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24 мая, 04:09

Financial integration in the Eurozone should not be a tough sell

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Much progress has been made in recent years to improve the financial integration of the Eurozone.  This column argues that while banking union promotes stability, markets remain fragmented and consumers aren’t yet fully enjoying the fruits of integration. With Brexit on the horizon, it is up to the remaining EU member states to foster competition and efficiency in financial services by completing the banking union, harmonising national regulation, and accelerating the realisation of a true capital markets union. 

24 мая, 04:09

Risk-based capital requirements and corporate lending

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Bank risk-weighted assets differ significantly across banks. Using a unique database covering Europe’s top 50 banking groups, this column argues that national segmentations explain a significant (albeit decreasing) share of this variability. Furthermore, institutions that rely more heavily on the internal ratings-based approach have reduced more (or increased less) their corporate loan portfolio. This effect is somewhat stronger for banks located in Eurozone periphery countries during the 2010-12 sovereign crisis.

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23 мая, 11:56

Social Europe revisited

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Almost 20 years after CEPR published “Social Europe: One for All?”, Social Europe has moved again to the top of the policy agenda. In this column, two of the authors revisit their report and argue that the challenges posed by the Global Crisis, the deepening of the inter­nal market, globalisation, technological progress, popu­lation ageing, and the refugee crisis now require a more effective strat­egy to strengthen the EU social acquis.

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23 мая, 04:13

How university admissions can help integrate secondary schools

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In recent years, several US states have introduced college admission policies that reward local rather than global relative performance by guaranteeing admission to students graduating in the top N-percent of their high school. This column examines how these policies affected socioeconomic and ethnic segregation at both the university and high school levels in the state of Texas. While the policies did not replicate the level of diversity in universities seen under earlier affirmative action policies, they did lead to a reduction in the overall level of ethnic segregation in high schools.

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22 мая, 04:05

Precaution, mercantilism, and the real exchange rate

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Widening global imbalances, driven by reserve accumulation, can help us investigate how real exchange rates are determined. Standard theory would predict real exchange rate appreciation when there is an increase in net foreign assets. This column uses recent data from 75 countries to argue that, in practice, there is the opposite correlation in the particular case of reserve accumulation, notably in countries with higher capital controls and in developing countries.

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22 мая, 04:05

US healthcare inefficiency: Evidence from prescription drugs

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Despite higher per capita healthcare spending, US health outcomes compare poorly with other developed nations. One potential reason is that the US healthcare system creates incentives that promote the faster adoption of medical technologies with minimal benefits. This column tests this claim using data on the quality and diffusion of new pharmaceuticals in the US and four other countries. The results suggest that compared to Australia, Canada, Switzerland, and the UK, low-quality drugs diffuse more quickly in the US relative to high-quality drugs.

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21 мая, 04:10

Mainstreaming behavioural economics

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Behavioural economics has identified phenomena that standard models could not explain. But its critics warn that it is becoming little more than a ‘pile of quirks’. This column argues that the future development of behavioural economics should focus on a streamlining process that will clarify core issues, fill conceptual gaps, and create tractable models. Behavioural models will only become a coherent alternative to homo economicus if this process occurs.

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21 мая, 04:10

Reconstruction and conflict: Losing hearts and minds

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The pervasive ‘hearts and minds’ theory guiding counterinsurgency doctrine contends that military-led reconstruction reduces violence in post-conflict settings. Using rare data from Afghanistan, this column questions the theoretical and empirical basis of that perspective. Military-led projects in the health sector are found to successfully alleviate violence, whereas those in the education sector actually provoke conflict. The destabilising effects of education projects are strongest in conservative areas, where public opinion polls suggest education projects breed antipathy towards international forces.

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20 мая, 04:00

Assessing the value of preferential market access

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Putting a number on how effective policymakers are in boosting cross-border trade is important. But doing so in a statistically sound way is not trivial. This column presents a new methodology to identify the causal effect of preferential economic integration agreements. It finds trade effects that are somewhat smaller than predicted by established, but problematic, procedures.

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20 мая, 04:00

How online learning can boost English language teaching in Japanese schools

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The quality of English language teaching in Japan is disappointing when compared with other East Asian countries or with the quality of other school subjects. This column assesses the impact of an English learning programme via Skype for Japanese high school students. Although a positive impact on English communication skills could not be established, mostly likely due to the low utilisation of the programme, it did have a positive impact on student attitudes. Policymakers may wish to consider how to combine regular English lectures and online English learning programmes to improve results.

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19 мая, 11:54

International inflation synchronisation through global value chains

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Inflation has been shown to co-move across countries, but whether this is due to common shocks or propagation via real and financial channels has not been established. This column argues that global value chains propagate cost pressures across borders, thereby synchronising inflation. As international input linkages represent a direct link between foreign marginal costs and domestic production costs, their prevalence has a significant effect on the extent to which optimal monetary policy is inward-looking.

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19 мая, 04:10

The 2017 CEPR European Workshop on Household Finance

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The 2017 CEPR European Workshop on Household Finance took place on 28-29 April 2017 at the Copenhagen Business School. This column introduces the CEPR Network on Household Finance and its goals, and also describes the papers that were presented at the workshop.