Search Results
Journal Article
Global European banks and the financial crisis
This paper reviews some of the recent studies on international capital flows with a focus on the role of European global banks. It presents a revision to the commonly held ?global saving glut? view that East Asian economies (along with oil-rich nations) were the dominant suppliers of capital that fueled the asset price boom in many parts of the world in the early 2000s. It argues that the role of funding costs and a ?liberal? regulatory regime that allowed for an unprecedented expansion of the balance sheets of European banks was no less important. Finally, we describe the aftermath of the ...
Journal Article
A Shutoff of Russian Natural Gas
A shutoff of Russian natural gas to Europe will produce heterogenous effects that reflect local winter weather, national dependence on such flows, and policy responses.
Discussion Paper
Can Electric Cars Power China’s Growth?
China’s aggressive policies to develop its battery-powered electric vehicle (BEV) industry have been successful in making the country the dominant producer of these vehicles worldwide. Going forward, BEVs will likely claim a growing share of global motor vehicle sales, helped along by subsides and mandates implemented in the United States, Europe, and elsewhere. Nevertheless, China’s success in selling BEVs may not contribute much to its GDP growth, owing both to the maturity of its motor vehicle sector and the strong tendency for countries to protect this high-profile industry.
Conference Paper
Economic policy for the information economy : overview
Conference Paper
Economic and monetary union in Europe : the challenges ahead
Journal Article
E pluribus EMU? how will Europe cope with a single currency?
Report
Debt and deficit ceilings, and sustainability of fiscal policies: an intertemporal analysis
In this paper, we examine the likely consequences for the sustainability of fiscal policy of pursuing goals that rely on restrictive ceilings on deficits and debt. We provide a formal theoretical framework for analyzing the sustainability of fiscal policy based on the government intertemporal budget constraint and derive conditions that determine whether a given fiscal stance is sustainable. This framework generalizes the existing literature in several important respects. We allow for time-varying interest rates, for the primary deficit to be endogenous, for a finite planning horizon suitable ...
Journal Article
Thinking globally: International prospects for 2002
Conference Paper
The structure and regulation of insurance markets in Europe