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Some Uncomfortable Arithmetic Regarding Europe’s Public Finances
Traditional fiscal indicators focused on measures of current deficits and debt miss the potentially important implications of current policies for future public finances. This could be problematic, including in the case of Europe, where population aging is expected to pose additional fiscal costs not captured by such indicators. To better gauge the state of public finances in the EU27 countries, this paper derives forward-looking fiscal measures of intertemporal net worth both directly from the European Commission’s Aging Working Group’s long-run indicators and using a comprehensive public-sector balance sheet approach. These measures could be used as an "early warning" mechanism and also as a communication device with the public. Current estimates indicate that, on existing policies, the intertemporal net worth of the EU27 is deeply negative, even in excess of its GDP level, and is projected to worsen further over time. This suggests that Europe’s current policies need to be significantly strengthened to bring future liabilities in line with the EU governments’ capacity to generate assets.
Digital Money, Cross-Border Payments, International Reserves, and the Global Financial Safety Net
The rapid advent of digital money (DM) and assets raises questions about its implications for the functioning of the international monetary system (IMS). The low transaction costs of digital technologies, their accessibility and ease of automation, and their integration into existing digital services may bring opportunities in the form of higher financial interconnectedness and inclusion but may also add to risks. This paper explores the possible implications of DM for the IMS from the perspective of cross-border payments, international reserves and the supply of global safe assets, and the global financial safety net. To help inform the discussion, the paper presents empirical analyses of the effect of payment efficiency on international currency adoption for payment/transaction purposes as well as on reserve currency holdings, along with an illustrative modeling scenario of a DM-induced shock for the potential demand for global financial safety net resources.
And the Weak Suffer What They Must?
**THE SUNDAY TIMES NUMBER ONE BESTSELLER** The most recognisable economist on the planet, Yanis Varoufakis, puts forth his case to reform an EU that currently fails it weakest citizens. In this startling account of Europe’s economic rise and catastrophic fall, Varoufakis pinpoints the flaws in the European Union’s design – a design thought up after the Second World War, and one responsible for Europe’s fragmentation and resurgence of racist extremism. When the financial crisis struck in 2008, the political elite’s response ensured it would be the weakest citizens of the weakest nations that paid the price for the bankers’ mistakes. Drawing on his personal experience of negotiatio...
Double-edged Diplomacy
This original look at the dynamics of international relations untangles the vigorous interaction of domestic and international politics on subjects as diverse as nuclear disarmament, human rights, and trade. An eminent group of political scientists demonstrates how international bargaining that reflects domestic political agendas can be undone when it ignores the influence of domestic constituencies.The eleven studies in "Double-Edged Diplomacy" provide a major step in furthering a more complete understanding of how politics "between" nations affects politics "within" nations and vice versa. The result is a striking new paradigm for comprehending world events at a time when the global and the domestic are becoming ever more linked.
The Art and Science of Negotiation
"How to resolve conflicts and get the best out of bargaining." -- T.p. cover.
The Global Minotaur
In this remarkable and provocative book, Yanis Varoufakis explodes the myth that financialisation, ineffectual regulation of banks, greed and globalisation were the root causes of the global economic crisis. Rather, they are symptoms of a much deeper malaise which can be traced all the way back to the Great Crash of 1929, then on through to the 1970s: the time when a 'Global Minotaur' was born. Just as the Athenians maintained a steady flow of tributes to the Cretan beast, so the 'rest of the world' began sending incredible amounts of capital to America and Wall Street. Thus, the Global Minotaur became the 'engine' that pulled the world economy from the early 1980s to 2008. Today's crisis in...
The Text of the Septuagint
This posthumous edition of Dr Walters' The Text of the Septuagint provides a valuable working tool for specialists in Hellenistic and Classical Greek and the Old and New Testaments. The book is directed first to the practical task of producing a critical edition of the Septuagint, the Greek version of the Old Testament. Byzantine and Renaissance scholars both regarded the Greek Old Testament as belonging to the Church rather than to the heritage of classical literature which formed the proper object of their critical endeavours. It was therefore reproduced for centuries in much the same corrupt form and no complete critical edition was produced. The present work is a detailed study of the grammatical corruptions and semitisms in the LXX and is intended to stand as the prolegomenon to such an edition.
Five Years and Two Months in the Sighet Penitentiary (May 7, 1950-July 5, 1955)
The most distinguished Romanian historian of his generation describes the five years he spent in the principal prison for political and intellectual leaders of pre-Communist Russia. Giurescu comments not only on prison life but also on the psychology of the Communist officials and their underlings.
Cognitive Linguistics in Action
In view of the considerable number of recent publications devoted to various applications of Cognitive Linguistics, the book focusses on fields that have not been extensively dealt with within the CL framework. The book gathers presentations that deal with fields of application as defined in the introduction to the first volume in the ACL series (Kristiansen et al 2006). The articles in the first section ("From loop to cycle") are defining papers written by eminent scholars whose position within the field of CL has been firmly established. They touch upon issues of continuing relevance to the discipline and introduce thematic areas covered in the next four sections of the volume. Papers in t...
A Global History of Literature and the Environment
In A Global History of Literature and the Environment, an international group of scholars illustrate the immense riches of environmental writing from the earliest literary periods down to the present. It addresses ancient writings about human/animal/plant relations from India, classical Greece, Chinese and Japanese literature, the Maya Popol Vuh, Islamic texts, medieval European works, eighteenth-century and Romantic ecologies, colonial/postcolonial environmental interrelations, responses to industrialization, and the emerging literatures of the world in the present Anthropocene moment. Essays range from Trinidad to New Zealand, Estonia to Brazil. Discussion of these texts indicates a variety of ways environmental criticism can fruitfully engage literary works and cultures from every continent and every historical period. This is a uniquely varied and rich international history of environmental writing from ancient Mesopotamian and Asian works to the present. It provides a compelling account of a topic that is crucial to twenty-first-century global literary studies.
