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Research-based policy analysis and commentary from leading economists
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20 апреля, 00:00

International transmission of monetary policy via banks

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The channels through which one country’s monetary policy affects the international economy are still not that well understood. This column presents findings from latest project of the International Banking Research Network, which reveal that monetary policy spillover effects via bank lending are significant across countries in both conventional and unconventional periods. While the results provide some support to the bank lending and portfolio channels traditionally studied in the literature, they also suggest that other bank-level frictions matter.

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20 апреля, 00:00

Gaining competitiveness through trade credit

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Firms have responded to increased competitive pressures due to globalisation in various ways. This column suggests another margin of adjustment – provision of trade credit. It shows that extending trade credit attenuates the price response to increased competition. Ignoring the trade credit channel leads to an underestimation of the full effects of changes in market competition on exporters.

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19 апреля, 00:00

Barriers to trade in services reduce multinational production

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Multinational enterprises that produce goods rely on services to organise their value chain, so barriers to investment in services are likely to affect their production. The column uses a new and comprehensive OECD database to measure the share of services in the exports of multinational enterprises, and also in the output of their foreign affiliates. The results suggest that policymakers may need to focus more on the services that support manufacturing industries.

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19 апреля, 00:00

The role of the ECB in the reform proposals in CEPR Policy Insight 91

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One criticism of the recent CEPR Policy Insight on euro area reform is its supposed silence on the role of the ECB. In this column,  which we add to VoxEU's Euro Area Reform debate, two of the authors of the Policy Insight argue that the reforms proposed in it actually have significant implications for the ECB’s role, in a way that would make it easier for the ECB to fulfill its mandate.

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19 апреля, 00:00

Higher growth needed in Latin America and the Caribbean

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The rate of economic growth in Latin America and the Caribbean in coming years is predicted to be below that of the rest of the world and substantially below that of the fast-growing countries of emerging Asia. This column looks at the drivers behind these growth gaps. To converge more rapidly to higher-income status, the region needs not only to boost investment but critically to raise investment efficiency.

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18 апреля, 00:00

The limits of central bank cooperation: Evidence from the Gold Pool

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Central bank cooperation has once again become a central issue amid the Global Crisis and the persistence of global imbalances, but there are few examples of successful cooperation schemes that survived the test of time. This column argues that the Gold Pool of 1961-1968 offers a unique example of integrated financial cooperation between major central banks. It failed not due to members freeriding, but because they did not have to abide by any rules-based policies to prevent imbalances.

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18 апреля, 00:00

The impact of the Brexit vote on European Capital Markets Union

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The Brexit vote was a clear setback in the effort to integrate European capital markets. It slowed down the implementation of the Capital Markets Union agenda to avoid pre-empting the Brexit negotiations, and risks an inefficient break-up in the activities of clearing houses that deal in euro-denominated securities. This column, the second in a two-part series, argues that there is a strong case for the Capital Markets Union project to continue with the remaining EU27 members after Brexit, including stronger central oversight.

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18 апреля, 00:00

Addressing Europe’s infrastructure gaps

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Adequate infrastructure is essential for growth. Since the financial crisis, however, public sector infrastructure investment in the EU has been scaled back. This column uses data from a recent survey to explore the causes of Europe’s infrastructure gaps. The results suggest that more coordination and planning are needed for infrastructure projects, both at the EU and national levels. Efforts to attract private investors also need to continue.

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17 апреля, 00:00

Where we stand on European Capital Markets Union

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The European Commission launched its Capital Markets Union project in 2015 to help unlock funding for investment through deeper and more integrated capital markets. This column, the first in a two-part series, argues that progress has been slow and that a more ambitious vision is needed to achieve true Capital Markets Union.

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17 апреля, 00:00

Raising tariffs on China without grabbing headlines

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While the Trump administration’s proposed tariff increases on Chinese imports have grabbed the headlines, few realise that other trading partners have also raised tariffs on Chinese trade. This column examines the effects of the EU removing China from its General System of Preferences in 2012. As a result of the move, $242 billion worth of EU imports from China were subject to higher tariffs, raising EU customs revenue by an estimated $4 billion.

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17 апреля, 00:00

Building a stable European Deposit Insurance Scheme

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Deposit insurance, like any insurance scheme, raises moral hazard concerns. Such concerns arising from European deposit insurance can be alleviated through a country-specific component in the risk-based premium for deposit insurance and limits on sovereign bond exposures on bank balance sheets. This column, which forms part of VoxEU's Euro Area Reform debate, argues, however, that proposals to maintain national compartments in a new European Deposit Insurance Scheme are self-defeating, as such compartments can be destabilising in times of crisis.

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16 апреля, 00:00

How regulation affects bank competition

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There is no consensus on how to measure competition in the banking system, though the 'Boone indicator' of profit elasticity with respect to marginal costs has recently provided reliable results. This column uses a dataset of 125 years of bank balance sheets to calculate this indicator for the Italian banking system. It shows that regulatory changes have driven bank competition, an insight that is supported by other indicators.