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ECB Euro Liquidity Lines
Central bank liquidity lines have gained momentum since the global financial crisis as a crosscurrency liquidity management tool. We provide a complete timeline of the ECB liquidity line announcements and study their signalling and spillback effects. The announcement of an ECB euro liquidity line decreases the premium paid by foreign agents to borrow euros in FX markets relative to currencies not covered by these facilities by 51 basis points. Consistent with a stylized model, bank equity prices increase by around 1.75% in euro area countries highly exposed via banking linkages to countries whose currencies are targeted by liquidity lines.
International Macroeconomics in the Wake of the Global Financial Crisis
This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
State and Nation Making in Latin America and Spain: Volume 3
Neoliberalism is often studied as a political ideology, a government program, and even as a pattern of cultural identities. However, less attention is paid to the specific institutional resources employed by neoliberal administrations, which have resulted in the configuration of a neoliberal state model. This accessible volume compiles original essays on the neoliberal era in Latin America and Spain, exploring subjects such as neoliberal public policies, power strategies, institutional resources, popular support, and social protest. The book focuses on neoliberalism as a state model: a configuration of public power designed to implement radical policy proposals. This is the third volume in the State and Nation Making in Latin America and Spain series, which aims to complete and advance research and knowledge about national states in Latin America and Spain.
State and Nation Making in Latin America and Spain
Neoliberalism is often studied as a political ideology, a government program, and even as a pattern of cultural identities. However, less attention is paid to the specific institutional resources employed by neoliberal administrations, which have resulted in the configuration of a neoliberal state model. This accessible volume compiles original essays on the neoliberal era in Latin America and Spain, exploring subjects such as neoliberal public policies, power strategies, institutional resources, popular support, and social protest. The book focuses on neoliberalism as a state model: a configuration of public power designed to implement radical policy proposals. This is the third volume in the State and Nation Making in Latin America and Spain series, which aims to complete and advance research and knowledge about national states in Latin America and Spain.
International Income Inequality
What causes inequality? This book features an international discussion on the economic causes of inequality between nations and addresses the causes and effects of world inequality and its possible remedies. Inequality has acquired the iconic status once accorded to Full Employment, Growth, and Inflation. It is not a new issue being a major preoccupation of welfare state literature and the development debates of the 1950s and intersects with debates among economic historians on The Great Divergence. The revivals of these two intersecting controversies go beyond a minor dispute on the margins of economics, to the heart of the question ‘how far can we trust the market?’ The chapters in this book were originally published as a special issue of The Japanese Political Economy.
