2007_Silasi%2DSimina.pdf
Silasi, Grigore and Simina, Ovidiu Laurian. (2007) Romania, A Country in Need of Workers? The Bitter Taste of “Strawberry Jam”. The Romanian Journal of European Studies, 5/6. pp. 179-205. ISSN 1583-199X
http://aei.pitt.edu/10781/
oai:aei.pitt.edu:10782
2012-01-26T02:17:56Z
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"Special Issue on Migration". The Romanian Journal of European Studies, 5-6, 2007
free movement/border control
EU-South-Eastern Europe (Balkans)
regionalism, international
development
human rights & democracy initiatives
European Neighbourhood Policy
Lisbon StrategyAgenda/Partnership for Growth and Employment
immigration policy
Romania
asylum policy
Schengen/Prum/border control/freedom to travel
international economy
economic policy
employment/unemployment
labour/labor
general
human rights
conflict resolution/crisis management
general
decision making/policy-making
Economics, demography, war, persecution/repression and ecology are generally accepted as being the main source for international migration. If we put the mentality/culture among all this factors, as a major topic in understanding the phenomena which drive migration, the picture seems to widen. As mentioned in an earlier article quoted in my contribution for this special double-issue of The Romanian Journal of European Studies (authored in co-operation with Prof. Silaşi from the West University of Timişoara), before deciding to migrate, one must cross one ore more border(s): real but mostly ‘imagined’ or ‘imaginary’ borders. It is very important for each person to surpass his/her own mentality before to chose to put behind house, family, children, community and social life, and to move to other region, country or even continent for a better life. The mentality regarding the (decision to) migration is close related to the amount of information available and mainly of education. In the same time, migratory movements could become elements for an increasingly conflicting situation when there is a lack of integration of immigrants and migration policies, related to the lack of education regarding acceptance of immigrants (the mentality) and understanding of the migration phenomenon. In order to understand migration, one should know about it, firstly. When learned about migration, one may study it deeply, to see and understand the causes, consequences and implications, to learn how to take the risks and how to manage migration. Studying migration in Romania… It is not very simple. Because nowadays is more common to find migration related headlines in the media, than migration subjects in the university curricula. Starting with January 2002, Romanians travelled freely within the EU15 territory, without holding a visa for the Schengen Area. But migration became ‘a topic’ in Romania after the accession of the A8 countries (May 1st, 2004) only, and mainly around the moment of the country’s accession to the European Union. A decade ago and up to 2004, it was difficult to find academic information about Romania on migration, to compare the findings with those presented in the scientific literature abroad, to reveal similarities or differences from other countries in the region or within the European Union. Only a few reports, mostly commissioned by some international organisations, focused on migration from Romania to the European Union. During a conference in Helsinki in September 2002, I was very (positively) surprised by the welcoming of my empirical research about Romania as source and transit country for international migration: some participants asked me where/how to find such data about Romania, as provided in my paper. Indeed, at that time, it was quite a challenge to find reliable figures or good reports in order to prepare a scientific paper. Things changed since 2002, both at the national and the European level (nowadays, we may say that everybody is working on migration, reports on migration are released several times per year at the European level). But even now, when some Romanian universities and NGOs are interested in doing such research, I consider we still don’t have enough research on migration. More of that, the majority of studies are sociological, only a few uses economics for analyse, and don’t focus on all aspects. The most important socio-economic study on Romanian migration after 1990, and widely quoted after its release, could be Constantin et al. (2004), a research commissioned by the European Institute of Romania (a governmental funded body), but this uses data available before the biggest wave of EU enlargement, and some hypotheses may be already changed since then. We don’t have enough research on migration as a whole, migration and mobility being analysed from different points of view – social, economical, legal etc. On the other hand, I was not able to find Romanian studies on the legal aspects of migration. It seems to me that Romania still doesn’t have experts on legal issues as related to migration, asylum, mobility and freedom of establishment (and I do hope I am wrong!). By editing a second issue dedicated to migration and mobility, the Jean Monnet European Centre of Excellence within the West University of Timişoara, editor of The Romanian Journal of European Studies, emphasises the need for migration and mobility research in Romania. At this time, Romanian doesn’t have ‘migration studies’ in the university curricula, migration and mobility are studies as subjects in Economics, Sociology and European Studies, among the most important area of academic research. The team of the Jean Monnet European Centre of Excellence consider that Romanian university need ‘migration studies’ too. Romania should be understood as part of the European Migration Space not only as a source of labourers for the European labour market, but also as source for quality research in this matter for the European scientific arena. European Union member since 2007, Romania is part of the European area of freedom, security and justice and therefore it is interested in solving correctly all challenges incurred by the complex phenomena of migration and workers’ mobility at the European and international level. The Europe of the last few years was confronted with some major challenges: the accession of twelve new Member States, ratification of the Treaty on European Constitution, the debate on the common budged for 2007-2013, some social movement/riots with ethnic roots, the establishing of the new agenda regarding the area of security and justice, or the mobility for labour of the new Member States. Maybe one of the hottest topics was the liberalising of the accession to the European labour market for the new EU citizens from the A8 states. Together with the waves of illegal immigrants arriving continuously on the Spanish, Italian and Maltese shores, the labour mobility/migration for work of the citizens from the 8 states from the Central and Eastern Europe forced both the EU officials and the citizens from the EU15 states (the so-called ‘Old Europe’) to open the debate on the economical and mostly social consequences of labour mobility. The European Year of Workers’ Mobility 2006 has raised peoples' awareness of their rights to work in another EU country and how to exercise them, reinforced tools to help them find a job abroad, and highlighted the remaining obstacles to a genuine European job market. The collection of valuable papers on migration and mobility from issues of The Romanian Journal of European Studies No.4/2005 and No.5-6/2007, along with the colloquiums organized in Timişoara in May 2005 and May 2006, should be seen as our contribution to this important debate. The papers from this special double-issue were put together according to their scientific quality, after an anonymously peer-review selection. There are twelve papers covering migration from different points of view (unfortunately, we still do not have juridical papers). The twenty authors (and co-authors) belong to economic and social sciences, coming from sixteen universities from the Europe and the Americas. They put under debate both theoretical issues and practical results of their research. After I had the opportunity to co-organise two international colloquiums on mobility and migration (Timişoara, May 2005 and May 2006) in the framework of the Jean Monnet European Centre of Excellence of the West University of Timişoara, I was honoured to accept the important challenge of editing this special double-issue of The Romanian Journal of European Studies as Guest-editor. I thank Professor Silaşi and the editorial team for their full support. I hope I managed to do a good job here, because working at this issue emphasised the sentiment that I must do all my best to continue the idea which was at the origin of the Migratie.ro project of the School of High Comparative European Studies (SISEC) of the West University of Timişoara: promoting the idea of introducing the mobility and migration studies in the academic curricula of the Romanian universities.
Editura Universitatii de Vest, Timisoara
Simina, Ovidiu Laurian
2007
Book
PeerReviewed
application/pdf
http://aei.pitt.edu/10782/1/Romanian_Journal_of_European_Studies_5%2D6.2007_FULL.pdf
Simina, Ovidiu Laurian, ed. (2007) "Special Issue on Migration". The Romanian Journal of European Studies, 5-6, 2007. Journals > West University of Timisoara, Jean Monnet European Centre of Excellence > The Romanian Journal of European Studies <http://aei.pitt.edu/view/series/wuotjmecoetrjoes.html>, 5/6 . Editura Universitatii de Vest, Timisoara.
http://aei.pitt.edu/10782/
oai:aei.pitt.edu:11090
2011-02-15T23:12:37Z
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What’s next after the London G-20? CEPS Commentaries, 9 April 2009
Lannoo, Karel.
international economy
G7/G8/G20
financial crisis 2008-on/reforms/economic governance
While acknowledging that the G-20 meeting in London achieved remarkable success in laying the foundations for sound global governance, CEPS Chief Executive Karel Lannoo asks in this CEPS Commentary whether the world’s leaders will be able to deliver, given the hugely ambitious agenda they have set for themselves and in light of the fact that they remain a limited group of nations.
2009-04
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11090/1/1825[1].pdf
Lannoo, Karel. (2009) What’s next after the London G-20? CEPS Commentaries, 9 April 2009. [Policy Paper]
http://aei.pitt.edu/11090/
oai:aei.pitt.edu:11092
2011-02-15T23:12:38Z
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Reforming global governance: How to make the IMF more independent. CEPS Commentaries, 2 April 2009
Gros, Daniel
Klüh, Ulrich
Mauro, Beatrice Weder di.
international economy
financial crisis 2008-on/reforms/economic governance
IMF
The world needs a watchdog institution for global economic stability. Most agree that the IMF is the only serious candidate, but IMF management and staff need more independence. This column argues that this could be achieved by having separate Executive Board voting procedures for lending and analytic decisions, and some independent members on the Board.
2009-04
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11092/1/1822[1].pdf
Gros, Daniel and Klüh, Ulrich and Mauro, Beatrice Weder di. (2009) Reforming global governance: How to make the IMF more independent. CEPS Commentaries, 2 April 2009. [Policy Paper]
http://aei.pitt.edu/11092/
oai:aei.pitt.edu:11229
2011-02-15T23:13:28Z
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Global Imbalances and the Accumulation of Risk. CEPS Policy Brief No. 189, June 12 2009
Daniel, Gros.
international economy
capital, goods, services, workers
financial crisis 2008-on/reforms/economic governance
In his latest Policy Brief, Daniel Gros gives a new angle on why the existence of current account ‘imbalances’ should provoke the greatest financial crisis in living history if the raison d’être of a financial system is to deal with imbalances (between savers and investors). He argues that one has to take into account the way current account deficits are financed and how flow imbalances accumulated into large stock disequilibria. In his view, the crisis was the product of a mismatch between the demand for safe, liquid and short-term assets by foreign central banks, which were accumulating large reserves, and the huge supply provided by US households of long-term US mortgage debt.
2009-06
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11229/1/1857.pdf
Daniel, Gros. (2009) Global Imbalances and the Accumulation of Risk. CEPS Policy Brief No. 189, June 12 2009. [Policy Paper]
http://aei.pitt.edu/11229/
oai:aei.pitt.edu:11455
2011-02-15T23:14:45Z
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Population Ageing and International Capital Flows. ENEPRI Occasional Papers No. 4, October 2003
Canton, Eric
van Ewijk, Casper
Tang, Paul U.G.
international economy
welfare state
Netherlands
We review the existing evidence on the role of international capital markets in an ageing world in a non-technical way and with an eye towards policymakers. The set-up of this paper is as follows: In section 2 we sketch the important demographic changes ahead of us. We pay attention to differences across countries in these demographic transitions, as well as to the factors behind the process of demographic changes. Section 3 discusses how the different factors underlying the ageing process influence the balance between national savings and investment. It takes a closer look at the different elements of the current account: savings, investment and the government budget. It also addresses possible policy responses to ageing and their effect on international capital flows. Section 4 then considers the empirical evidence about capital mobility and the possibility that capital will flow from North to South (and back). Section 5 then studies the effects of a lower (or higher) interest rate on the effectiveness of savings-enhancing policies, using the example of the funded pension system of the Netherlands. Section 6 draws conclusions.
2003-10
Other
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11455/1/1069.pdf
Canton, Eric and van Ewijk, Casper and Tang, Paul U.G. (2003) Population Ageing and International Capital Flows. ENEPRI Occasional Papers No. 4, October 2003. UNSPECIFIED.
http://aei.pitt.edu/11455/
oai:aei.pitt.edu:11481
2011-02-15T23:14:54Z
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Central Asia and the Global Economic Crisis. EUCAM Policy Brief No. 7, June 2009
Pomfret, Richard.
international economy
Central Asia
financial crisis 2008-on/reforms/economic governance
In 2007, the EU published a Strategy for a New Partnership with Central Asia. In its initial stages the EU focused on developing new forae for dialogue with the Central Asian countries, and received some criticism for inadequate substantive actions. This Policy Brief argues that the current global economic crisis does not alter the priorities of the EU Strategy, but it does require the EU to stick to existing obligations and also provides an opportunity for fresh initiatives to better achieve the Strategy’s fundamental goals. This EUCAM Policy Brief is part of a mini-series of three publications on the impact of the global slowdown on Central Asia and its relations with the European Union A Russian version is also available on the EUCAM website.
2009-07
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11481/1/1880.pdf
Pomfret, Richard. (2009) Central Asia and the Global Economic Crisis. EUCAM Policy Brief No. 7, June 2009. [Policy Paper]
http://aei.pitt.edu/11481/
oai:aei.pitt.edu:11493
2011-02-15T23:14:59Z
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Fiscal Stabilisation Plans and the Outlook for the World Economy. Do counter-cyclical fiscal measures offer any hope of recovery for the world economy? An evaluation of fiscal policy effectiveness in the face of a global recession. ENEPRI Working Papers No. 55, August 2009
Van Brusselen, Patrick.
EU-US
international economy
fiscal policy
capital, goods, services, workers
financial crisis 2008-on/reforms/economic governance
Since August 2007, the world economy has fallen into recession and been confronted by a severe financial crisis. In the midst of this global recession, what hope can we place in the fiscal stimulus plans that have been announced? This Working Paper evaluates whether the measures implemented in the euro area and the US will be adequate responses. It indicates that while these measures will undoubtedly prove useful in limiting the scale and duration of the downturn, they will not be sufficient by themselves to prevent a lengthy recession followed by a tepid recovery. The paper argues that to maximise the effectiveness of the stimulus plans, they should be accompanied by accommodative monetary policy. Furthermore, to accelerate and underpin a recovery in global economic activity, fiscal and monetary policies should also be supplemented by measures aimed at re-establishing banking and financial sectors that function properly.
2009-08
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11493/1/1895.pdf
Van Brusselen, Patrick. (2009) Fiscal Stabilisation Plans and the Outlook for the World Economy. Do counter-cyclical fiscal measures offer any hope of recovery for the world economy? An evaluation of fiscal policy effectiveness in the face of a global recession. ENEPRI Working Papers No. 55, August 2009. [Working Paper]
http://aei.pitt.edu/11493/
oai:aei.pitt.edu:11496
2016-01-30T17:24:21Z
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Memos to the new Commission- Europe's economic priorities 2010-2015. Bruegel Blueprint Series No. (10?), 27 August 2009
Darvas, Zsolt
Pisani-Ferry, Jean
Röller, Lars-Hendrik
Santos, Indhira
Sapir, André
van Pottelsberghe, Bruno
Véron, Nicholas
Veugelers, Reinhilde
von Hagen, Jürgen
von Weizsäcker, Jakob.
governance: EU & national level
international economy
rtd (RTD) policy/European Research Area
development
enlargement
energy policy (Including international arena)
European Neighbourhood Policy
budgets & financing
labour/labor
capital, goods, services, workers
monetary policy
competition policy
environmental policy (including international arena)
These Memos, addressed to the next Commission President and to the new European commissioners, are written by Bruegel Scholars and edited by Senior Research Fellow André Sapir and focus on key economic aspects of EU policy-making. The new Commission will enter office at a challenging time for Europe, the EU and the Commission itself. The crisis has clearly exposed weaknesses in EU governance which need to be addressed and the memos make a number of concrete recommendations of relevance for major economic fields, as well as for the EU and Commission as a whole. Addressing the next Commission President, André Sapir and Jean Pisani-Ferry propose that effective leadership will be necessary to give strategic direction to the Commission, “you [the president] should therefore be ready to fight for ideas and take risks” (JPF-AS). The Memos suggest that the EU will need to assert a position on commonly agreed rules, propose new solutions and, importantly, has an opportunity now to redefine the European narrative in the global arena. Focusing on the most important economic questions at EU level, the Bruegel memos are intended to be strategic, outlining the state of affairs that will be met by the new Commission and the key challenges and priorities they will need to consider over the next five years.
Sapir, André.
2009-08
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11496/1/comm_memos_082009.pdf
Darvas, Zsolt and Pisani-Ferry, Jean and Röller, Lars-Hendrik and Santos, Indhira and Sapir, André and van Pottelsberghe, Bruno and Véron, Nicholas and Veugelers, Reinhilde and von Hagen, Jürgen and von Weizsäcker, Jakob. (2009) Memos to the new Commission- Europe's economic priorities 2010-2015. Bruegel Blueprint Series No. (10?), 27 August 2009. [Policy Paper]
http://aei.pitt.edu/11496/
oai:aei.pitt.edu:11561
2011-02-15T23:15:21Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D45:45303033
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6566616D6F6E6574617279706F6C696379
74797065733D706F6C6963797061706572
Europe`s Two Priorities for the G20. CEPS Commentaries, 14 November 2008
Gros, Daniel.
international economy
monetary policy
capital, goods, services, workers
G7/G8/G20
financial crisis 2008-on/reforms/economic governance
In his Commentary published in the run-up to the G20 summit in Washington on 15 November 2008, CEPS Director Daniel Gros attributes the global financial crisis to two macroscopic failures: monetary policy should have reacted earlier to the boom in house prices and regulators should have forced banks to accumulate larger reserves for the tougher times that had to come sooner or later. He asserts that the root causes for these failures need to be understood properly before trying to create a new Bretton Woods.
2008-11
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11561/1/1756[1].pdf
Gros, Daniel. (2008) Europe`s Two Priorities for the G20. CEPS Commentaries, 14 November 2008. [Policy Paper]
http://aei.pitt.edu/11561/
oai:aei.pitt.edu:11562
2011-02-15T23:15:22Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D45:45303033
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D706F6C6963797061706572
Returning to Narrow Banking. CEPS Commentaries, 14 November 2008
De Grauwe, Paul.
international economy
capital, goods, services, workers
G7/G8/G20
financial crisis 2008-on/reforms/economic governance
In this Commentary addressed to the G20 leaders meeting in Washington on November 15th, Paul De Grauwe argues that the solution to the financial crisis is to restrict banks to traditional, narrow banking with traditional oversight and guarantees while requiring financial firms involved in financial markets to more closely match the average maturities of their assets and liabilities.
2008-11
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11562/1/1757[1].pdf
De Grauwe, Paul. (2008) Returning to Narrow Banking. CEPS Commentaries, 14 November 2008. [Policy Paper]
http://aei.pitt.edu/11562/
oai:aei.pitt.edu:11569
2011-02-15T23:15:23Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D706F6C6963797061706572
Nationalizing Banks to Jumpstart the Banking System. CEPS Commentaries, 10 October 2008
De Grauwe, Paul.
international economy
financial crisis 2008-on/reforms/economic governance
capital, goods, services, workers
In this commentary, Paul De Grauwe traces the origins of the turmoil in the global financial system and explores how to get out of this bad equilibrium. In his view, there is only one way: the governments of the major countries (US, UK, the eurozone, possibly Japan) must take over their banking systems (or at least the significant banks). Governments are the only institutions that can solve the co-ordination failure at the heart of the liquidity crisis. They can do this because once the banks are in the hands of the state, they can be ordered to trust each other and to lend to each other. The faster governments take these steps the better.
2008-10
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11569/1/1734[1].pdf
De Grauwe, Paul. (2008) Nationalizing Banks to Jumpstart the Banking System. CEPS Commentaries, 10 October 2008. [Policy Paper]
http://aei.pitt.edu/11569/
oai:aei.pitt.edu:11589
2011-02-15T23:47:19Z
oai:aei.pitt.edu:11639
2014-09-10T14:39:45Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666167656E6572616C
7375626A656374733D46:464963656C616E64
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D706F6C6963797061706572
Iceland: Big lessons from a small country? ECMI Commentary No. 7, 31 May 2006
Gottlieb, Charles.
international economy
capital, goods, services, workers
Iceland
general
This market commentary highlights the difficulties that highly open economies such as Island face when global liquidity is getting scarce.
2006-05
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11639/1/1440.pdf
Gottlieb, Charles. (2006) Iceland: Big lessons from a small country? ECMI Commentary No. 7, 31 May 2006. [Policy Paper]
http://aei.pitt.edu/11639/
oai:aei.pitt.edu:11671
2011-02-15T23:16:01Z
7374617475733D707562
7375626A656374733D44:44303032:44303032303039
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6566616D6F6E6574617279706F6C696379
7375626A656374733D44:44303035:44303035303039
74797065733D776F726B696E677061706572
Monetary Policy Rules and the International Monetary Transmission. CEPS Working Document No. 191, October 2002
Coutinho, Leonor.
international economy
European Central Bank
EU-US
monetary policy
This paper analyses alternative monetary policy rules for the ECB, using a two "country" model of the euro area and the US, that assumes monopolistic competition, sticky prices and optimizing agents. The alternative rules analyzed for the ECB are ranked by their ability to stabilize consumption, output, and inflation and maximize consumers’ welfare. The analysis contributes toward understanding the trade-offs faced by policymakers in open economies and provides some support for the current design of the ECB’s operational framework. The results suggest that stabilizing money-growth, in addition to inflation, gives an additional degree of freedom to stabilize output. Although price stability is likely to remain the primary objective of the ECB, monetary policy must “without prejudice of price stability (...) support the general economic policies in the Community...” (Article 2). Hence monitoring money, under certain assumptions about the shocks hitting the economy, may deliver a better outcome in terms of output stabilization which should allow the ECB to fulfill its secondary but nonetheless important commitment.
2002-10
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11671/1/101.pdf
Coutinho, Leonor. (2002) Monetary Policy Rules and the International Monetary Transmission. CEPS Working Document No. 191, October 2002. [Working Paper]
http://aei.pitt.edu/11671/
oai:aei.pitt.edu:11722
2011-02-15T23:16:23Z
7374617475733D707562
7375626A656374733D44:44303032:696E7465726E6174696F6E616C7472616465
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D706F6C6963797061706572
The World Trading System: In Dire Need of Reform. CEPS Policy Brief No. 24, 2002
Ostry, Sylvia.
international economy
international trade
[From introduction] Over the decade of the 1990s, the deepening integration of the global economy accelerated as trade, financial flows, and foreign direct investment were liberalised. This deepening integration is, in part, a “natural” phenomenon, fed and now led by technological changes in information, communication and transport and is driving in the direction of a single global market. But, of course, governments have played an important role and international economic policy has facilitated – or perhaps even catalysed – the momentum. And the “natural” and “policy” forces are interrelated in a complex fashion that reflects the nature of the policy process. This process differs in different policy domains – for example trade versus financial or development policy. Yet it’s important to underline that trade policy has indeed played a major catalytic role in fostering global integration. The catalyst was the Uruguay Round, inter alia, created the first post cold-war institution, the World Trade Organisation. The subject of my talk today is about the aftermath of the Uruguay Round and the dire need for reform of the multilateral rules-based system.
2002-08
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11722/1/125.pdf
Ostry, Sylvia. (2002) The World Trading System: In Dire Need of Reform. CEPS Policy Brief No. 24, 2002. [Policy Paper]
http://aei.pitt.edu/11722/
oai:aei.pitt.edu:11763
2011-02-15T23:16:37Z
7374617475733D707562
7375626A656374733D44:44303031:706F6C69746963616C6166666169727331323334:70616666676F7665726E616E6365
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D45:45303033
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D706F6C6963797061706572
The Pittsburgh G20 Checklist. Bruegel Policy Contribution 2009/09, September 2009
Angeloni, Ignazio.
governance: EU & national level
international economy
financial crisis 2008-on/reforms/economic governance
capital, goods, services, workers
G7/G8/G20
In this timely policy contribution, Visiting Scholar Ignazio Angeloni suggests that the Pittsburgh G20 may represent policymakers' last chance at real financial market reform. He develops a shortlist of recommendations for world leaders to tackle at the summit and says that world leaders at the summit must strengthen the stability of the financial sector while avoid micro-management. G20 leaders must also strengthen the global financial governance structures and work on an IMF-led framework to containing the development of future current-account imbalances across nations. Angeloni says that the agenda and language of leaders in Pittsburgh will reveal if they have succeeded.
2009-09
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11763/1/G20_Policy_Contribution.pdf
Angeloni, Ignazio. (2009) The Pittsburgh G20 Checklist. Bruegel Policy Contribution 2009/09, September 2009. [Policy Paper]
http://aei.pitt.edu/11763/
oai:aei.pitt.edu:11764
2011-02-15T23:16:37Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D45:45303033
74797065733D706F6C6963797061706572
The G20 is not just a G7 with extra chairs. Bruegel Policy Contribution 2009/10, September 2009
Pisani-Ferry, Jean.
international economy
G7/G8/G20
financial crisis 2008-on/reforms/economic governance
The G20 is not just a G7 with Extra Chairs is a joint paper written by Agnes Benassy-Quere, Rajiv Kumar and Jean Pisani-Ferry (Director of Bruegel) following the International Cooperation in Times of Global Crisis: Views from G20 Countries conference in Delhi on 14th and 15th of September, organised by Bruegel, CEPII and ICRIER. The publication draws together the authors’ conclusions from the Delhi conference and reviews the real role of the G20, while questioning where the non-G7 interests fit into the group’s agenda.
2009-09
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11764/1/pc_G20_not_G7_220909.pdf
Pisani-Ferry, Jean. (2009) The G20 is not just a G7 with extra chairs. Bruegel Policy Contribution 2009/10, September 2009. [Policy Paper]
http://aei.pitt.edu/11764/
oai:aei.pitt.edu:11773
2011-02-15T23:16:40Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D46:46303032
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D776F726B696E677061706572
A global assessment of the degree of price stickiness – results from the NBB business survey. NBB Working Paper 171, July 2009
Dhyne, Emmanuel.
Belgium
international economy
capital, goods, services, workers
In this paper, we estimate the degree of price stickiness in Belgium using the NBB business survey. Compared to similar empirical exercises based on consumer or producer price data, the micro data set used allows us to cover most of the Belgian economy in one exercise and therefore provides a better estimate of the overall degree of price stickiness. Based on our estimates, 19.2% of prices are changed each month. In the manufacturing sector and the trade sectors, the frequency of price changes is close to 24.5%. In the construction sector the frequency of price changes is close to 20.5% and in the B2B service sectors it is almost 9%. Econometric analyses of the determinants of the sectoral frequency of price changes indicate, on the one hand, that the cost structure is the main explanatory variable of the sectoral discrepancies. On the other hand, we find that domestic competition does not seem to explain an excess or shortage of price changes at the sectoral level.
2009-07
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/11773/1/wp171En.pdf
Dhyne, Emmanuel. (2009) A global assessment of the degree of price stickiness – results from the NBB business survey. NBB Working Paper 171, July 2009. [Working Paper]
http://aei.pitt.edu/11773/
oai:aei.pitt.edu:13470
2011-02-15T23:27:10Z
7374617475733D707562
7375626A656374733D46:666368696E61
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D706F6C6963797061706572
China and the world economy: a European perspective. Bruegel Policy Contribution 2010/03, March 2010
Pisani-Ferry, Jean.
international economy
China
Jean Pisani-Ferry discusses the emergence of China as a key economic and global player from a European perspective. Looking ahead, this paper focuses on two key aspects, the rebalancing of global growth and the strengthening of global governance, and explains how these will shape Sino-European economic relations. The author argues that now is the time for high-quality dialogue between policymakers from both sides. China and the European Union must overcome their institutional differences to pave the way for fruitful economic cooperation.
2010-03
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/13470/1/pc_2010_03_china120310%2D2.pdf
Pisani-Ferry, Jean. (2010) China and the world economy: a European perspective. Bruegel Policy Contribution 2010/03, March 2010. [Policy Paper]
http://aei.pitt.edu/13470/
oai:aei.pitt.edu:14188
2011-02-15T23:31:43Z
7374617475733D707562
7375626A656374733D46:46303036
7375626A656374733D46:46303031
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65636F6E6F6D696366696E616E6369616C6166666169727362706561
7375626A656374733D46:46303236
7375626A656374733D46:46303131
7375626A656374733D46:46303233
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D46:46303039
7375626A656374733D46:4647656F72676961
74797065733D706F6C6963797061706572
The global operations of European firms. Bruegel Policy Brief 2010/05, 18 June 2010
Bugamelli, Matteo
Ottaviano, Gianmarco
Schivardi, Fabiano
Barba Navaretti, Giorgio.
international economy
Italy
Georgia
France
Spain
Hungary
U.K.
business/private economic activity
Austria
This Policy Brief is part of the EU-EFIGE (European Firms in a Global Economy) project which aims to address policy questions on the casual link between firm characteristics and internationalisation. This paper is based on a comprehensive survey of 15,000 firms across seven EU countries. The findings of this paper set the foundation for deeper investigation into key policy challenges affecting European firms on the global stage.
2010-06
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/14188/1/PB_EFIGE_180610.pdf
Bugamelli, Matteo and Ottaviano, Gianmarco and Schivardi, Fabiano and Barba Navaretti, Giorgio. (2010) The global operations of European firms. Bruegel Policy Brief 2010/05, 18 June 2010. [Policy Paper]
http://aei.pitt.edu/14188/
oai:aei.pitt.edu:14461
2011-02-15T23:33:50Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:656661454D55454D536575726F
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6566616D6F6E6574617279706F6C696379
7375626A656374733D44:44303035:44303035303039
74797065733D776F726B696E677061706572
The development of monetary policy in the 20th century - some reflections. National Bank of Belgium Working Paper, No. 186, April 2010
Issing, Otmar.
international economy
European Central Bank
monetary policy
EMU/EMS/euro
In this paper I outline – from a practitioner's as well as from a researcher's perspective – several of the key developments that took place during the last century in monetary policy. In particular, I describe how the monetary system evolved from gold standard, prevailing throughout most of the last century, to paper money and how the norm in central banking changed from pure discretion after World War II to transparency and independence. I furthermore analyze how the exchange rate regime under Bretton-Woods impacted on countries’ monetary policy and, with a focus on Europe, how European Monetary Union (EMU) emerged from the European Monetary System (EMS). I then outline today’s relatively broad consensus on monetary policy and how it developed from a learning process on the side of central banks and important contributions from research. Finally, after arguing that the ECB's monetary policy which fruitfully combines past experience and current research is a successful and promising approach, I outline some challenges lying ahead.
2010-04
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/14461/1/wp186En.pdf
Issing, Otmar. (2010) The development of monetary policy in the 20th century - some reflections. National Bank of Belgium Working Paper, No. 186, April 2010. [Working Paper]
http://aei.pitt.edu/14461/
oai:aei.pitt.edu:14482
2011-02-15T23:33:58Z
7374617475733D707562
7375626A656374733D44:44303031:44303031303435
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D6F74686572
A New Approach to Innovation Policy in the European Union. Innovation Policy: Boosting EU Competitiveness in a Global Economy. CEPS Task Force Report, 8 July 2010
Anvret, Maria
Granieri, Massimilliano
Renda, Andrea.
innovation policy
international economy
Innovation policy is increasingly coming under the spotlight in the European Union, and has been given a prominent role in the EU 2020 strategy and in the flagship initiatives that will aim to ensure that Europe succeeds where the Lisbon strategy failed. In years to come, problems such as the fragmentation of competences at EU and member state level; the need to fill the 'skills gap' and address the changing nature of innovation; the absence of a Community patent and a common framework for litigation; the need to refine the EU policy on technology transfer and standardisation; and the need to provide suitable funding instruments to boost the potential of innovative companies will all take on more urgency. The CEPS Task Force on Innovation Policy – chaired by Maria Anvret – reflected on these issues between September 2009 and May 2010. This Report, drafted by Rapporteurs Massimilano Granieri and Andrea Renda on the basis of contributions by industry representatives, officials of EU institutions, academics and practitioners provides recommendations on all the above-mentioned issues, with a view to contributing to one of the greatest challenges of today: unlocking the EU’s innovation potential and promoting its competitiveness in a global economy.
2010-07
Other
NonPeerReviewed
application/pdf
http://aei.pitt.edu/14482/1/Innovation_Policy_e_version_ok_(E%26I).pdf
Anvret, Maria and Granieri, Massimilliano and Renda, Andrea. (2010) A New Approach to Innovation Policy in the European Union. Innovation Policy: Boosting EU Competitiveness in a Global Economy. CEPS Task Force Report, 8 July 2010. UNSPECIFIED.
http://aei.pitt.edu/14482/
oai:aei.pitt.edu:14532
2011-02-15T23:34:21Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303039
74797065733D706F6C6963797061706572
The Dilemma of the Dollar. CEPS Commentaries, 26 November 2009
De Grauwe, Paul.
EU-US
international economy
Even more spectacular than the recent decline of the dollar against major world currencies has been the long-run decline of the US currency: since 1960 the dollar has lost two-thirds of its value against the Japanese yen, the Swiss franc and the German mark (since 1999, the euro). At the same time, however, at least since the early 1990s, the US has been seen to produce superior economic results, i.e. a higher productivity growth than most of Europe and Japan with more or less the same rates of inflation. In this Commentary, CEPS Associate Senior Fellow Paul De Grauwe attempts to explain this paradox.
2009-11
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/14532/1/dilemma%2Ddollar.pdf
De Grauwe, Paul. (2009) The Dilemma of the Dollar. CEPS Commentaries, 26 November 2009. [Policy Paper]
http://aei.pitt.edu/14532/
oai:aei.pitt.edu:14870
2011-02-15T23:36:47Z
7374617475733D707562
7375626A656374733D44:44303031:44303031727270
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D706F6C6963797061706572
Not all financial regulation is global. Bruegel Policy Brief 2010/07, August 2010
Rottier, Stephane
Veron, Nicolas.
international economy
regulations/regulatory policies
financial crisis 2008-on/reforms/economic governance
The Financial Crisis has intensified the focus on financial regulation at global level, placing it at the top of the G20 agenda. However, global convergence is made more difficult by financial multipolarity, meaning the increased diversity of political preferences reflecting the rise of emerging economies, and financial reregulation, or the trend towards stronger regulation of financial systems to buttress financial stability. In this Policy Brief Nicolas Véron and Stéphane Rottier suggest policy priorities for global leaders in a context where global harmonisation of all aspects of financial regulation cannot be achieved, but action is needed at global level to prevent fragmentation of capital markets. This paper is complemented by the same authors' "An Assessment of the G20's initial action items. Bruegel Policy Contribution 2010/08, September 2010 (on this archive), which assesses the implementation and follow-up of the 47 action items included in the G20's agenda since its first summit in Washington in 2008.
2010-08
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/14870/1/pb_2010%2D07_FINREG_30082010.pdf
Rottier, Stephane and Veron, Nicolas. (2010) Not all financial regulation is global. Bruegel Policy Brief 2010/07, August 2010. [Policy Paper]
http://aei.pitt.edu/14870/
oai:aei.pitt.edu:14873
2011-02-15T23:36:48Z
7374617475733D707562
7375626A656374733D44:44303031:44303031727270
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D45:45303033
74797065733D706F6C6963797061706572
An assessment of ther G20's initial action terms. Bruegel Policy Contribution 2010/08, September 2010
Rottier, Stephane
Veron, Nicolas.
international economy
regulations/regulatory policies
G7/G8/G20
financial crisis 2008-on/reforms/economic governance
In this policy contribution, Bruegel Senior Fellow Nicolas Veron and Stephane Rottier, National Bank of Belgium, score and grade the implementation and follow up of the 47 action items that were outlined in the G20 summit in 2008. This paper complements their policy brief titled 'Not all financial regulation is global' (on this archive).
2010-09
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/14873/1/PC_2010_08_Financial_RegulationG20_01.pdf
Rottier, Stephane and Veron, Nicolas. (2010) An assessment of ther G20's initial action terms. Bruegel Policy Contribution 2010/08, September 2010. [Policy Paper]
http://aei.pitt.edu/14873/
oai:aei.pitt.edu:14979
2011-02-15T23:37:31Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D6F74686572
The future of the eurozone and gold. CEPS Special Report, 3 September 2010
Alcidi, Cinzia
De Grauwe, Paul
Gros, Daniel
Oh, Yonghyup.
international economy
capital, goods, services, workers
This report considers four short-term, alternative scenarios for the eurozone and analyses their possible implications for global economic trends and the gold market. Overall, the main findings suggest that in the near future, motives other than inflation hedging will be the main drivers of gold market dynamics. Growth in emerging economies, which are among the largest sources of gold demand, and financial market uncertainty, will be the most important ones. In particular, even if the worst scenario were to materialise and adverse global conditions could slow Asian growth, demand for gold from this region should not fall significantly. Moreover, even in the most optimistic scenario for the eurozone, global uncertainty will not evaporate easily. As a consequence, the gold price may continue to trend upwards for a period driven by investment demand from both the private sector and official investors.
2010-09
Other
NonPeerReviewed
application/pdf
http://aei.pitt.edu/14979/1/Future_of_eurozone_and_gold_print_version.pdf
Alcidi, Cinzia and De Grauwe, Paul and Gros, Daniel and Oh, Yonghyup. (2010) The future of the eurozone and gold. CEPS Special Report, 3 September 2010. UNSPECIFIED.
http://aei.pitt.edu/14979/
oai:aei.pitt.edu:15049
2011-02-15T23:37:56Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D45:45303034
74797065733D776F726B696E677061706572
Reform of the Global Financial Architecture. Bruegel Working Paper 2010/05, October 2010
Schinasi, Garry J.
Truman, Edwin M.
international economy
financial crisis 2008-on/reforms/economic governance
IMF
This paper examines the implications of the global financialcrisis of 2007-10 for reform of the global financial architecture and identifies institutional and substantive reforms by organizations such as the IMF and Financial Stability Board. The publication was prepared for a conference sponsored by Bruegel and the Peterson Institute for International Economics (8 October 2010), as part of a project sponsored by the European Commission.
2010-10
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/15049/1/wp_2010_10_reform.pdf[1].pdf
Schinasi, Garry J. and Truman, Edwin M. (2010) Reform of the Global Financial Architecture. Bruegel Working Paper 2010/05, October 2010. [Working Paper]
http://aei.pitt.edu/15049/
oai:aei.pitt.edu:15133
2011-02-15T23:38:35Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D6F74686572
Bank state aid in the financial crisis: fragmentation or level playing field? CEPS Task Force Report, October 2010
Lannoo, Karel
Napoli, Chris.
international economy
capital, goods, services, workers
financial crisis 2008-on/reforms/economic governance
This CEPS Task Force report analyses, from different perspectives, the huge amounts of aid that were given to the financial sector in the EU in response to the financial crisis. It finds that that there are vast differences in the way member states have offered and implemented aid to the financial sector, calling into question the coherence of the single market. It also discusses the approach followed by the European Commission on the basis of the competences foreseen in the EU Treaty and poses some alternative options. A final section examines state aid in the global context, questioning whether the existing international tools for ensuring a level playing field for banks are sufficient, given the global nature of the industry.
2010-10
Other
NonPeerReviewed
application/pdf
http://aei.pitt.edu/15133/1/Task_Force_Report_on_Bank_State_Aid.pdf
Lannoo, Karel and Napoli, Chris. (2010) Bank state aid in the financial crisis: fragmentation or level playing field? CEPS Task Force Report, October 2010. UNSPECIFIED.
http://aei.pitt.edu/15133/
oai:aei.pitt.edu:15134
2011-02-15T23:38:35Z
7374617475733D707562
7375626A656374733D45:45303037
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D45:45303033
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D6F74686572
Bank state aid in the financial crisis: fragmentation or level playing field? CEPS Task Force Report, October 2010
Lannoo, Karel
Napoli, Chris.
GATT/WTO
international economy
capital, goods, services, workers
G7/G8/G20
financial crisis 2008-on/reforms/economic governance
This CEPS Task Force report analyses, from different perspectives, the huge amounts of aid that were given to the financial sector in the EU in response to the financial crisis. It finds that that there are vast differences in the way member states have offered and implemented aid to the financial sector, calling into question the coherence of the single market. It also discusses the approach followed by the European Commission on the basis of the competences foreseen in the EU Treaty and poses some alternative options. A final section examines state aid in the global context, questioning whether the existing international tools for ensuring a level playing field for banks are sufficient, given the global nature of the industry.
2010-10
Other
NonPeerReviewed
application/pdf
http://aei.pitt.edu/15134/1/Task_Force_Report_on_Bank_State_Aid.pdf
Lannoo, Karel and Napoli, Chris. (2010) Bank state aid in the financial crisis: fragmentation or level playing field? CEPS Task Force Report, October 2010. UNSPECIFIED.
http://aei.pitt.edu/15134/
oai:aei.pitt.edu:15187
2011-02-15T23:39:04Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303039
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666165636F6E6F6D6963706F6C696379
74797065733D706F6C6963797061706572
The Cost of America’s Free Lunch. CEPS Commentary, 10 November 2010
Gros, Daniel.
EU-US
international economy
economic policy
For decades, the world has complained that the dollar’s role as global reserve currency has given the US guaranteed access to cheap money. But there is no free lunch: in this Commentary, CEPS Director Daniel Gros tells the US that it must choose between job creation, which requires a more competitive exchange rate, and cheap financing of its external and fiscal deficits.
2010-11
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/15187/1/Nov_DG_Cost_of_America's_free_lunch.pdf
Gros, Daniel. (2010) The Cost of America’s Free Lunch. CEPS Commentary, 10 November 2010. [Policy Paper]
http://aei.pitt.edu/15187/
oai:aei.pitt.edu:15188
2011-02-15T23:39:05Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D45:45303033
74797065733D706F6C6963797061706572
A (short) to-do list for the G20. CEPS Commentary, 10 November 2010
Gros, Daniel.
international economy
G7/G8/G20
In this Commentary, Daniel Gros takes pains to discourage any great expectations from the 5th G20 summit taking place in Seoul, November 11-12, given the conflicting national policy imperatives that will be in strong evidence. He acknowledges, however, that a lot could be achieved through a frank exchange on key economic issues so that the world's leaders understand the concerns of their counterparts and agree to tone down the rhetoric.
2010-11
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/15188/1/Nov_DG_on_G20.pdf
Gros, Daniel. (2010) A (short) to-do list for the G20. CEPS Commentary, 10 November 2010. [Policy Paper]
http://aei.pitt.edu/15188/
oai:aei.pitt.edu:15441
2011-02-15T23:40:50Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6566616D6F6E6574617279706F6C696379
74797065733D706F6C6963797061706572
The threat of currency wars: a European perspective. Bruegel Policy Contribution 2010/12, December 2010
Darvas, Zsolt
Pisani-Ferry, Jean.
international economy
monetary policy
This Policy Contribution was prepared as a briefing paper for the European Parliament Economic and Monetary Affairs Committee’s Monetary Dialogue, entitled ‘The threat of 'currency wars': global imbalances and their effect on currencies,' held on 30 November 2010. Bruegel Fellows Jean Pisani-Ferry and Zsolt Darvas argue the so-called 'currency war' is manifested in three ways: 1) the inflexible pegs of undervalued currencies; 2) attempts by floating exchange-rate countries to resist currency appreciation; 3) quantitative easing. Europe should primarily be concerned about the first issue, which relates to the renewed debate about the international monetary system. The attempts of floating exchange-rate countries to resist currency appreciation are generally justified while China retains a peg. Quantitative easing cannot be deemed a 'beggar-thy-neighbour' policy as long as the Fed’s policy is geared towards price stability. Central banks should come to an agreement about the definition of price stability at a time of deflationary pressures, as current US inflationary expectations are at historically low levels. Finally, the exchange rate of the Euro has not been greatly impacted by the recent currency war; the euro continues to be overvalued, but less than before.
2010-12
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/15441/1/101213_pc_zd_jpf_the_threat_of_currency_wars_a_european_perspective.pdf
Darvas, Zsolt and Pisani-Ferry, Jean. (2010) The threat of currency wars: a European perspective. Bruegel Policy Contribution 2010/12, December 2010. [Policy Paper]
http://aei.pitt.edu/15441/
oai:aei.pitt.edu:15459
2011-02-15T23:40:56Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:656661454D55454D536575726F
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D706F6C6963797061706572
The transformational impact of EMU and the global financial crisis. CEPS Policy Brief No. 228/December 2010
Paolo Mongelli, Francesco.
international economy
financial crisis 2008-on/reforms/economic governance
EMU/EMS/euro
This Policy Brief argues that some important considerations are missing in the current heated debate in the eurozone on bail-outs and bail-ins, the size of liquidity facilities and the terms of a crisis resolution mechanism. It is organised in three sections, the first of which surveys the diverse outcomes since the launch of the euro. This illustrates how the benefits the euro can generate depend on the degree of openness, flexibility and income correlation among euro area countries: these are economic concepts which over time are affected by policies. The second section reviews the main failings and fault lines that brought about the current sovereign crisis. The third section postulates that to exit the crisis we need to unravel the factors behind each fault line. The author argues that the achievements of EMU are to some extent interlinked with the crisis and stresses the need to explain what EMU can and cannot do and the rationale for its unique governance.
2010-12
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/15459/1/Policy_Brief_No_228_Mongelli_on_Impact_of_EMU.pdf
Paolo Mongelli, Francesco. (2010) The transformational impact of EMU and the global financial crisis. CEPS Policy Brief No. 228/December 2010. [Policy Paper]
http://aei.pitt.edu/15459/
oai:aei.pitt.edu:29746
2011-02-23T03:10:10Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303039
7375626A656374733D45:45303034
74797065733D776F726B696E677061706572
From convoy to parting ways? Post-crisis divergence between European and US macroeconomic policies. Bruegel Working Paper 2011/04, February 2011
Pisani-Ferry, Jean
Posen., Adam S.
EU-US
international economy
IMF
financial crisis 2008-on/reforms/economic governance
The response in 2008-09 to the global financial crisis was in many ways a high water mark for transatlantic policy coordination. The major economies of the EU and the US rapidly agreed on a series of measures to limit the crisis. However, the common approach has since unraveled. This paper explores why the ‘London consensus’ has not survived for much more than a year.
In response to this situation this working paper suggests a critical quantum of coordination. Key measures include a commitment to avoiding deliberate currency depreciation and unilateral intervention; agreement to give the IMF an enhanced monitoring role; the adoption by parliaments of medium-term fiscal plans; and cooperation on the issue of Chinese undervaluation.
2011-02
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/29746/1/110221_From_convoy_to_parting_ways_WP%2D1.pdf
http://www.bruegel.org/nc/publications/show/category/working-papers.html
Pisani-Ferry, Jean and Posen., Adam S. (2011) From convoy to parting ways? Post-crisis divergence between European and US macroeconomic policies. Bruegel Working Paper 2011/04, February 2011. [Working Paper]
http://aei.pitt.edu/29746/
oai:aei.pitt.edu:30822
2011-04-04T13:51:23Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D46:666368696E61
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D706F6C6963797061706572
Reform of the international monetary system: some concrete steps. Bruegel Policy Contribution 2011/03, 8 March 2011
Benassi-Query, Agnes
Pisani-Perrry, Jean
Yongding, Yu.
international economy
China
financial crisis 2008-on/reforms/economic governance
Reform of the international monetary system is under discussion after three decades of apathy. Tectonic shifts in the balance of international power have made reform more urgent. However, in the short term, there is little chance of a grand redesign of the international monetary system.
Nevertheless, concrete steps should be taken. First, consensus is needed on exchange rates, capital flows and reserves. Second, financial safety nets must be improved so that countries do not have to self-insure by accumulating reserves or rely on possible bilateral swap lines to access liquidity.
Third, a change in the composition of the Special Drawing Right should be planned for, to strengthen the multilateral framework.
The most workable short-term deliverables seem to be (i) guidelines on and surveillance of capital controls; (ii) a new regime for deciding on SDR allocations that would facilitate more frequent use of this instrument; and (iii) the inclusion of the renmimbi in the SDR basket. These reforms would be a partial move, preparing the ground for further developments.
2011-03
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/30822/1/Reform_of_the_international_monetary_system__Some_concrete_steps_(English)[1].pdf
http://www.bruegel.org/publications/publication-detail/publication/516-reform-of-the-international-monetary-system-some-concrete-steps/
Benassi-Query, Agnes and Pisani-Perrry, Jean and Yongding, Yu. (2011) Reform of the international monetary system: some concrete steps. Bruegel Policy Contribution 2011/03, 8 March 2011. [Policy Paper]
http://aei.pitt.edu/30822/
oai:aei.pitt.edu:30831
2011-04-04T14:33:32Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D46:666368696E61
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D776F726B696E677061706572
What international monetary system for a fast-changing world economy? Bruegel Working Paper 2011/06, April 2011
Bénassy-Quéré, Agnès
Pisani-Ferry, Jean.
international economy
capital, goods, services, workers
China
financial crisis 2008-on/reforms/economic governance
Though the renminbi is not yet convertible, the international monetary regime has already started to move towards a 'multipolar' system, with the dollar, the euro and the renminbi as its key likely pillars. This shift corresponds to the long-term evolution of the balance of economic weight in the world economy. Such an evolution may mitigate some of the flaws of the present (non-) system, such as the rigidity of key exchange rates, the asymmetry of balance of-payments adjustments or what remains of the Triffin dilemma. However it may exacerbate other problems, such as short-run exchange rate volatility or the scope for ‘currency wars’, while leaving key questions unresolved, such as the response to capital flows global liquidity provision. Hence, in itself, a multipolar regime can be both the best and the worst of all regimes.
Which of these alternatives will materialise depends on the degree of cooperation within a multilateral framework.
2011-04
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/30831/1/What_international_monetary_system_for_a_fast%2Dchanging_world_economy_(English)%2D3.pdf
http://www.bruegel.org/publications/publication-detail/publication/518-what-international-monetary-system-for-a-fast-changing-world-economy/
Bénassy-Quéré, Agnès and Pisani-Ferry, Jean. (2011) What international monetary system for a fast-changing world economy? Bruegel Working Paper 2011/06, April 2011. [Working Paper]
http://aei.pitt.edu/30831/
oai:aei.pitt.edu:31860
2011-05-16T14:20:03Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D706F6C6963797061706572
Suggestions for reforming the governance of global accounting standards. Bruegel Policy Contribution 2011/04, 12 May 2011
Veron, Nicolas
international economy
capital, goods, services, workers
Public authorities overseeing the International Financial Reporting
Standards (IFRS) Foundation, through the Monitoring Board in place since
early 2009, should encourage the Foundation to make itself more directly
accountable to the global investment community.
The Monitoring Board should re-examine its own role, composition and processes in the same spirit, one option being its enlargement to include investor representatives, and transformation into a statutory body of the
IFRS Foundation.
The IFRS Foundation’s funding framework should be better aligned with its governance and accountability arrangements.
2011-05
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/31860/1/Suggestions_for_reforming_the_governance_of_global_accounting_standards_(English).pdf
http://www.bruegel.org/publications/publication-detail/publication/533-suggestions-for-reforming-the-governance-of-global-accounting-standards/
Veron, Nicolas (2011) Suggestions for reforming the governance of global accounting standards. Bruegel Policy Contribution 2011/04, 12 May 2011. [Policy Paper]
http://aei.pitt.edu/31860/
oai:aei.pitt.edu:31862
2011-05-16T14:12:24Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:656661454D55454D536575726F
7375626A656374733D46:46303038
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D46:46303138
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D46:46303130
74797065733D706F6C6963797061706572
Sovereign debt vs foreign debt in the Eurozone. CEPS Commentary, 12 May 2011
Gros, Daniel.
international economy
Greece
Ireland
Portugal
EMU/EMS/euro
financial crisis 2008-on/reforms/economic governance
This Commentary argues that the current crisis in the eurozone periphery is really about foreign debt, not sovereign debt and that the single-minded concentration of the EU and the IMF on fiscal adjustment in the EU periphery is misguided. For Greece, fiscal adjustment is undeniably the key issue. For Portugal, however, the key problem is the private sector’s continuing external deficit. Ireland is different again, as it has very little foreign debt and will soon run a current-account surplus.
2011-05
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/31862/1/DG_on_Debt_%26_Taxes_in_EZ%2D1.pdf
http://shop.ceps.eu/book/sovereign-debt-vs-foreign-debt-eurozone
Gros, Daniel. (2011) Sovereign debt vs foreign debt in the Eurozone. CEPS Commentary, 12 May 2011. [Policy Paper]
http://aei.pitt.edu/31862/
oai:aei.pitt.edu:32243
2016-01-30T17:18:31Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65636F6E6F6D696366696E616E6369616C6166666169727362706561
7375626A656374733D44:44303032:696E7465726E6174696F6E616C7472616465
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6566617472616465706F6C696379
7375626A656374733D46:46303131
7375626A656374733D46:46303233
7375626A656374733D46:46303037
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D706F6C6963797061706572
The global operations of European firms. The second EFIGE policy report. Bruegel Blueprint 12, July 2011
Navaretti, Giorgio Barba
Bugamelli, Matteo
Schivardi, Fabiano
Altomonte, Carlo
Horgos, Daniel
Maggioni., Daniela
international economy
Germany
Italy
Spain
business/private economic activity
trade policy
international trade
This is Bruegel’s third report on the internationalisation of European firms, and the first one that relies on new, internationally consistent data resulting from the seven-country survey undertaken within the framework of the EFIGE (European Firms in a Global Economy) project.
In the first, 2007 report, the happy few, Thierry Mayer and Gianmarco Ottaviano were making the best of patchy, heterogeneous data to show what a better knowledge of firm internationalisation patterns could bring to the understanding of trade performance, revealing things about the behaviour of firms that aggregate trade data simply cannot show. In the second, of markets, products and prices, published in 2009, Lionel Fontagné, Thierry Mayer and Gianmarco Ottaviano were using the same type of data to analyse the effects of the euro on intra-European trade. Again, the approach was promising, but due to data limitations the evidence was partial.
It was on this basis that Bruegel, together with the Centre for Economic Policy Research(CEPR) and partners from seven countries, undertook to collect comprehensive and consistent firm-level data. Thanks to generous support from the European Union’s Seventh Framework Programme, and from UniCredit (which pioneered similar data collection in Italy), the EFIGE project was launched in 2009. This report by Giorgio Barba Navaretti, the project co-leader, and colleagues, offers a first systematic analysis of the rich set of data resulting from the survey. Other reports will follow, and a series of working papers is being published (all the material from the research project is available on www.efige.org).
The findings summarised in this report are reassuring for researchers: the hypotheses they had formed on the basis of theory and partial evidence are by and large confirmed. As the authors emphasise in the report, the most compelling fact that emerges from systematic comparisons is that firms in different countries behave in a strikingly similar way. To put it in simple words, there is no special gene that explains why Germany exports much more than Italy or Spain. In fact, German firms do not differ markedly from similar firms elsewhere in Europe. Rather, the structure of German industry and especially the density of medium-sized firms go a long way towards explaining macroeconomic differences with neighbouring countries.
It is therefore on the basis of strong evidence that research can deliver messages about policy. The main message is that, at a time when most governments have put competitiveness at the top of their agenda, they should first and foremost focus on firm-level development. The key questions for policymakers looking for ways to increase exports are how they can foster growth in the size of existing small and medium-sized firms, and how they can promote the entry of new firms. In turn, actions to this end will help improve productivity, foster innovation and enrich skills.
True, all that is easier said than done. But at least it is important to set the right agenda and focus on the right priorities. This reports is a contribution to these ends.
2011-07
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/32243/1/The_global_operations_of_European_firms_%2D_The_second_EFIGE_policy_report_(English)%2D1.pdf
http://www.bruegel.org/publications/publication-detail/publication/581-the-global-operations-of-european-firms-the-second-efige-policy-report/
Navaretti, Giorgio Barba and Bugamelli, Matteo and Schivardi, Fabiano and Altomonte, Carlo and Horgos, Daniel and Maggioni., Daniela (2011) The global operations of European firms. The second EFIGE policy report. Bruegel Blueprint 12, July 2011. [Policy Paper]
http://aei.pitt.edu/32243/
oai:aei.pitt.edu:32244
2016-01-30T17:16:38Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D706F6C6963797061706572
Global currencies for tomorrow: a European perspective. Bruegel Blueprint 13, 2 August 2011
Angeloni, Ignazio
Bénassy-Quéré, Agnès
Carton, Benjamin
Destais, Christophe
Darvas, Zsolt
Pisani-Ferry, Jean
Sapir, André
Vallée., Shahin
international economy
This report examines how the international monetary system (IMS) might evolve and the implications of different scenarios for the euro area over the next fifteen years.
After the collapse of the Bretton Woods system forty years ago, the IMS gradually developed into its present state, a hybrid mix of exchange-rate flexibility, capital mobility and monetary independence. The US dollar retains a dominant, but not exclusive, role and the IMS governance system blends regional and multilateral surveillance. It combines IMF-based and ad-hoc liquidity provision.
Although it has proved resilient during the crisis, partly thanks to ad-hoc arrangements, the IMS has serious flaws, which are likely to be magnified by the rapid transformation of the global economy and the increasing economic power of emerging economies.
2011-08
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/32244/1/Global_currencies_for_tomorrow__a_European_perspective_(English).pdf
http://www.bruegel.org/publications/publication-detail/publication/586-global-currencies-for-tomorrow-a-european-perspective/
Angeloni, Ignazio and Bénassy-Quéré, Agnès and Carton, Benjamin and Destais, Christophe and Darvas, Zsolt and Pisani-Ferry, Jean and Sapir, André and Vallée., Shahin (2011) Global currencies for tomorrow: a European perspective. Bruegel Blueprint 13, 2 August 2011. [Policy Paper]
http://aei.pitt.edu/32244/
oai:aei.pitt.edu:32553
2011-10-07T16:48:33Z
7374617475733D707562
7375626A656374733D44:44303031:44303031303337
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74797065733D706F6C6963797061706572
Will the financial transaction tax (FTT) enhance stability? CEPS Commentary, 4 October 2011
Arbak, Emrah.
tax policy
international economy
capital, goods, services, workers
financial crisis 2008-on/reforms/economic governance
In all likelihood, the European Commission’s proposed tax on financial services, the financial transaction tax (FTT), will raise sizeable tax revenues, which explains its political appeal in the current context. However, the tax fails to address the key factors that contributed to the global financial crisis. In the absence of global or even EU-wide cooperation, many of the transactions subject to a tax will relocate to non-cooperating countries, thereby reducing revenue prospects and the effectiveness of supervision. Moreover, the proposal fails to address the growth of leverage, systemic risks and the moral hazard risks arising from ‘too-big-to-fail’ or ‘too-systemic-to-fail’ institutions. Even if it becomes a reality, the proposal should not undermine the chances of more meaningful tax policy alternatives being implemented in the future.
2011-10
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/32553/1/Commentary_Oct_Emrah_Arbak_on_FTT%2D3.pdf
http://shop.ceps.eu/book/will-financial-transaction-tax-ftt-enhance-stability
Arbak, Emrah. (2011) Will the financial transaction tax (FTT) enhance stability? CEPS Commentary, 4 October 2011. [Policy Paper]
http://aei.pitt.edu/32553/
oai:aei.pitt.edu:32582
2011-12-31T14:34:47Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:656661454D55454D536575726F
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7375626A656374733D46:466A6170616E
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7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6566616D6F6E6574617279706F6C696379
7375626A656374733D44:44303031:44303031303139
7375626A656374733D44:44303035:44303035303039
74797065733D626F6F6B
Breaking the Reform Deadlock. 6th Annual Report of the CEPS Macroeconomic Policy Group. CEPS Paperback. July 2004
Mayer, Thomas
Ubide, Angel
Gros, Daniel
Perotti, Roberto
energy policy (Including international arena)
international economy
enlargement
European Central Bank
Japan
EMU/EMS/euro
economic policy
fiscal policy
monetary policy
China
Euroland is now in its fourth year of unsatisfactory growth. What are the reasons for this and what can be done about it? This report arrives at the following conclusions:
1. Demographic change is already now reducing the growth potential and squeezing government finances.
2. Insufficient investment is the main driver of the productivity slowdown that has weakened growth.
3. To stimulate investment, better coordination among fiscal, structural and monetary policy is needed: Ideally a combination of structural reform, fiscal consolidation and low interest rates. The ECB – as the only widely respected economic policy-making institution in the EU with room for manoeuvre – should become more proactive in pursuing economic policy coordination in order to obtain more progress on structural reform and fiscal consolidation.
4. To foster a more balanced expansion of the world economy and reduce the risk of brutal exchange rate movements, greater cooperation among the central banks of the US, the EU, Japan and China is needed, giving rise to a G4.
2004-07
Book
NonPeerReviewed
application/pdf
http://aei.pitt.edu/32582/1/21._Breaking_Reform_Deadlock.pdf
http://www.ceps.be/book/breaking-reform-deadlock-6th-annual-report-ceps-macroeconomic-policy-group
Mayer, Thomas and Ubide, Angel and Gros, Daniel and Perotti, Roberto (2004) Breaking the Reform Deadlock. 6th Annual Report of the CEPS Macroeconomic Policy Group. CEPS Paperback. July 2004. Series > Centre for European Policy Studies (Brussels) > CEPS Paperbacks <http://aei.pitt.edu/view/series/SMCEPSPaperbacks.html> . UNSPECIFIED. ISBN 9290795034
http://aei.pitt.edu/32582/
oai:aei.pitt.edu:32584
2011-10-25T01:38:53Z
7374617475733D707562
7375626A656374733D44:44303031:44303031303338
7375626A656374733D44:44303031:44303031303230
7375626A656374733D44:44303032:676C6F62616C69736174696F6E676C6F62616C697A6174696F6E
7375626A656374733D44:44303031:44303031303431
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303039
7375626A656374733D44:44303031:643030314C6973626F6E6167656E6461
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D626F6F6B
Deep Integration: How Transatlantic Markets are Leading Globalization. CEPS Paperback. June 2005
Hamilton, Daniel S.
Quinlan, Joseph P.
environmental policy (including international arena)
telecommunication policy
transport policy
EU-US
international economy
Lisbon StrategyAgenda/Partnership for Growth and Employment
capital, goods, services, workers
globalisation/globalization
One of the defining features of the global economic landscape over the past decade has been the increasing integration and cohesion of the transatlantic economy. Globalisation is happening faster and reaching deeper between Europe and America than between any other two continents. Europeans and Americans have become so intertwined that they are literally in each other’s business, with linkages underpinning a $3 trillion economy and providing up to 14 million ‘insourced’ jobs on both sides of the Atlantic.
In this new CEPS book produced jointly with the Centre for Transatlantic Relations at Johns Hopkins University in Washington, D.C., experts examine the phenomenon of deep transatlantic integration and its implications for a truly free transatlantic market. Case studies are presented in such sectors as aerospace and civil aviation, biopharmaceuticals, services, financial markets and telecommunications, as well as in such controversial policy areas as climate change and emissions trading, corporate governance, and chemicals regulation.
In addition to yielding immense economic benefits, the authors find that the phenomenon of deep integration can also generate frictions when different systems rub up against each other. They conclude that neither the framework for the relationship nor the ways our governments are currently organised adequately capture these new realities.
Centre for European Policy Studies
Hamilton, Daniel S.
Quinlan, Joseph P.
2005-06
Book
NonPeerReviewed
application/pdf
http://aei.pitt.edu/32584/1/23._Deep_Integration.pdf
http://www.ceps.be/book/deep-integration-how-transatlantic-markets-are-leading-globalization
Hamilton, Daniel S. and Quinlan, Joseph P. (2005) Deep Integration: How Transatlantic Markets are Leading Globalization. CEPS Paperback. June 2005. Series > Centre for European Policy Studies (Brussels) > CEPS Paperbacks <http://aei.pitt.edu/view/series/SMCEPSPaperbacks.html> . Centre for European Policy Studies. ISBN 9976643413
http://aei.pitt.edu/32584/
oai:aei.pitt.edu:32594
2011-10-23T19:24:57Z
7374617475733D707562
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303032:44303032303039
74797065733D626F6F6B
A world out of balance? Special Report of the CEPS Macroeconomic Policy Group. CEPS Paperbacks. April 2006
Gros, Daniel
Mayer, Thomas
Ubide, Angel
EU-US
international economy
Over the last decade the global economy has been on a dynamic path with ever-increasing US current account deficits financed by emerging market surpluses. This report argues that the forces driving this development are now abating and might even reverse soon, forcing an adjustment in asset markets and the global economy. The global supply of savings is likely to shrink soon, with investment in emerging markets growing strongly and consumption in oil rich countries adjusting gradually to the windfall from high oil prices. This combination should lead to higher real interest rates and a cooling of the housing price bubbles that have developed in many areas; with asymmetric effects on the US economy which should slow much more than the eurozone. A gradual resorption of the US external deficit is thus possible without a crash of the USD.
The key issue for this gradual adjustment is whether US policy-makers will accept a prolonged period of weaker growth, because a reduction of the growth rate in domestic demand by about 1 percentage point over several years is a conditio sine qua non for a reduction in the US external deficit towards more sustainable levels. Since this lower US growth will likely drag down global growth, a cautious approach to the reduction of the US current account deficit is likely, with the adjustment taking place over a few business cycles. If, however, the process is unduly delayed by US policies resisting this necessary slowing down of domestic demand growth or by the rest of the world failing to pick up the baton, the odds of a disorderly adjustment will increase dramatically. In fact, it is extremely important that the US deficit starts shrinking soon in light of the report’s finding that the underlying external financing needs are probably even larger than officially reported.
Centre for European Policy Studies
2006-04
Book
NonPeerReviewed
application/pdf
http://aei.pitt.edu/32594/1/33._A_World_out_of_Balance.pdf
http://www.ceps.eu/book/world-out-balance-special-report-ceps-macroeconomic-policy-group
Gros, Daniel and Mayer, Thomas and Ubide, Angel (2006) A world out of balance? Special Report of the CEPS Macroeconomic Policy Group. CEPS Paperbacks. April 2006. Series > Centre for European Policy Studies (Brussels) > CEPS Paperbacks <http://aei.pitt.edu/view/series/SMCEPSPaperbacks.html> . Centre for European Policy Studies. ISBN 9290796219
http://aei.pitt.edu/32594/
oai:aei.pitt.edu:32617
2012-01-03T13:53:58Z
7374617475733D707562
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7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65666153696E676C654D61726B6574:65666153696E676C654D61726B65746361706974616C676F6F64737365727669636573
74797065733D626F6F6B
Keep it simple: Policy Responses to the Financial Crisis. CEPS Paperbacks. March 2009
Micossi, Stefano
Di Noia, Carmine
Carmassi, Jacopo
Pierce, Fabrizia
international economy
capital, goods, services, workers
financial crisis 2008-on/reforms/economic governance
With the aim of restoring a strong global framework for economic governance, this study proposes new rules of the game – imposed through the Group of 20 and the IMF – for the macroeconomic and exchange rate policies of the main players, including the United States. It also advocates stricter prudential rules for banks, centred around the introduction of a simple leverage ratio calculated with reference to total assets, with no exemptions or risk mitigation. The authors warn against the risk of a massive wave of new regulation, which is not needed and might cripple capital markets for years, and call instead for a simplification and a better enforcement of rules.
Centre for European Policy Studies
2009-03
Book
NonPeerReviewed
application/pdf
http://aei.pitt.edu/32617/1/56._Keep_it_Simple.pdf
http://www.ceps.eu/book/keep-it-simple-policy-responses-financial-crisis
Micossi, Stefano and Di Noia, Carmine and Carmassi, Jacopo and Pierce, Fabrizia (2009) Keep it simple: Policy Responses to the Financial Crisis. CEPS Paperbacks. March 2009. Series > Centre for European Policy Studies (Brussels) > CEPS Paperbacks <http://aei.pitt.edu/view/series/SMCEPSPaperbacks.html> . Centre for European Policy Studies. ISBN 9789290798637
http://aei.pitt.edu/32617/
oai:aei.pitt.edu:32641
2011-12-24T02:54:07Z
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The European Union in the 21st century: Perspectives from the Lisbon Treaty. CEPS Paperbacks. December 2009
Micossi, Stefano
Tosato, Gian Luigi
Cassese, Sabino
Bastasin, Carlo
Ferrera, Maurizio
Sacchi, Fiorella
Bruzzone, Ginevra
Prosperetti, Luigi
Termini, Valeria
Merlini, Cesare
Cangelosi, Rocco A.
Salleo, Ferdinando
Pansa, Alessandro
Padoan, Pier Carlo
Chitti, Mario P.
della Cananea, Giancinto
Manzella, Andrea
competition policy
energy policy (Including international arena)
law & legal affairs-general (includes international law)
common foreign & security policy 1993--European Global Strategy
international economy
enlargement
Germany
Italy
Lisbon Treaty
financial crisis 2008-on/reforms/economic governance
democracy/democratic deficit
general
general
The new Treaty of Lisbon brings important changes to the European construction, including a significant expansion of common policies decided by the Community method, a stable President for the European Council, a strengthened framework for external policies, more transparent and effective decision-making and strict safeguards of subsidiarity. This collection of essays edited by Stefano Micossi and Gian Luigi Tosato, analyse the changing equilibria in common policies, institutional settings and mechanisms of legitimisation of the European Union and sketch out possible scenarios for the 21st century.
Micossi, Stefano
Tosato, Gian Luigi
2009-12
Book
NonPeerReviewed
application/pdf
http://aei.pitt.edu/32641/1/64._Europe_in_the_21st_Century.pdf
http://www.ceps.eu/book/europe-21st-century-perspectives-lisbon-treaty
Micossi, Stefano and Tosato, Gian Luigi and Cassese, Sabino and Bastasin, Carlo and Ferrera, Maurizio and Sacchi, Fiorella and Bruzzone, Ginevra and Prosperetti, Luigi and Termini, Valeria and Merlini, Cesare and Cangelosi, Rocco A. and Salleo, Ferdinando and Pansa, Alessandro and Padoan, Pier Carlo and Chitti, Mario P. and della Cananea, Giancinto and Manzella, Andrea (2009) The European Union in the 21st century: Perspectives from the Lisbon Treaty. CEPS Paperbacks. December 2009. Series > Centre for European Policy Studies (Brussels) > CEPS Paperbacks <http://aei.pitt.edu/view/series/SMCEPSPaperbacks.html> . UNSPECIFIED. ISBN 9789290799290
http://aei.pitt.edu/32641/
oai:aei.pitt.edu:32643
2011-12-24T03:03:57Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D626F6F6B
Global Imbalances and the Collapse of Globalised Finance. CEPS Paperbacks. February 2010
Brender, Anton
Pisani, Florence
international economy
financial crisis 2008-on/reforms/economic governance
The world economy is just starting to recover from the most disastrous episode in the history of financial globalisation. Understanding what happened is essential. Anton Brender and Florence Pisani, both economists with Dexia Asset Management and teaching at Paris-Dauphine University, argue in this book that the main problems were deeply rooted and are to be found in two tightly linked developments that for many years were left largely uncontrolled: the increase in the intensity of international transfers of savings – the so-called ‘global imbalances’ – and a wave of innovations – globalised finance – that have changed the way savings and the risks associated with their investment can be transferred.
Globalised finance allowed continuously increasing amounts of emerging countries’ savings, invested in ‘risk-free’ assets, to finance loans that were far from being risk-free. The risks attendant on those loans did not vanish of course: they were carried by the risk-takers of the globalised financial system. Hedge-funds, investment banks, off-balance-sheet vehicles, etc. functioned here as parts of a genuine alternative banking system, taking on the bulk of the liquidity, interest-rate and credit risks generated by the mismatch between the assets that emerging regions’ savers were ready to – or could – invest in and the liabilities developed countries’ borrowers issued. Unfortunately, no one was in charge of keeping in check either the quantity of risk being accumulated in this way or the quality of the loans generating those risks. The consequence was terrible: the only force that could finally rein in the continuous deepening of the global imbalances was the collapse of globalised finance.
2010-02
Book
NonPeerReviewed
application/pdf
http://aei.pitt.edu/32643/1/66._Global_Imbalances_and_the_Collapse_of_Globalised_Finance.pdf
http://www.ceps.eu/book/global-imbalances-and-collapse-globalised-finance
Brender, Anton and Pisani, Florence (2010) Global Imbalances and the Collapse of Globalised Finance. CEPS Paperbacks. February 2010. Series > Centre for European Policy Studies (Brussels) > CEPS Paperbacks <http://aei.pitt.edu/view/series/SMCEPSPaperbacks.html> . UNSPECIFIED. ISBN 9789290799436
http://aei.pitt.edu/32643/
oai:aei.pitt.edu:32814
2013-11-03T02:14:39Z
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Why is the environmental justice movement so much stronger in the USA than in Europe?
Azeredo Lobo, Daniel
civil society
environmental policy (including international arena)
EU-US
development
international economy
U.K.
conflict resolution/crisis management
globalisation/globalization
international trade
researching and writing the EU (see also integration theory in this section)
Although there is a vast amount of critically influential knowledge developed by a long history of strong US environmental justice movements (EJM) from which Europe and the rest of the world can learn, in a time of strong post-neoliberal tendencies in Europe it becomes important to understand the nature of this knowledge, its context and dynamics. This research note aims to contribute to the debate on international environmental justice by addressing the different relationships that the USA and Europe establish with the EJM and its influence on the relational configuration of their current societal contexts.
Opticon1826
Collins, Rebecca
2011-11-01
Article
PeerReviewed
application/pdf
http://aei.pitt.edu/32814/1/Lobo_EnvironJustice_Issue11_Opticon1826.pdf
http://www.ucl.ac.uk/opticon1826/currentissue/articles/Lobo_EnvironJustice_Issue11_Opticon1826.pdf
Azeredo Lobo, Daniel (2011) Why is the environmental justice movement so much stronger in the USA than in Europe? Opticon1826 (11).
http://aei.pitt.edu/32814/
oai:aei.pitt.edu:32867
2011-11-15T15:20:22Z
7374617475733D707562
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7375626A656374733D45:45303033
74797065733D706F6C6963797061706572
Wanted: a stronger and better G20 for the global economy. Bruegel Policy Contribution 2011/15, October 2011
Angeloni, Ignazio
Pisani-Ferry , Jean
international economy
G7/G8/G20
financial crisis 2008-on/reforms/economic governance
The G20 acted as a crisis manager when global financial markets were under threat in 2008 and 2009, and contributed to a positive outcome. However since then, in the more routine work of crisis prevention, its performance has been less convincing at best, and criticism of its effectiveness has increased.
Nevertheless, a global governance forum such as the G20 is necessary. Allowing the G20 to slide slowly into irrelevance would be unfortunate because a global crisis manager is once again needed, this time to deal with the European sovereign-debt crisis
The first priority is to promptly finalise the macro-coordination framework still under construction, and strengthen it by bringing intra-regional imbalances explicitly to the fore. These should be treated as global imbalances under G20 responsibility if they have global implications, as the euro crisis certainly does.
Second, decisions should be taken on how the emerging country bloc represented in the G20 could contribute to provide financial-market support in conditions of stress. The 3-4 November Cannes G20 summit is an opportunity to strengthen the G20’s role.
2011-10
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/32867/1/Wanted__a_stronger_and_better_G20_for_the_global_economy_(English).pdf
http://www.bruegel.org/publications/publication-detail/publication/630-wanted-a-stronger-and-better-g20-for-the-global-economy/
Angeloni, Ignazio and Pisani-Ferry , Jean (2011) Wanted: a stronger and better G20 for the global economy. Bruegel Policy Contribution 2011/15, October 2011. [Policy Paper]
http://aei.pitt.edu/32867/
oai:aei.pitt.edu:32868
2011-11-15T15:25:26Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D776F726B696E677061706572
The international monetary system is changing: What opportunities and risks for the euro? Bruegel Working Paper 2011/11, 2 November 2011
Angeloni, Ignazio
Sapir , André
international economy
financial crisis 2008-on/reforms/economic governance
After a thirty-year pause, discussions on the future of the international monetary system (IMS) have restarted. This is partly due to the fact that the IMS has facilitated, or at least not prevented, the economic and financial imbalances that led to the recent crisis.
This paper argues that the international position of the US dollar is likely to erode in the coming years, though the speed of the process is uncertain. This will create a demand for other currencies to be used internationally as means of payment and store of value. The most likely candidates for filling the partial vacuum created by the dollar’s decline are the euro and the Chinese renminbi. The probability that the renminbi will eventually become one of the world’s key currencies is very high, but the speed of the process is uncertain.
As far as the euro is concerned, much will depend on if and how the sovereign debt crisis is resolved. Our view is that the crisis will be dealt with and that it will result in radical steps towards fiscal and financial integration. If such steps are taken, the euro will secure both internal stabilisation and a growing international role.
2011-11
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/32868/1/The_international_monetary_system_is_changing__What_opportunities_and_risks_for_the_euro__(English).pdf
http://www.bruegel.org/publications/publication-detail/publication/632-the-international-monetary-system-is-changing-what-opportunities-and-risks-for-the-euro/
Angeloni, Ignazio and Sapir , André (2011) The international monetary system is changing: What opportunities and risks for the euro? Bruegel Working Paper 2011/11, 2 November 2011. [Working Paper]
http://aei.pitt.edu/32868/
oai:aei.pitt.edu:33011
2012-02-22T19:11:32Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D45:45303033
74797065733D776F726B696E677061706572
The Group of G20: trials of global governance in times of crisis. Bruegel Working Paper 2011/12, December 2011
Angeloni, Ignazio
international economy
G7/G8/G20
financial crisis 2008-on/reforms/economic governance
In spite of the disappointing outcome of some recent summits, notably the most recent in Cannes, the G20 is and should remain the cornerstone of the global financial architecture. Its record of performance in the last three years, reviewed in this paper, is mixed but not as unambiguously negative as critics have said.
However, its effectiveness as a decision-maker has diminished over time. Enhancing the relevance and effectiveness of the G20 will require time and action on several fronts, including greater involvement and stronger commitment on the part of political leaders, better internal organisation and the development of a shared mission.
2011-12
Working Paper
NonPeerReviewed
other
http://aei.pitt.edu/33011/1/index.html
http://www.bruegel.org/publications/publication-detail/view/655/
Angeloni, Ignazio (2011) The Group of G20: trials of global governance in times of crisis. Bruegel Working Paper 2011/12, December 2011. [Working Paper]
http://aei.pitt.edu/33011/
oai:aei.pitt.edu:33184
2016-01-30T17:13:39Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:65636F6E6F6D696366696E616E6369616C6166666169727362706561
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:676C6F62616C69736174696F6E676C6F62616C697A6174696F6E
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D706F6C6963797061706572
Still standing: how European firms weathered the crisis - The third EFIGE policy report. Bruegel Blueprint 15, 22 December 2011
Békés, Gábor
Halpern, László
Koren, Miklós
Muraközy, Balázs
international economy
business/private economic activity
financial crisis 2008-on/reforms/economic governance
globalisation/globalization
This research output confirms the strength of the approach underpinning the EFIGE project, which is based on the recognition that firms are heterogeneous in the extent and the pattern of their internationalisation, as they are in many other respects. The project provides more, and more precise, evidence of what makes firms successful and therefore also what makes countries successful in the context of globalisation. Internationalisation, however, also makes firms vulnerable to shocks affecting international trade and may transform them into agents of propagation of global downturns. At the time of the Great Recession of 2009, there was intense speculation about the reasons why trade collapsed much more than output. It was sometimes claimed that global supply chains were not only propagators, but also multipliers of international fluctuations. This report by László Halpern and his colleagues makes use of the fact that the EFIGE survey was – by accident – conducted in 2009 and – by design – included questions about the firms’ response to the global crisis. It provides a fascinating account of what happened to them in an especially turbulent environment. The stylised facts presented in this report are important to bear in mind at a time when Europe is heading for another severe downturn.
2011-12
Policy Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/33184/1/Still_standing__how_European_firms_weathered_the_crisis_%2D_The_third_EFIGE_policy_report_(English).pdf
http://www.bruegel.org/publications/publication-detail/publication/661-still-standing-how-european-firms-weathered-the-crisis-the-third-efige-policy-report/
Békés, Gábor and Halpern, László and Koren, Miklós and Muraközy, Balázs (2011) Still standing: how European firms weathered the crisis - The third EFIGE policy report. Bruegel Blueprint 15, 22 December 2011. [Policy Paper]
http://aei.pitt.edu/33184/
oai:aei.pitt.edu:33370
2014-07-18T00:47:39Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:6663723230303839
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
7375626A656374733D45:45303033
7375626A656374733D45:45303034
74797065733D776F726B696E677061706572
Financial reform after the crisis: an early assessment. Bruegel Working Paper 2012/01, January 2012
Véron, Nicolas.
international economy
G7/G8/G20
IMF
financial crisis 2008-on/reforms/economic governance
This paper takes stock of global efforts towards financial reform since the start of the financial crisis in 2007-08, and provides a synthetic (if simplified) picture of their status as of January 2012.
Underlying dynamics are described and analysed both at the global level (particularly G-20, International Monetary Fund and the Financial Stability Board) and in individual jurisdictions, together with the impact the crisis has had on them. The possible next steps of financial reform are then reviewed along several dimensions including ongoing crisis management in Europe, the new emphasis on macroprudential approaches, the challenges posed by globally integrated financial firms, the implementation of harmonised global standards and the links between financial systems and growth.
2012-01
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/33370/1/Financial_reform_after_the_crisis__an_early_assessment_(English).pdf
http://www.bruegel.org/publications/publication-detail/publication/680-financial-reform-after-the-crisis-an-early-assessment/
Véron, Nicolas. (2012) Financial reform after the crisis: an early assessment. Bruegel Working Paper 2012/01, January 2012. [Working Paper]
http://aei.pitt.edu/33370/
oai:aei.pitt.edu:34041
2012-03-19T13:44:07Z
7374617475733D707562
7375626A656374733D46:666368696E61
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D776F726B696E677061706572
The internationalisation path of the renminbi. Bruegel Working Paper 2012/05, 13 March 2012
Vallée., Shahin
international economy
China
As China’s economic might grows, its standing and that of its currency in the international monetary system become increasingly pressing issues. The crisis seems to have reminded the Chinese authorities of the dangers of a unipolar monetary system, and they have therefore accelerated their plans to internationalise the renminbi (RMB). The goal of this internationalisation strategy is not clear and China has not defined publicly the monetary system it aims to achieve.
Nevertheless, there are more and more signs that the internationalisation of the RMB is progressing, notwithstanding major challenges. Conventional wisdom and the majority of the literature posits that the RMB will not succeed in its internationalisation process until China fully opens its capital and financial accounts, makes its exchange rate flexible and liberalises its financial sector. These three obstacles are real but circumventable. However, if China's internationalisation strategy follows a path that concentrates on overcoming immediate challenges in order to raise the status of the RMB to that of a second-tier world currency, the Chinese authorities will still have to undertake substantial reforms if they intend to place the RMB on a footing comparable to the dollar or the euro.
2012-03
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/34041/1/(English).pdf
http://www.bruegel.org/publications/publication-detail/publication/715-the-internationalisation-path-of-the-renminbi/
Vallée., Shahin (2012) The internationalisation path of the renminbi. Bruegel Working Paper 2012/05, 13 March 2012. [Working Paper]
http://aei.pitt.edu/34041/
oai:aei.pitt.edu:34042
2012-03-19T13:43:59Z
7374617475733D707562
7375626A656374733D44:44303031:65636F6E6F6D696366696E616E6369616C61666661697273:656661454D55454D536575726F
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D776F726B696E677061706572
Real effective exchange rates for 178 countries: a new database. Bruegel Working Paper 2012/06, 15 March 2012
Darvas, Zsolt
international economy
EMU/EMS/euro
The real effective exchange rate (REER), which measures the development of the real value of a country’s currency against the basket of the trading partners of the country, is a frequently used variable in both theoretical and applied economic research and policy analysis. It is used for a wide variety of purposes, such as assessing the equilibrium value of a currency, the change in price or cost competitiveness, the drivers of trade flows, or incentives for reallocation production between the tradable and the non-tradable sectors.
Due to the importance of the REER in economic research and policy analysis, several institutions, such as the World Bank, the Eurostat, the BIS, the OECD, just to name a few, publish various REER indicators which are freely downloadable. Altogether, these institutions publish data for 113 countries. The countries for which data are available include all advanced and several emerging and developing countries. However, different databases may have different methodologies and even the 109 countries included in the World Bank database miss several dozen countries of the world.
Our database has three novelties:
Using a consistent methodology, we calculate CPI-based REER for 178 countries (plus the euro area) for annual data and for 153 countries (plus the euro area) for monthly data.
We calculate the REER for all countries up to date, eg in the current vintage of the database we calculate up to January 2012.
It is relatively easy to calculate REER against any arbitrary group of countries – what is needed for this is a re-scaling of the weighting matrix.
The database will be irregularly updated.
2012-03
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/34042/1/(English)%2D1.pdf
http://www.bruegel.org/publications/publication-detail/publication/716-real-effective-exchange-rates-for-178-countries-a-new-database/
Darvas, Zsolt (2012) Real effective exchange rates for 178 countries: a new database. Bruegel Working Paper 2012/06, 15 March 2012. [Working Paper]
http://aei.pitt.edu/34042/
oai:aei.pitt.edu:40216
2014-08-07T01:36:41Z
7374617475733D707562
7375626A656374733D44:44303032:44303032303232
7375626A656374733D44:44303032:44303032696E7465726E6174696F6E616C65636F6E6F6D79
74797065733D776F726B696E677061706572
Brazil and the EU in the global economy. CEPS Working Document No. 371, February 2013
Gros, Daniel.
Alcidi, Cinzia.
Giovannini, Alessandro
EU-Latin America
international economy
The structure of the world economy has been changing quickly during the last decade. The emerging global economy is much more fragmented than in the past and characterised by different global actors, each one with specific features and roles. In this setting, both Brazil and the European Union play role. This paper, without pretending to provide a full analysis of the European and Brazilian economies, offers a description of their main international economic features to understand their current and future role in the global order.
2013-02
Working Paper
NonPeerReviewed
application/pdf
http://aei.pitt.edu/40216/1/WD_371_Brazil%2DEU_in_Global_Economy_DG_CA_%26_AG[1].pdf
http://www.ceps.be/book/brazil-and-eu-global-economy
Gros, Daniel. and Alcidi, Cinzia. and Giovannini, Alessandro (2013) Brazil and the EU in the global economy. CEPS Working Document No. 371, February 2013. [Working Paper]
http://aei.pitt.edu/40216/metadataPrefix%3Doai_dc%26offset%3D40217%26set%3D7375626A656374733D44%253A44303032%253A44303032696E7465726E6174696F6E616C65636F6E6F6D79