http://www.VoxEU.org CEPR Policy Research articles on VoxEU.org en http://www.VoxEU.org/index.php?q=node/5458 Andrew K. Rose, 1 September 2010

Exchange rates may be one of a country's most important asset prices, and as such worthy of increased scholarly attention, argues Andrew Rose in CEPR Discussion Paper 7987. The paper presents a critical review of Klein and Shambaugh's new book, Exchange Rate Regimes in the Modern Era, and explores the theoretical and empirical challenges of comparing exchange rate regimes.

Full Article: Exchange Rate Regimes in the Modern Era: Fixed, Floating, and Flaky]]> Wed, 01 Sep 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5458 http://www.VoxEU.org/index.php?q=node/5429 Wendy Carlin, David Soskice, 23 August 2010

The aftermath of the global crisis has highlighted the need to reassess outdated open economy models like the Mundell-Fleming model. The authors of CEPR DP7979 simplify an unwieldy New Keynesian model to help non-specialists and policymakers analyze key challenges of macroeconomic policymaking in an open economy, including CPI inflation targeting and exchange rate overshooting.

Full Article: A New Keynesian Open Economy Model for Policy Analysis]]> Mon, 23 Aug 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5429 http://www.VoxEU.org/index.php?q=node/5400 Xavier Vives, 12 August 2010

CEPR Policy Insight 50 models the trade-off between competition and stability in the banking sector. Competition might increase instability through two channels: by exacerbating the coordination problem of depositors/investors on the liability side and fostering panics; and by increasing incentives to take risk, and thus the raising probability of failure. Regulation can alleviate this competition-stability trade-off, but the design of optimal regulation has to take into account the intensity of competition.

Full Article: Competition and stability in banking ]]> Thu, 12 Aug 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5400 http://www.VoxEU.org/index.php?q=node/5281 Stijn Claessens, Richard J. Herring, Dirk Schoenmaker, 8 July 2010

Financial reform is finally emerging in the major economies but these reforms come up short on one crucial aspect – the resolution of systematically important, i.e., ‘too complex to fail’, cross-border financial institutions. The latest Geneva Report on the World Economy advocates a two-tier solution to this problem – a universal approach for closely integrated countries such as EU members, and a modified universal approach for other countries.

Full Article: A Safer World Financial System: Improving the Resolution of Systemic Institutions]]> Thu, 08 Jul 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5281 http://www.VoxEU.org/index.php?q=node/5219 Stijn Claessens, Simon J Evenett, Bernard Hoekman, 23 June 2010

This new eBook aims to provide policymakers and their advisers with up-to-date, comprehensive analyses of the central facets of global economic imbalances and to identify and evaluate potential national and systemic responses to this challenge.

Full Article: Rebalancing the Global economy: A Primer for Policymaking]]> Wed, 23 Jun 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5219 http://www.VoxEU.org/index.php?q=node/5399 Simon J Evenett, 23 June 2010

This Report of the Global Trade Alert, published to coincide with the Toronto G-20 Leaders' Summit in June 2010, presents a comprehensive global overview of protectionist trends since the last G-20 summit in September 2009.

Full Article: Unequal Compliance: The 6th GTA report]]> Wed, 23 Jun 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5399 http://www.VoxEU.org/index.php?q=node/5194 Richard Baldwin, Daniel Gros, Luc Laeven, 17 June 2010

The euro’s crisis is not over. Measures taken in May were critical but they were palliatives not a cure. The Eurozone rescue needs to be completed. A new Vox eBook that gathers the thinking of a dozen leading economists on what more needs to be done.

Full Article: Completing the Eurozone rescue: What more needs to be done?]]> Thu, 17 Jun 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5194 http://www.VoxEU.org/index.php?q=node/5142 Richard Baldwin, 5 June 2010

The WTO is said to be in a funk – unable to conclude the Doha Round even as its members liberalise unilaterally and regionally. CEPR's newest Policy Insight argues that tactics used to get consensus at the last Round pushed the organisation into decision-making’s “impossible trinity” (consensus, uniform rules, and strict enforcement). A Doha package with something for everyone may be found, thus defeating the impossible triangle. The big-package tactic, however, won’t help the WTO confront 21st century challenges in a timely manner; for that, at least one of the triangle’s corners must be modified.

Full Article: Understanding the GATT’s wins and the WTO’s woes]]> Sat, 05 Jun 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5142 http://www.VoxEU.org/index.php?q=node/5106 Simon J Evenett, 27 May 2010

With the return to economic growth of many industrialised economies in either late 2009 or the first half of 2010, combined with sustained expansions in the emerging market economies, came the hope that protectionist pressures would ease in the world economy through 2010.…

Full Article: Africa resists the protectionist temptation: The fifth Global Trade Alert report]]> Thu, 27 May 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/5106 http://www.VoxEU.org/index.php?q=node/4977 Jacques Melitz, 2 May 2010

CEPR Policy Insight No. 48 attributes the Greek-linked difficulty largely to the claim by the ECB and government officials in Eurozone member countries that the Eurozone is founded on fiscal discipline and the Stability and Growth Pact.

Full Article: Eurozone reform: A proposal]]> Sun, 02 May 2010 00:00:00 GMT http://www.VoxEU.org/index.php?q=node/4977