Marco Buti, István Székely, 28 June 2019

The EU11 economies are among the most open economies globally. The process of trade integration and the creation of GVCs have also drove a significant inflow of FDI into these countries. This column shows that while integration in the EU and FDI have enhanced their growth potential, these developments have also made them more vulnerable to external shocks. Domestic and EU-level reforms in the EU11 should focus on increasing economic and social resilience. 

Elias Papaioannou, 12 February 2016

Institutional redesign and reform are currently being debated and implemented at the EU and EZ levels. However, there is a growing institutional gap across member countries – especially between the core and periphery. This column illustrates the extent of this gap. Weak institutions have already stifled reform efforts, such as the Economic Adjustment Programs undertaken by Greece and Portugal. The success of pan-European reforms and the future of the Eurozone will require coordinated action to close this institutional gap.

Leonardo Baccini, Johannes Urpelainen, 09 January 2015

From 1990 to 2009, more than 500 preferential trading agreements were formed by countries of all stripes. This column argues that the non-trade reform effects are central to understanding the causes and consequences of the recent trade agreement wave. Developing country leaders use deep, legally binding trade agreements with major economic powers, especially the US and the EU, to enact and implement politically controversial domestic reforms.

Elías Baracat, Michael Finger, Julio Nogués, Raúl Thorne, 28 October 2013

Trade reforms must be durable if countries are to reap the benefits of international specialisation and trade. Whereas Peru has sustained the reforms it carried out in the 1990s, Argentina has introduced multiple trade restrictions in recent years. This column argues that Peru’s success is due to two factors. First, Peruvian trade reform was part of a broader reform effort. Second, by highlighting the success of Asian countries and negotiating bilateral agreements, Peru’s political leaders fostered a positive vision of Peru’s role in the world economy.

Balázs Égert, 10 May 2013

France has recorded one of the lowest real per capita income growth levels in the OECD over the last 20 years or so. One of the many structural weaknesses causing this weak performance is the French tax system. This column argues that complexity, instability and non-neutrality coupled with very high effective tax rates in many areas of the French tax system put a heavy burden on the economy.

Richard Portes, Dimitri Vayanos, Michael G Jacobides, 30 November 2011

After a period of intense political turmoil, Greece has converged on a coalition government tasked with implementing reforms. This column argues Greece should now change from fiscal targets and debt restructuring to operational restructuring. It proposes three independent authorities with tight governance and accountability to manage healthcare procurement, monitor structural reforms, and fight corruption.

Raghuram Rajan, 09 July 2010

Raghuram Rajan of the University of Chicago talks to Romesh Vaitilingam about ‘The Squam Lake Report’, which brings together 15 leading US financial economists to map out a long-term plan for financial regulation reform. Among other things, they discuss capital requirements, contingent convertibles, living wills and executive compensation in financial services. The interview was recorded in London in July 2010.

Charles Wyplosz, 12 January 2010

The Lisbon strategy for making the EU the world’s most competitive economy is a failure, yet an extension of the failed approach is in the works. This column argues that EU governments should let the strategy die a peaceful death. A new model is needed.

Javier Suarez, Enrico Perotti, 07 November 2009

Liquidity risk charges were proposed in February 2009 as a new macro-prudential tool to discourage systemic risk creation by banks. CEPR Policy Insight No. 40 refines this proposal in order to clarify challenging issues surrounding the implementation of liquidity risk charges.

Nauro Campos, Fabrizio Coricelli, 06 August 2009

Will the current crisis reverse the past two decades of democratisation and financial liberalisation? This column documents the complex, non-linear relationship between political and financial reform. Financial liberalisation often reverses as countries move from autocracy to democracy, as “partial democracies” are less liberalised, and there are big differences between de jure and de facto liberalisation.

Daron Acemoğlu, Davide Cantoni, Simon Johnson, James Robinson, 02 July 2009

Can external agents successfully impose significant institutional reforms? Many economists are sceptical. This column assesses major reforms the French imposed upon their conquered European neighbours in the years after the French Revolution. The reforms, imposed suddenly without concern for being “appropriate to local conditions”, appear to have spurred significantly faster economic growth.

Daniel Bradlow, 18 March 2009

Will the G20 agree to the reforms needed to make the IMF an effective part of international financial governance? The prospects are grim because it would require difficult political compromises or amendments to the IMF’s Articles of Agreement. Yet reforms are needed to address the IMF’s coordination with other international institutions, the scope of the financial regulatory regime, and its representative legitimacy. This column some initial steps the G20 might take.

Enrico Perotti, Javier Suarez, 27 February 2009

In this new Policy Insight Enrico Perotti and Javier Suarez explain how a liquidity and capital insurance arrangement could provide emergency liquidity (and perhaps capital) and protect the economy against systemic crisis.

Enrico Perotti, Javier Suarez, 27 February 2009

Correlated liquidity risks caused subprime mortgage problems to spread widely and sow panic that led to the credit crisis. This column proposes a mandatory liquidity charge to insure against collective bank runs in the future. It argues for charges proportional to securities’ maturity mismatches so as to discourage practices that create systemic risk.

Donato Masciandaro, Marc Quintyn, 03 February 2009

Over the last ten years the financial supervision architecture and the role of the central bank in supervision therein has undergone radical transformation. A new CEPR Policy Insight addresses three questions. Which are the main features of the supervisory architecture reshaping? What explains the increasing diversity of the institutional settings? What are so far the effects of the changing face of banking and financial supervisory regimes on the quality of regulation and supervision?

Donato Masciandaro, Marc Quintyn, 03 February 2009

Central banks that have historically been involved in financial supervision often resist reforms that would unify supervisory powers in an agency other than the bank. This column argues that regulatory innovation is necessary to keep pace with financial innovation. Policymakers should be open to changes, including unification, and adopt reforms needed in their circumstances.

Arvind Subramanian, 29 August 2008

Growth begets further growth, which is good news for both China and India. But this column argues that it is easier to create or improve a market than to build state capacity, which means that China, with its lagging private sector, is likely to fare better than India, which has deteriorating institutions.

Arvind Subramanian, 06 August 2008

Manmohan Singh has political capital and needs a legacy. This column suggests that the prime minister focus his energies on reforming higher education – a badly lagging sector that needs deregulation, liberalisation, and globalisation.

Thorvaldur Gylfason, Eduard Hochreiter, 02 August 2008

The development gap between former Soviet states is striking – top performers like Estonia have joined the European Union while others, such as Georgia, lag far behind. What accounts for these differences? In the case of Estonia, this column attributes them to successful institutional reforms, good governance, and investments in education.

Peter Kenen, 30 October 2007

Here is an evaluation of progress on IMF reform by one of the world’s most eminent scholars of the global financial system.

Pages

Events

  • 17 - 18 August 2019 / Peking University, Beijing / Chinese University of Hong Kong – Tsinghua University Joint Research Center for Chinese Economy, the Institute for Emerging Market Studies at Hong Kong University of Science and Technology, the Guanghua School of Management at Peking University, the Stanford Center on Global Poverty and Development at Stanford University, the School of Economics and Management at Tsinghua University, BREAD, NBER and CEPR
  • 19 - 20 August 2019 / Vienna, Palais Coburg / WU Research Institute for Capital Markets (ISK)
  • 29 - 30 August 2019 / Galatina, Italy /
  • 4 - 5 September 2019 / Roma Eventi, Congress Center, Pontificia Università Gregoriana Piazza della Pilotta, 4, Rome, Italy / European Center of Sustainable Development , CIT University
  • 9 - 14 September 2019 / Guildford, Surrey, UK / The University of Surrey

CEPR Policy Research