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A pilot ?ying to a distant city needs to check his position, ?ight path and weather conditions, and must constantly keep his plane under control to land safely.TheIfosurveydataprovideadvanceinformationonchangingeconomic weather conditions and help keep the economy under control. To be sure, by their very nature they only provide short-term information. But like a plane, the economy will not be able to reach its long-term goals if it strays o? course in the short term. The Ifo survey data provide the most comprehensive and accurate, - to-date database in Europe on the state of the business cycle, and the Ifo climate indicator, sometimes simply called “The Ifo”, is the most frequently cited indicator of its kind in Europe. Both the European stock market and theeuroreacttoourindicator.Ifo’smethodologyfordeterminingthebusiness climateindicatorhasbeenexportedtomorethan?ftycountries,mostrecently toTurkeyandChina.TheIfopeoplewereproudtohavebeenaskedtohelpset up polling systems in these countries. It is said that the Chinese government relies more on their “Ifo indicator” than on their o?cial accounting statistics.
The civilization of the modern world takes its origins in the Renaissance in Europe. A Historical reconstruction of the creation of modern Europe since the Renaissance leads to a thorough understanding of the critical and constituent elements that are characteristic of the mindset of Europe and its people. These principal elements are the growing individual consciousness and the role played by the individual in society, the specific European view on progress, and the unique European view on growth. Science and technology are the foundation and basic melody of the Western model of capitalism and life in modern Europe. In their combination, this complex of factors and forces has driven Europe ...
The economic influence of central banks has received ever more attention given their centrality during the financial crises that led to the Great Recession, strains in the European Union, and the challenges to the Euro. The Oxford Handbook of the Economics of Central Banking reflects the state of the art in the theory and practice and covers a wide range of topics that will provide insight to students, scholars, and practitioners. As an up to date reference of the current and potential challenges faced by central banks in the conduct of monetary policy and in the search for the maintenance of financial system stability, this Oxford Handbook covers a wide range of essential issues. The first ...
This book examines economic policies utilized within Southeast Europe in response to the COVID-19 pandemic. Covering countries both within and outside the European Union, the human and economic cost of the pandemic is calculated using macroeconomic models from a short and longer term perspective. The economic policies used during the pandemic are analyzed, alongside crisis management approaches, to highlight the effectiveness of monetary policy, fiscal policies and potential future economic solutions for the post COVID-19 period. This book aims to provide policy recommendations based on findings from Southeast Europe. It is relevant to researchers and policymakers involved in economic policy and the political economy, as well as anyone interested in the responses to the COVID-19 pandemic.
During the recession in the years 2008-2009, the most severe for mature economies in the post-war period, housing markets were often mentioned as having a special responsibility. The objective of this book is to shed light on the cyclical behaviour of the housing markets, its fundamental determinants in terms of supply and demand characteristics, and its relationship with the overall business cycle. The co-movements of house prices across countries are also considered, as well as the channel of transmission of house price changes to the rest of the economy. Particular attention is paid to the effects on private consumption, through possible wealth effects. The book is a compilation of original papers produced by economists and researchers from the four main national central banks in the euro area, also with the participation of leading academics.
In light of Europe’s prolonged state of crisis, this book reassesses the challenges and prospects of the European integration process. Scholars from diverse disciplines reflect on various types of integration by analyzing political, economic and sociological variables, while also taking legal and cultural constraints into account. Readers will learn about the dilemmas and challenges of the European transformation process as well as political reforms to overcome these challenges. The book is divided into four parts, the first of which discusses the external dimension of the European Union, including a review of development aid policies and EU foreign policy. In turn, the second part focuses on institutional change and asymmetrical integration in the EU. The third part is devoted to the rise of populism and nationalism, including an analysis of the role of civil society organizations in the Brexit. In closing, the last part highlights the crisis of the Euro as a symbol of European integration and the emerging social and economic divide between countries of the North and South.
Dollar, Euro's and Debt discusses the recent financial, economic, and fiscal crisis. It argues that the focus that has been put on cyclical aspects of the crisis has missed the fundamental point, that the crisis is largely structural, even though cyclical factors (the sub-prime problem) may have precipitated, or better anticipated, it.
This book presents a new narrative on the eurozone crisis. It argues that the common currency has the potential to kill the European Union, and the conventional wisdom that the eurozone can be fixed by a common budget and further political integration is incorrect. The authors address key questions such as why the European Union and the single market have been successful, why the common currency poses a threat to European integration, and whether it is possible to either fix the eurozone or dissolve it while keeping the EU and the single market. Contrary to the view that it would be best if the Southern European countries left the eurozone first, the book makes the case that the optimal solu...
" Assessing the potential benefits and risks of a currency union Leaders of the fifteen-member Economic Community of West African States (ECOWAS) have set a goal of achieving a monetary and currency union by late 2020. Although some progress has been made toward achieving this ambitious goal, major challenges remain if the region is to realize the necessary macroeconomic convergence and establish the required institutional framework in a relatively short period of time. The proposed union offers many potential benefits, especially for countries with historically high inflation rates and weak central banks. But, as implementation of the euro over the past two decades has shown, folding multip...
The drama of the common currency is a hot topic. The Euro was planned for the European Union's member states, bringing economically strong nations like Germany and Holland and weaker nations like Greece, Spain and Italy under one set of currency rules. A dozen years of its implementation has shown that the planning was incomplete at best. Add to this the weight of a deepening debt crisis among western nations, which continues unabated, and Europe has a very deep financial hole to climb out of. In this work, Dimitris N. Chorafas provides the reader with evidence to poor political judgment, then delves into preparation for the foreseeable Euro breakup and confronts the redenomination risk associated to it.