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“Greece: after the third programme”
Delphi Economic Forum (Speech II)
4 March 2018
Download PDF: Working Paper 27
This paper analyses Moody’s sovereign credit ratings and finds that the rating agency applies judgement to varying degrees across regions, income, rating levels and other factors
Authors: Rudolf Alvise Lennkh and Edmund Moshammer (European Stability Mechanism)
Abstract:
"Global Economics View"
In this session, we analyze the likely future capacity of seven advanced economies (US, Japan, UK, EA, Germany, France, and Italy) to engage in expansionary monetary and fiscal policy during the next recession.
In this session, we analyze the likely future capacity of seven advanced economies (US, Japan, UK, EA, Germany, France, and Italy) to engage in expansionary monetary and fiscal policy during the next recession.
"Fiscal Multipliers and Foreign Holdings of Public Debt"
This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic consumption and investment. Thus, these crowding-out effects are likely to be weaker when public debt is purchased by foreigners.
Excerpts from an interview with Klaus Regling, ESM Managing Director
Published by Nikkei (Japan) on 23 February 2018
Interview conducted on 22 February 2018 in Tokyo
Interviewers: Mari Ishibashi, Masayuki Yuda, Mikio Sugeno
On the European economy:
“Now the European economy is in good shape. With 2.5% growth is actually quite high. In the 4th quarter of 2017 it was actually 2.7%, which is high.”