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Europe in Crisis
This book analyzes the European Great Recession of 2008-12, its economic and social causes, its historical roots, and the policies adopted by the European Union to find a way out of it. It contains explicit debates with several economists and analysts on some of the most controversial questions about the causes of the crisis and the policies applied by the European Union. It presents the cases of Iceland, Greece and Ireland, the countries that first declined into crisis in Europe, each of them in a different way. Iceland is a case study for reckless banking practices, Greece of reckless public spending, and Ireland of reckless household indebtedness. At least seven other countries, mostly fr...
Environmental Border Tax Adjustments and International Trade Law
This timely book brings clarity to the debate on the new legal phenomenon of environmental border tax adjustments. It will help form a better understanding of the role and limits these taxes have on environmental policies in combating global environmental challenges, such as climate change.
Environmental Policy and the Economy
This volume focuses on issues of vital interest in environmental policy making. Knowledge is needed about the impacts of economic processes on the environment and vice versa; people's preferences regarding the environmental quality (including the availability of (non)renewable natural resources) must be known; and knowledge concerning the effectiveness and efficiency of the available policy instruments is essential. These issues are dealt with in various contributions on environmental-economic modelling, valuation of the environment, the design of environmental policies and the economic consequences of environmental policy.
The Dynamics of Sovereign Debt Crises and Bailouts
Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks, government impatience or a "sunspot"-coordinated buyers strike. We introduce a bailout agency, and characterize the minimal actuarially fair intervention that guarantees the no-buyers-strike fundamental equilibrium, relying on the market for residual financing. The intervention makes it cheaper for governments to borrow, inducing them borrow more, leaving default probabilities possibly rather unchanged. The maximal backstop will be pulled precisely when fundamentals worsen.
The Common Agricultural Policy beyond the MacSharry Reform
The reform of the Common Agricultural Policy (CAP) which is now being implemented, reduces the support for a selected number of agricultural products. This book uses welfare theory and applied general equilibrium analysis to assess the medium to long term consequences of this reform, if the new policies remain in place until the beginning of the next century. It analyses the implications of two alternative scenarios: a) a further trade liberalisation covering all commodities; and b) increased protectionism with high prices, constraints on production and export subsidies (financed by the farmers themselves). The study also investigates the implications of financial renationalisation, whereby the European Union member-states would cover the costs of their own support measures.
Rural Development in Transitional China
This book offers an authoritative and in-depth analysis of the social and economic changes that have swept through the Chinese countryside in the last twenty years.
Regional Competitiveness and Smart Specialization in Europe
This path-breaking book presents a crucial contribution to the current academic discussion on regional competitiveness and the policy debate on smart specialization, place-based development and cohesion policy in the European Union. As such it will prove
Environmental Pricing
Environmental taxes can be efficient tools for successful environmental policy. Their use, however, has been limited in many countries. This thoughtful book explores the scope of environmental pricing and examines a variety of national experiences in e
