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The banking crisis as a giant carry trade gone wrong

May 23rd, 2013
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Viral Acharya, Sascha Steffen, 23 May 2013A pernicious aspect of the Eurozone crisis is the ‘doom loop’ linking European banks and governments. This column argues that poor European policy choices in the wake of the 2008 Global Crisis worsened the problem. Rather than being forcefully recapitalising as in the US and UK, many Eurozone banks were left undercapitalised and free to gamble for redemption. In what may be the greatest carry trade ever, they borrowed cheap, first in short-term debt markets and then from the ECB, to invest in high-yield but risky sovereign debt.

Service-sector reforms enhance manufacturing productivity: Evidence from Indonesia

May 22nd, 2013
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Victor Duggan, Sjamsu Rahardja, Gonzalo Varela, 22 May 2013The ‘manufacturing matters’ movement has gained prominence on the policy agenda even as the nature of manufacturing continues to morph. This column discusses new research showing that opening service sectors to competition and foreign direct investment can be a powerful conduit for productivity gains in manufacturing.

Integrating monetary policy and macroprudential regulation

May 21st, 2013
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Otaviano Canuto, Matheus Cavallari, 21 May 2013The global financial crisis has shattered the confidence of many established principles of monetary policy and financial supervision. This column argues that the two should not remain separate, and maps out the major challenges faced by their complementary implementation.Full Article: Integrating monetary policy and macroprudential regulation

Iceland’s post-Crisis economy: A myth or a miracle?

May 21st, 2013
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Jon Danielsson, 21 May 2013Icelandic voters recently ejected its post-Crisis government – a government that successfully avoided economic collapse when the odds were stacked against it. The new government comprises the same parties that were originally responsible for the Crisis. What’s going on?

Helicopter money as a policy option

May 20th, 2013
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Lucrezia Reichlin, Adair Turner, Michael Woodford, 20 May 2013With persistently weak economic conditions becoming the norm in Europe, economists are considering increasingly unconventional policy options. One tool that has yet to be taken out of storage is ‘helicopter money’, i.e. the overt monetary financing of government deficits.

Fiscal prioritisation: Lessons from three wars

May 19th, 2013
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George Hall, Thomas J. Sargent, 19 May 2013Can we learn from previous instances of fiscal prioritisation? This column surveys the US Treasury’s response to three wars – the Revolutionary War, The War of 1812 and the Civil War. Contemporary advocates of engaging in fiscal discrimination might ponder the actions of previous US Presidents Madison and Grant, who honoured all existing federal obligations despite challenging fiscal conditions.Full Article: Fiscal prioritisation: Lessons from three wars

In Bernanke we Trust

May 19th, 2013
in
Do you feel it too … The air of complacency that has engulfed financial markets and policy makers in the last month. With inflation falling and even the spectre of deflation now returning as a market meme as well as stubbornly weak growth, more stimulus and less concern about debt and deficits might of course seem warranted.

Unleashing growth: The decline of innovation-blocking institutions

May 18th, 2013
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Klaus Desmet, Stephen L. Parente, 18 May 2013Innovation is the beating heart of modern growth. This column argues that innovation-blocking institutions weaken when markets expand and competition intensifies. The rise and decline of medieval Italian crafts guilds offer valuable insights into this process. Policies that promote greater market integration and stronger competition are key steps in lowering the barriers to innovation.Full Article: Unleashing growth: The decline of innovation-blocking institutions

Cuddly or not, the design of worker insurance is critically important

May 17th, 2013
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William Kerr, 17 May 2013Do economies’ social policies affect their innovative outcomes? This column uses the case of venture capital investors to argue that it may. Countries that protect workers rather than jobs – and thus avoid employment-protection laws – developed stronger venture-capital markets over 1999-2008, especially in highly volatile sectors like computers or energy.Full Article: Cuddly or not, the design of worker insurance is critically important

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