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11. The EU's Response to the Financial Crisis: A mid-term review

Author:
Karel Lannoo
Publication Date:
04-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Two years after the London G-20, CEPS Chief Executive Karel Lannoo finds that the EU is well advanced in delivering on the commitments made for the 2013 target date. Important steps have been taken on the institutional side, and regulatory changes are moving ahead. On some issues, in fact, such as remuneration, the EU has made even greater headway than the US. But certain key sensitive matters remain, such as bank resolution or structural changes.
Topic:
Debt, Economics, Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
United States, Europe, and London

12. Another Slowdown

Author:
John H. Makin
Publication Date:
06-2011
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Market conditions in the United States, Japan, China, and Europe portend a weakening global economy. While not dramatic in any one region save an earthquake-burdened Japan, these conditions could accumulate to create a problematic loss of momentum for global growth, especially compared to current upbeat consensus views for the second half of 2011.
Topic:
Economics, International Trade and Finance, and Global Recession
Political Geography:
United States, Japan, China, and Europe

13. The New "Supercommittee": An "Optimistic" View

Author:
Jared Lobdell
Publication Date:
11-2011
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
An October New York Times story remarked that “with just five weeks until its deadline, a secretive Congressional committee seeking ways to cut the federal deficit is far from a consensus, and party leaders may need to step in if they want to ensure agreement, say people involved in the panel's work.” We have this “supercommittee” of twelve members of Congress, ostensibly for the purpose of cutting a minimum $1.2 trillion from our deficit, chosen by four appointers, none agreeing with any other on exactly what ought to be done, representing mostly diametrically opposing wings of two parties with irreconcilable differences.
Topic:
Debt, Economics, Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
United States

14. An Update on EU Financial Reforms

Author:
Nicolas Véron
Publication Date:
12-2010
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In the context of a transatlantic comparison, the first thing to be mentioned is the difference between the time sequence of financial reforms in the European Union and its equivalent in the United States. The financial crisis started simultaneously on both sides of the Atlantic, with the initial disruption of some financial market segments in August 2007 and the major panic episode of September through October 2008. But they are not at the same stage of policy reaction and especially regulatory reform now. At least four reasons can be identified for this difference.
Topic:
Economics, Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
United States and Europe

15. The Transatlantic Economy 2010: Annual Survey of Jobs, Trade and Investment between the United States and Europe

Author:
Daniel S. Hamilton and Joseph P. Quinlan
Publication Date:
01-2010
Content Type:
Working Paper
Institution:
Center for Transatlantic Relations
Abstract:
Despite the recession, the United States and Europe remain each other's most important foreign commercial markets. No other commercial artery in the world is as integrated and fused as the transatlantic economy. We estimate that the transatlantic economy continues to generate close to $4.28 trillion in total commercial sales a year and employs up to 14 million workers in mutually “onshored” jobs on both sides of the Atlantic.
Topic:
Economics, Globalization, International Trade and Finance, Global Recession, and Financial Crisis
Political Geography:
United States and Europe

16. Managing Credit Booms and Busts: A Pigouvian Taxation Approach

Author:
Olivier Jeanne and Anton Korinek
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
We study a dynamic model in which the interaction between debt accumulation and asset prices magnifies credit booms and busts. We find that borrowers do not internalize these feedback effects and therefore suffer from excessively large booms and busts in both credit flows and asset prices. We show that a Pigouvian tax on borrowing may induce borrowers to internalize these externalities and increase welfare. We calibrate the model with reference to (1) the US small and medium-sized enterprise sector and (2) the household sector and find the optimal tax to be countercy - clical in both cases, dropping to zero in busts and rising to approximately half a percentage point of the amount of debt outstanding during booms.
Topic:
Debt, Economics, Global Recession, and Financial Crisis
Political Geography:
United States

17. Five Surprises of the Great Recession

Author:
Uri Dadush and Vera Eidelman
Publication Date:
11-2010
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
The Great Recession included five major surprises: (1) the severity of the global trade and output collapse, (2) the United States suffered a milder than expected recession, (3) Europe saw the onset of a severe sovereign debt crisis, (4) China grew at an extraordinary rate even though it's greatly dependent on exports, and (5) Latin America showed remarkable resilience.
Topic:
Economics, Globalization, Global Recession, and Financial Crisis
Political Geography:
United States, China, Europe, and Latin America

18. Keynote address by William C. Dudley, President of the Federal Reserve Bank of New York

Author:
William Dudley
Publication Date:
12-2009
Content Type:
Video
Institution:
Columbia University World Leaders Forum
Abstract:
This World Leaders Forum program features a keynote address by William C. Dudley, president of the Federal Reserve Bank of New York, followed by a question and answer session with the audience.
Topic:
Economics, International Political Economy, International Trade and Finance, Global Recession, and Financial Crisis
Political Geography:
United States and New York

19. On What Terms Is the IMF Worth Funding?

Author:
Edwin M. Truman
Publication Date:
12-2008
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
In the first decade of the 21st century the International Monetary Fund (IMF) faced crises of legitimacy, relevance, and budgetary finance. It now confronts what likely will be the worst global recession since World War II, potentially huge demands for its financial assistance with limited resources, and calls for it to play a more central role in the international financial and regulatory systems. At the same time, the incoming Barack Obama administration must decide what to do about the modest package of IMF reforms that was completed in the spring of 2008. The package requires US congressional approval to go into effect. This paper reviews the recent, slow progress on IMF reform and makes recommendations to the Obama administration against the background of that record, the emerging global recession, and continuing financial turmoil. I recommend that the IMF package be reopened to include a doubling of IMF quotas and an amendment that will permit the Fund to swap special drawing rights (SDR) with major central banks to finance its short-term lending facility. I also recommend a special allocation of 50 billion SDR. If these proposals are turned down by the G-20 at its meeting in April 2009, I reluctantly recommend that the Obama administration seek congressional approval of the IMF package as it now stands because a failure to do so would seriously undermine the Fund as a central multilateral institution.
Topic:
Development, International Organization, International Political Economy, International Trade and Finance, and Global Recession
Political Geography:
United States