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Europe’s Competitiveness and the Rise of China
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In this issue:
EconPol Europe Annual Conference 2019, 7–8 November, Brussels
Europe’s Competitiveness and the Rise of China will be examined at EconPol Europe’s annual conference on the 7 and 8 November 2019 in Brussels, with a keynote speech by Nadia Calviño (Minister for Economy and Business of Spain) on The Future Agenda for Europe’s Competitiveness.
The EU and China will be the focus of Daniel Gros’s keynote (Director, CEPS & EconPol Europe), followed by a panel discussion including Wang Yiwei (Professor of School of International Studies, Director of the Institute of International Affairs, Director of Center for European Studies, Renmin University of China), Sherry Madera (Global Head of Industry and Government Affairs, Refinitiv), Pawel Świeboda (Deputy Head, European Political Strategy Centre) and Luisa Santos (Director of International Relations, Business Europe). The panel will be chaired by Maithreyi Seetharaman (Fortune).
A plenary session on Chinese Competition will include Stefano Schiavo (University of Trento), Andrea Ciani (Düsseldorf Institute for Competition Economics) and Koen Jonkers (European Commission).
Day two of the conference will examine: Supporting Firm Innovation and R&D: What is the Optimal Policy Mix; Productivity Growth in Europe; National and Ideological Biases in Empirical Economic Research; Labor Market Effects of Digitalization and Automation; Fair Taxation; Current Account Imbalances; Eurozone Governance.
See the full programme and register
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Fiscal Episodes in the EMU: Elasticities and Non-Keynesian Effects
In this working paper, António Afonso (ISEG – Lisbon School of Economics and Management, Universidade de Lisboa; REM – Research in Economics and Mathematics, UECE) and Frederico Silva Leal (ISEG – Lisbon School of Economics and Management, Universidade de Lisboa; Portuguese Economy Ministry) estimate short- and long-run elasticities of private consumption for fiscal instruments. They find that positive tax revenue elasticities indicate that consumers have a Ricardian behaviour, while social benefits appear to have a non-Keynesian effect on private consumption. Private consumption continues to exhibit a non-Keynesian response to tax increases, and other expenditures have a recessive impact during normal times. After the launch of the EMU, expansionary fiscal consolidations became harder to observe.
EconPol Working Paper 30
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Grandmothers More Likely to Leave Labour Market Than Women Without Grandchildren
Andreas Backhaus and Mikkel Barslund (Centre for European Policy Studies) find that women of later working age who become grandmothers are more likely to leave the labor market than women without grandchildren. Male labor supply, however, does not significantly adjust in response to grandparenthood. The probability of women aged between 55 and 64 continuing to participate in the labor market can fall from an average of 45% to 15% after the arrival of grandchildren, according to the research. The negative effect of grandparenthood is particularly pronounced following the arrival of the first grandchild and for grandmothers who live close to their children.
EconPol Working Paper 31
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Bond Exchange Offers or Collective Action Clauses?
This paper by Ulrich Hege (Toulouse School of Economics) and Pierre Mella Barral (TSB Business School) examines two prominent approaches to design efficient mechanisms for debt renegotiation with dispersed bondholders: debt exchange offers that promise enhanced liquidation rights to a restricted number of tendering bondholders (favored under U.S. law), and collective action clauses that allow to alter core bond terms after a majority vote (favored under U.K. law). The authors use a dynamic contingent claims model with a debt overhang problem, where both hold-out and hold-in problems are present. They show that the former leads to a more efficient mitigation of the debt overhang problem than the latter. Dispersed debt is desirable, as exchange offers also achieve a larger and more efficient debt reduction relative to debt held by a single creditor.
EconPol Working Paper 32
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EconPol Annual Conference
7–8 November 2019
Brussels, Belgium
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EconPol Europe is a cross-border voice for research in Europe, providing research-based contributions aimed at promoting growth, prosperity and social cohesion in Europe and, in particular, the European and Monetary Union. Our mission is to contribute our research findings to help solve the pressing economic and fiscal policy issues facing the European Union, and to anchor more deeply the idea of a united Europe within member states.
Our joint interdisciplinary research covers:
• sustainable growth and best practice,
• reform of EU policies and the EU budget,
• capital markets and the regulation of the financial sector and
• governance and macroeconomic policy in the European Monetary Union.
If you would like further information about EconPol Europe, please contact Juliet Shaw at shaw@econpol.eu
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