This paper investigates the relation between growth forecast errors and planned fiscal consolidation during the crisis. The authors find that, in advanced economies, stronger planned fiscal consolidation has been associated with lower growth than expected, with the relation being particularly strong, both statistically and economically, early in the crisis. A natural interpretation is [...]
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Posted on January 9th, 2013
Posted on January 8th, 2013
In his new book, The Re-emergence of Europe, World Economic Forum Founder and Executive Chairman Klaus Schwab examines the events that have led to Europe’s current challenging political and financial climate. By looking at potential solutions through social, political and economic lenses, the book suggests likely outcomes to what Europe will look like [...] Posted on January 8th, 2013
Germany’s relative resilience to the current euro zone crisis has sparked renewed interest in its growth model. This export-based economy has been successful in diversifying its supply range and capturing the growth momentum of emerging countries. It is clearly the exception to the rule in the euro zone, especially considering that its exports [...] |
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Happy 2013?
Topics: economic growth, financial markets, indebtedness, regional / country study
Financial market quiescence has removed pressure for immediate policy action on the Eurozone crisis. This column argues that while important repairs were made in 2012, the most difficult ones still lie ahead. Much remains to be done by unwilling politicians. Things will have to get worse before they get better. The best hope [...]
Why is the Greek economy collapsing? A simple tale of high multipliers and low exports
Topics: economic growth, indebtedness, regional / country study
In an attempt to understand why the Greek economy is collapsing, this Commentary points out two key aspects that are often overlooked – the country’s large multiplier and a bad export performance. When combined with the need for a large fiscal adjustment, these factors help explain how fiscal consolidation in Greece has been [...]