Tax evasion and austerity-plan failure

Francesco Pappadà, Yanos Zylberberg 03 February 2014

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Austerity plans in southern European countries (Greece, Portugal, Spain, and Italy) have so far yielded mixed results (Salto 2013). On the one hand, the primary budget balances of these countries have improved, and their risk premiums are now stabilised at a much lower level than during the crisis peak.

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Topics:  Financial markets Taxation

Tags:  VAT, transparency, tax evasion, Greece, credit, austerity, European sovereign debt crisis

European merger policy reform

Tomaso Duso, Klaus Gugler, Florian Szücs 26 January 2014

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In May 2004, the legal basis for merger evaluation in the EU was substantially revised. By then, it was apparent that the old legislation – which first came into force in 1989 – was lacking in a number of ways. Most importantly, the assessment of market power was based on the so-called dominance test – a criterion that required the ‘creation or strengthening of a dominant position’ to be applicable, and therefore was ill-suited to prosecute mergers leading to collective dominance or increased scope for collusion in an oligopoly.

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Topics:  Competition policy EU policies

Tags:  EU, transparency, deterrence, merger policy, mergers, Competition policy, mergers and acquisitions, dominance

The new sustainability factor of the public pension system in Spain

Rafael Doménech, Víctor Pérez-Díaz 11 December 2013

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As in many other European countries, long-term trends in population growth and life expectancy in Spain make the current pay-as-you-go pension system unsustainable. A later baby boom and a recent immigration wave help explain why Spain has postponed the implementation of reforms already introduced in other European countries in the 1990s (see, for example, Chapter 1 of OECD 2012). A deep economic crisis has now revealed how dramatic the scenario really is.

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Topics:  Europe's nations and regions Welfare state and social Europe

Tags:  democracy, transparency, Spain, pensions, accountability, Sustainability

The determinants of banks’ liquidity buffers and the role of liquidity regulation

Clemens Bonner, Iman van Lelyveld, Robert Zymek 01 November 2013

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Until recently, liquidity risk was not the main focus of banking regulators. However, the 2007–2009 crisis showed how rapidly market conditions can change, exposing severe liquidity risks for some institutions. Although capital buffers were effective in reducing liquidity stress to some extent, they were not always sufficient. In the light of this, efforts are underway internationally as well as in individual countries to establish or reform existing liquidity risk frameworks – most notably the proposals by the Basel Committee on Banking Supervision (BCBS 2013).

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Topics:  Financial markets Microeconomic regulation

Tags:  transparency, liquidity, regulation, banking, Too big to fail, disclosure

Disclosure, transparency, and market discipline

Xavier Freixas, Christian Laux 17 April 2012

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Topics:  Global crisis International finance

Tags:  transparency, financial regulation, global crisis, disclosure, Market discipline

Federal Open Market Committee forecasts: Guesses or guidance?

Peter Tillmann 23 February 2012

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Topics:  Macroeconomic policy Monetary policy

Tags:  inflation, monetary policy, transparency, Federal Reserve, forecasting, Federal Open Market Committee

Looking beyond the incumbent: The effects of exposing corruption on electoral outcomes

Ana De La O, Alberto Chong, Dean Karlan, Léonard Wantchékon,

Date Published

Mon, 01/23/2012

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Central banks’ voting records and future policy

Kateřina Šmídková, Jan Zapal, Roman Horváth 13 November 2011

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Monetary-policy transparency has several dimensions, such as volume, quality, and timeliness of disclosed information. Transparency-cautious central banks typically release the voting records from monetary-policy meetings together with the minutes. Ideally, these voting records should help external observers better understand monetary policy, as argued by Geraats et al (2008) in the case of the ECB. In other words, they should be informative about future monetary policy.

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Topics:  Macroeconomic policy Monetary policy

Tags:  monetary policy, transparency, Central Banks

The damaged ECB legitimacy

Anne Sibert 15 September 2011

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The ECB’s role has evolved in its decade-long existence. In this note I describe how the choices of the ECB have damaged the institution’s legitimacy. This matters because decreased legitimacy lowers the ECB’s future policy effectiveness and weakens the legitimacy of all other institutions of governance in the EU, including the European Commission, the European Court of Justice, and the European Parliament.

In evaluating the ECB’s performance, I split the last eight years into two parts:

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Topics:  EU policies Europe's nations and regions Global crisis Institutions and economics

Tags:  ECB, transparency, Eurozone crisis

Drawing a line under Europe’s crisis

Barry Eichengreen 17 June 2010

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Financial crises feed on uncertainty. The longer uncertainty is allowed to linger, the greater the damage to confidence and the more difficult it becomes to repair. It is essential therefore that European policymakers move decisively to draw a line under the crisis.

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Topics:  EU institutions

Tags:  transparency, uncertainty, Eurozone crisis, Eurozone rescue

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