Posted by hkarner - 4. Juli 2016
on July 1, 2016 RGE EconoMonitor
From Eurotimidity to Euroaudacity
A new proposal has come from a group of leading European economists (the Resiliency Authors) on how to shore up the Eurozone’s resiliency. Their recipe includes diversifying bank portfolios; decreasing banks’ overexposure to domestic loans; transferring the responsibility for banks’ rescue from national governments to the European Stability Mechanism (although the authors consider this option to be politically unfeasible); introducing fiscal expenditure rules (linking expenditure reduction to debt levels); strengthening the ESM, and making it more effective and better coordinated with the ECB; and further adjusting competitiveness with more structural reforms.
Would these measures improve the Eurozone resilience to future bad shocks?
Yet, is resilience the very first priority for the Eurozone at this point in time? Is it really what the Eurozone needs now? Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Bossone, DeLong, ESM, Euro, Helicopter Money, Krugman, resilience, RGE Monitor, TCC | Leave a Comment »
Posted by hkarner - 4. März 2016
Ngaire Woods is Dean of the Blavatnik School of Government and Director of the Global Economic Governance Program at the University of Oxford.
MAR 3, 2016, Project Syndicate
OXFORD – Last week, Christine Lagarde, the International Monetary Fund’s managing director, warned that if countries do not act together, the global economy could be derailed. Likewise, the OECD has warned that countries must move “urgently” and “collectively” to boost global growth prospects. Yet the G-20 finance ministers and central-bank governors to whom these entreaties were directed failed to agree any such action at their recent meeting in Shanghai.
To be sure, the communiqué released after the meeting includes a pledge to use “all policy tools – monetary, fiscal, and structural – individually and collectively” to “foster confidence and preserve and strengthen the recovery.” But the communiqué also reflects distinct divisions – particularly with regard to the role of monetary and fiscal policy in stimulating growth – among the finance ministers and central bankers who agreed on its text. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Carney, G20, Global, Growth, IMF, Project Syndicate, Rajan, resilience, Woods | Leave a Comment »
Posted by hkarner - 7. Juli 2013
Source: Project Syndicate
CANBERRA – “Resilience,” like love, is difficult to define. Yet everyone – from United Nations Secretary-General Ban Ki-moon to government agencies, company boards, and community groups – is talking about how to build or maintain it. So, is resilience a useful concept or just a fleeting buzzword?
To answer that question, we need to start with a different one: How much do you think you can change without becoming a different person? How much can an ecosystem, city, or business change before it looks and functions like a different kind of ecosystem, city, or business?
All of these are self-organizing systems. Your body, for example, maintains a constant temperature of approximately 37 degrees Celsius. If your body temperature rises, you start to sweat in order to cool down; if your temperature falls, your muscles vibrate (shiver) to warm up. Your body relies on negative feedbacks to keep it functioning in the same way.
That is basically the definition of resilience: the capacity of a system to absorb disturbance, re-organize, and keep functioning in much the same way as before. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Project Syndicate, resilience, Walker | 1 Comment »