The new scheme is described in this document.
Wolfgang Munchau has an interesting piece on the Greek fiscal situation in Monday’s FT: you can read it here. Against the backdrop of events in Dubai, there is increasing concern that risk aversion in the sovereign debt market may be on the increase.
To get a sense of the perceived influence of economics on global thinking, it is worth looking at Foreign Policy magazine’s list of 100 most influential thinkers. An economist beats Obama to first place. Other economists who rank highly include Thaler and Sunstein at number 7, Robert Shiller at number 22, William Easterly at 39, Paul Collier at 36 and Esther Duflo at 41. Others on the list include Stiglitz, Ostrom (we claim her now!), Stern, Roubini, Sachs, Krugman, Posner, Sen, Buiter, Oster.
Here is the paper by Colm McCarthy from last night’s SSISI fiscal workshop
Richard Baldwin has just put together a new VoxEU Ebook on the great world trade collapse of 2008. It contains 23 short, user-friendly essays that give a great overview of what we have learned so far about the causes of this dramatic event.
Here‘s a paper on “Containing Systemic Risk” which I submitted to the European Parliament’s Monetary and Economic Affairs Committee in relation to its Monetary Dialogue with ECB President Trichet.
I’m one of a panel of “experts” that briefs the committee. Here‘s a link to the page that contains all the expert papers for this year. Click on 7.12.09 and you’ll see papers by other economists on the topic of systemic risk as well as some interesting papers on the Monetary Exit Strategies.
Writing in today’s Irish Times about the upcoming budget, Pat McArdle states
the first thing to do is to try to disentangle the two crises that confront us, namely, the bailout of the banking system and the budget. The two are inextricably but incorrectly linked in the public mind.
He is highly critical of people who suggest there is any such link and the piece includes the now-standard McArdle swipe at academics who “should know better.”
McArdle’s principle objection is to those who see any link between the €4 billion injected into Anglo Irish Bank this year (and perhaps a similar amount next year) and the €4 billion in tax and spending adjustments scheduled for the upcoming budget.