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Fiscal harmonization in the European communities : national politics and international cooperation
The specific concern of this study is 'politicization' or the relationships between contests in national politics and the capacity for international cooperation. Progress towards fiscal harmonization in the European Community is selected as the substantive focus for the study, although the object is to learn from the EC rather than about it. The author argues that common EC policies usually reach fruition as complex compromises, derived from decisions based on the perceived effect on domestic politics and rivalries, rather than transnational neatness. Lack of political will is frequently blamed for delays in the acceptance of common policies, whereas the truth often lies in the fact that national governments believe that domestic political costs would be prohibitive -- Provided by Publisher.
Book
Banks Response to Higher Capital Requirements
We study the impact of higher capital requirements on banks’ balance sheets and their transmission to the real economy. The 2011 EBA capital exercise is an almost ideal quasi-natural experiment to identify this impact with a difference-in-differences matching estimator. We find that treated banks increase their capital ratios by reducing their risk-weighted assets, not by raising their levels of equity, consistent with debt overhang. Banks reduce lending to corporate and retail customers, resulting in lower asset, investment, and sales growth for firms obtaining a larger share of their bank credit from the treated banks.
Journal Article
Governance, democracy and sustainable development : moving beyond the impasse
\"This very timely and important collection draws together some of the world's leading thinkers on environment and development to debate one of the most important issues of our time: sustainable development. They very usefully remind us all that in order to be politically sustainable, the sustainability transition will have to find a way to maximize policy synergies in a democratically legitimate manner.\"--Provided by publisher.
Book
The New Tools of Monetary Policy
To overcome the limits on traditional monetary policy imposed by the effective lower bound on short-term interest rates, in recent years the Federal Reserve and other advanced-economy central banks have deployed new policy tools. This lecture reviews what we know about the new monetary tools, focusing on quantitative easing (QE) and forward guidance, the principal new tools used by the Fed. I argue that the new tools have proven effective at easing financial conditions when policy rates are constrained by the lower bound, even when financial markets are functioning normally, and that they can be made even more effective in the future. Accordingly, the new tools should become part of the standard central bank toolkit. Simulations of the Fed’s FRB/US model suggest that, if the nominal neutral interest rate is in the range of 2–3 percent, consistent with most estimates for the United States, then a combination of QE and forward guidance can provide the equivalent of roughly 3 percentage points of policy space, largely offsetting the effects of the lower bound. If the neutral rate is much lower, however, then overcoming the effects of the lower bound may require additional measures, such as a moderate increase in the inflation target or greater reliance on fiscal policy for economic stabilization.
Journal Article
Regional inequality in Europe
Regional economic divergence has become a threat to economic progress, social cohesion and political stability in Europe. Market processes and policies that are supposed to spread prosperity and opportunity are no longer sufficiently effective. The evidence points to the existence of several different modes of regional economic performance in Europe, responding to different development challenges and opportunities. Both mainstream and heterodox theories have gaps in their ability to explain the existence of these different regional trajectories and the weakness of the convergence processes among them. Therefore, a different approach is required, one that strengthens Europe’s strongest regions but develops new approaches to promote opportunity in industrial declining and less-developed regions. There is ample new theory and evidence to support such an approach, which we have labelled ‘place-sensitive distributed development policy’.
Journal Article
Did Austerity Cause Brexit?
This paper documents a significant association between the exposure of an individual or area to the UK government’s austerity-induced welfare reforms begun in 2010, and the following: the subsequent rise in support for the UK Independence Party, an important correlate of Leave support in the 2016 UK referendum on European Union membership; broader individual-level measures of political dissatisfaction; and direct measures of support for Leave. Leveraging data from all UK electoral contests since 2000, along with detailed, individual-level panel data, the findings suggest that the EU referendum could have resulted in a Remain victory had it not been for austerity.
Journal Article
Sticking Together or Falling Apart?
Conventional wisdom says that social solidarity in the Western world is crumbling. The trends of individualization and globalization are said to erode the willingness of citizens to support each other and to cooperate for the common good. Sticking Together or Falling Apart: Solidarity in an Era of Individualization and Globalization scrutinizes these claims, both theoretically and empirically. It focuses on informal solidarity, such as volunteering, charitable giving, and informal care, as well as on formal solidarity, such as social benefits and development aid. The book examines the theoretical arguments that increasing competition and capital flows between countries and growing selfishness of modern citizens hurt social solidarity. Empirically, it is the first thorough study of international comparative data on solidarity, globalization and individualization, leading to the conclusion that, overall, solidarity is rising rather than declining. The impact of globalization and individualization is much more ambiguous than is often contended. While particular aspects of globalization and individualization might harm solidarity, other elements foster solidarity instead.
eBook
Cyber risk and cybersecurity: a systematic review of data availability
Cybercrime is estimated to have cost the global economy just under USD 1 trillion in 2020, indicating an increase of more than 50% since 2018. With the average cyber insurance claim rising from USD 145,000 in 2019 to USD 359,000 in 2020, there is a growing necessity for better cyber information sources, standardised databases, mandatory reporting and public awareness. This research analyses the extant academic and industry literature on cybersecurity and cyber risk management with a particular focus on data availability. From a preliminary search resulting in 5219 cyber peer-reviewed studies, the application of the systematic methodology resulted in 79 unique datasets. We posit that the lack of available data on cyber risk poses a serious problem for stakeholders seeking to tackle this issue. In particular, we identify a lacuna in open databases that undermine collective endeavours to better manage this set of risks. The resulting data evaluation and categorisation will support cybersecurity researchers and the insurance industry in their efforts to comprehend, metricise and manage cyber risks.
Journal Article
In, Against and Beyond Precarity
In this Foreword to the special issue ‘In, Against and Beyond Precarity’ the guest editors take stock of the existing literature on precarity, highlighting the strengths and limitations of using this concept as an analytical tool for examining the world of work. Concluding that the overstretched nature of concept has diluted its political effectiveness, the editors suggest instead a focus on precarization as a process, drawing from perspectives that focus on the objective conditions, as well as subjective and heterogeneous experiences and perceptions of insecure employment. Framed in this way, they present a summary of the contributions to the special issue spanning a range of countries and organizational contexts, identifying key drivers, patterns and forms of precarization. These are conceptualized as implicit, explicit, productive and citizenship precarization. These forms and patterns indicate the need to address precariousness in the realm of social reproduction and post-wage politics, while holding these in tension with conflicts at the point of production. Finally, the guest editors argue for a dramatic re-think of current forms of state and non-state social protections as responses to the precarization of work and employment across countries in both the Global ‘North’ and ‘South’.
Journal Article