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Unfinished Business? The WTO's Doha Agenda

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The Doha Development Agenda (DDA) is in limbo and negotiators face a difficult “trilemma”: to implement all or part of the draft agreements as they stand today; to modify them substantially; or to dump Doha and start afresh. At this critical juncture, this CEPR/World Bank volume aims to provide a better empirical basis for informed choices.
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Reforming the International Monetary System

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A new CEPR report presents concrete proposals aimed at improving the international provision of liquidity in order to limit the effects of individual and systemic crises and decrease their frequency.
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Public Debts: Nuts, Bolts and Worries

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The 13th Geneva Report on the World Economy is devoted to fiscal policy reforms in the USA, Europe and Japan. It offers a common political-economy framework to diagnose the need for fiscal consolidation and proposes institutional solutions rooted in that diagnosis.
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Supply Chains in Export Agriculture, Competition, and Poverty in Sub-Saharan Africa

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Cash crops provide the livelihoods for millions of people in sub-Saharan Africa. This new CEPR/World Bank book explores the effects of increasing competition in these markets and finds that while competition improves welfare for farmers on the whole, policymakers should still consider the potential winners and losers in each case.
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Food Prices and Rural Poverty

The contributions in this latest book from CEPR and the World Bank volume review trends in international prices and trade patterns of key food commodities, and assess the incidence of food price changes in a number of developing countries using household level data on sources of incomes and consumption patterns.
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A Safer World Financial System: Improving the Resolution of Systemic Institutions

A Safer World Financial System: Improving the Resolution of Systemic Institutions The 12th Geneva Report on the World Economy argues that policy-makers must improve national resolution frameworks and adopt rules governing cross-border resolutions.
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Rebalancing the Global Economy: A Primer for Policymaking

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A new Vox ebook aims to provide policymakers and their advisers with up-to-date, comprehensive analyses of the central facets of global economic imbalances ahead of the G20 summit in Toronto.
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Unequal Compliance: The 6th GTA Report

6th Report

The latest GTA report presents a comprehensive global overview of protectionist trends since the last G-20 summit in September 2009.
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Completing the Eurozone rescue: What more needs to be done?

Eurozone rescue

The euro’s crisis is not over. Measures taken in May were critical but they were palliatives not a cure. The Eurozone rescue needs to be completed. A new Vox eBook gathers the thinking of a dozen leading economists on what more needs to be done.
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Global Challenges at the Intersection of Trade, Energy and the Environment

Global Challenges

This volume of presentations and discussions from a CTEI conference looks at how we can increase economic well-being and expand trade, while promoting the optimal use of the world's energy resources and protecting and preserving our shared environment.
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Africa Resists the Protectionist Temptation: The 5th GTA Report

5th GTA Report

With the return to economic growth of many industrialised economies in either late 2009 or the first half of 2010 came the hope that protectionist pressures would ease in the world economy through 2010. The latest GTA report shows that, if anything, the period since January 2010 has been one of the busiest for the Global Trade Alert team.
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The US-Sino Currency Dispute

Thanks to deft diplomatic footwork, a US-China confrontation over the renminbi has been avoided. But the US Treasury has merely postponed the publication of its report on foreign currency manipulators, and the dispute may overshadow the G20 meetings in June and November. The 28 short essays in this eBook, edited by Simon J Evenett, provide the best available economic, legal, political, and geopolitical thinking on the causes and likely consequences of the dispute.
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Will Stabilisation Limit Protectionism? The 4th GTA Report

The latest report from Global Trade Alert examines whether macroeconomic stabilisation has altered governments' resort to protectionism, with a focus on the Gulf Region.
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Bailing out the Banks: Reconciling Stability and Competition

This new CEPR report assesses two related aspects of the policy response to the unprecedented financial crisis, competition policy and financial regulation
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Effective Crisis Response and Openness: Implications for the Trading System

This volume of papers from CEPR and the World Bank assess the cross-border impact of policy responses to the crisis.
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The Unrelenting Pressure of Protectionism: The 3rd GTA Report

3rd GTA Report

The 3rd report from Global Trade Alert presents the latest assessment of protectionist dynamics at work in the world economy with a focus on the Asia-Pacific region.
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The Great Trade Collapse: Causes, Consequences and Prospects

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A new VoxEU.org ebook aims to inform the world trade ministers what economists know about the trade collapse.
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Broken Promises: a G20 Summit Report by Global Trade Alert

The 2nd Report from Global Trade Alert reveals how the G20 countries have broken their 'no protectionism' pledge.
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Are the Golden Years of Central Banking Over? The Crisis and the Challenges

The latest CEPR/ICMB Geneva Report on the World Economy examines two key challenges facing central banks in the aftermath of the financial crisis: removing the current substantial fiscal stimulus; and enhancing their monetary policy frameworks.
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The fateful allure of protectionism: Taking stock for the G8

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This new ebook summarizes the views of leading researchers and trade policy practitioners, who met at a CEPR-World Bank conference to assess the cross-border impact of policy responses to the crisis.
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The Fundamental Principles of Financial Regulation

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Today's financial regulatory systems assume that regulations which make individual banks safe also make the financial system safe. The eleventh Geneva Report on the World Economy shows that this thinking is flawed. What is needed is micro-prudential (i.e. bank-level) regulation, macro-prudential (i.e. system-wide) regulation, and careful coordination of the two.
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Monitoring International Trade Policy: A New Agenda for Reviving the Doha Round

In order to understand whether the Doha Round can be salvaged, we need to understand why it has reached its present impasse. The latest Report from the Kiel Institute and CEPR analyzes the factors which have led to longer and longer Rounds and now to the Doha impasse.
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The First Global Financial Crisis of the 21st Century

A new CEPR book brings together a collection of articles from VoxEU.org to analyse the ongoing turmoil in global financial markets: why it happened, how it developed and what can be done.
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Multilateralising Regionalism

A new report by CEPR Policy Director Richard Baldwin and Phil Thornton calls for a WTO Action Plan on regionalism to steer the world back towards the multilateralist ideal that has guided the world trade system since 1947
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Transparency and Governance

The latest Monitoring the European Central Bank Report argues that the ECB has a serious credibility and communication problem: the way the Governing Council makes its interest rate decisions remains clouded. The Report calls for a set of straightforward reforms to the ECB's procedures and governance that would lead to greater transparency and significantly improve the effectiveness of monetary policy in the euro area.
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International Financial Stability

The ninth CEPR/ICMB Geneva Report on the World Economy, launched in London 12 November, examines the main threats to international financial stability, focusing on the implications of the major changes that have occurred in the global financial system in the past two decades.
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The Happy Few: The Internationalisation of European Firms

The 2007 report from the joint Bruegel/CEPR research network European Firms and International Markets (EFIM) is the first systematic, cross-country, firm-level research of the features of European firms that compete in international markets. The heated discussion about winners and losers in a globalised world economy has long been framed as a sectoral battle, but increasingly both winners and losers can be found within the same sector. By analysing firm-level data this report reveals new facts that are essential to future policy-making to foster competitiveness and for the ongoing process of trade liberalisation. Read the report
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Economic Policy Issue 49

The latest issue of Economic Policy features papers looking at the effects of decentralization of fiscal policy on FDI; capital deepening and wage differentials in Germany vs the US; methods for valuing ecosystems; and the relationship between the age, seniority and experience of a workforce and labour costs.
Economic Policy 49

Report Argues for Mandatory Participation in a Small Number of Pension Funds

Pension funds are becoming the largest institutional investors in global financial markets. However, pension funds operate in an environment characterised by a number of serious market imperfections. In the eighth CEPR\ICMB Geneva Report on the World Economy Report 'Dealing With the New Giants: Rethinking the Role of Pension Funds' the authors take a stance on a number of controversial issues concerning the future of pension funds.
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Britain, Denmark and Sweden Would Gain Little Trade from Joining the Euro

In a new CEPR Report titled 'In or Out: Does it Matter? - An Evidence-based Analysis of the Trade Effects of the Euro', Richard Baldwin makes a penetrating analysis of how European Monetary Union has affected the volume of trade for euro area countries and the rest of the EU. Baldwin argues that the implications for potential joiners are straightforward, but perhaps unexpected.
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TRANSPARENCY OF EUROPEAN BOND MARKETS

A cross market group of associations has published two independent studies on the corporate and government bond markets in Europe, "European Corporate Bond Markets: transparency, liquidity, efficiency" and " European Government Bond Markets: transparency, liquidity, efficiency". The research was commissioned to inform the associations' input into the European Commission's review of non-equity market transparency, required by MiFID (Markets in Financial Instruments Directive) and due to be completed by November 2007. It was conducted by two teams of CEPR researchers.
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A Dynamic Approach to Europe's Unemployment Problem

Approach to Europe's Unemployment Problem

In a new CEPR Policy Paper, Simon Burgess and Patrick Garrett examine the problem of unemployment and low job participation in the European Union. They report on the findings of a large international study of the issue: 'A Dynamic Approach to Europe's Unemployment Problem'. The study makes a number of policy recommendations including conditional benefits and subsidies, which encourage more efficient search methods and can lower the rate of unemployment.
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Economic Policy Co-ordination is Needed to Re-align Global Imbalances

In a new Report 'Official Reserves and Currency Management in Asia: Myth, Reality and the Future', Hans Genberg, Robert McCauley, Yung Chul Park and Avinash Persaud argue that global coordination of expenditure-reducing/increasing policies and exchange rate adjustments between East Asia, the United States and the European Union will be necessary to achieve the least-cost adjustment to current account imbalance between the three. To this end they propose another Plaza Accord among the three regions for policy adjustments and co-ordination.
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Competitive Economies Can Expand to Accommodate Immigrant Workers

P173 Competitive Economies Can Expand to Accommodate Immigrant Workers In a new Report 'Immigration, Jobs and Wages: Theory, Evidence and Opinion', published by the Centre for Economic Policy Research (CEPR) and the Centre for Research and Analysis of Migration (CReAM), Christian Dustmann and Albrecht Glitz provide a brief historical overview of Europe's migration experience since World War II. They show that there have been large differences in the immigration experience of European countries over the last six decades.
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A Dynamic Approach to Europe's Unemployment Problem

Approach to Europe's Unemployment Problem

In a new CEPR Policy Paper, Simon Burgess and Patrick Garrett examine the problem of unemployment and low job participation in the European Union. They report on the findings of a large international study of the issue: 'A Dynamic Approach to Europe's Unemployment Problem'. The study makes a number of policy recommendations including conditional benefits and subsidies, which encourage more efficient search methods and can lower the rate of unemployment.
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EU Banking Sector Integration Falls Short of Expectations

P134 MED 3 Integration of European Banking

A new CEPR/FBBVA Report 'Integration of European Banking - The Way Forward' examines the changes that have taken place in banking in the European Union over the last few years. The authors note that perhaps the most significant development that has taken place in this sector has been the launch of the Financial Services Action Plan (FSAP). They find that the increase in competition brought about by the introduction of the euro and more recent deregulation measures has been relatively small.
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New research reveals economic and social benefits of mobile communications in Africa

New research reveals economic and social benefits of mobile communications in Africa

A joint CEPR/Vodafone report shows that Africa has seen faster growth in mobile telephone subscriptions than any other region of the world over the last five years. The report also highlights the consequent economic and social benefits in terms of per capital growth, FDI and life satisfaction.
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Euro Area Business Cycle: Stylized Facts and Measurement Issues

P167 The Euro Area Business Cycle A new Volume published by the Centre for Economic Policy Research (CEPR), 'The Euro Area Business Cycle: stylized facts and measurement issues' presents four papers by leading economists that examine different aspects of business cycle measurement for the euro area. CEPR Research Fellow Lucrezia Reichlin, who will begin as head of research at the European Central Bank in February 2005, has edited the Volume.
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IMF as Lender of First Resort - New Proposal by Cohen and Portes

In CEPR Discussion Paper No. 4615 Daniel Cohen and Richard Portes, set out their proposal for an 'indebtedness regime' for emerging market countries. This proposal has already attracted considerable attention in recent meetings of policymakers and academics. The new Discussion Paper both expands on the proposal and provides theoretical and empirical support for it.
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Study Calls for New Agenda-Setting Council to Replace G7

Written by a group that combines extensive practical experience with analytical rigour, the sixth title in the ICMB/CEPR Geneva Reports on the World Economy series looks into the arrangements that drive international economic and financial cooperation. The authors argue that the status quo is increasingly untenable and make a number of proposals to reform the process for dealing with the main economic and financial issues.
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Study Finds Concerns Of Pension Funds Losing Value Are Exaggerated

In a new CEPR study published today David McCarthy and Anthony Neuberger 'Pensions Policy: Evidence on Aspects of Savings Behaviour and Capital Markets' review the research that has been done internationally in the area of pensions policy.
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Distinguished Economists Present Framework for Managing Risk in Financial Markets

The widely publicized failure of large corporations, the losses sustained by pension funds, and the international crises of the last decade have revealed widespread financial fragility. Written by a team of distinguished economists with extensive experience in financial markets, institutions and public policy, Transparency, Risk Management and International Financial Fragility presents and evaluates a novel framework for evaluating and managing risk.
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EU Needs Fiscal Watchdog to Replace Stability and Growth Pact

The European Union's Stability and Growth Pact has now been suspended. The authors of the new CEPR Report Stability and Growth in Europe: Towards a Better Pact argue that the Pact should be replaced with an independent panel of experts who would have the sole task of safeguarding the sustainability of public finances in the euro area.
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MEI 13 Stability and Growth in Europe: Towards a Better Pact

Fiscal Policy in Europe 1991-2003: An Evidence-based Analysis

A new CEPR Report 'Fiscal Policy in Europe 1991-2003: An Evidence-based Analysis' examines the stance of fiscal policy in Europe since the 1980s. The authors find that some attempts to impose discipline have been successful but many have not. They examine the reasons for this and draw some lessons for fiscal policy-making in the future.
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Conflicts of Interest in the Financial Services Industry: What Should We Do About Them?

Recent corporate scandals and the dramatic decline in the stock market since March 2000 have increased concerns about conflicts of interest in the financial services industry. In a new ICMB/CEPR Report, four leading financial economists analyse what conflicts of interest are and why we care about them, and develop a framework for evaluating policies to remedy them.
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The Future of Stock Exchanges in European Union Accession Countries
With the EU accession process now going through the final stages and full EU membership set to become a reality in a year's time, a new CEPR Report comissioned by the Corporation of London and written by Stijn Claessens, Ruben Lee and Josef Zechner offers a series of insights into the impact this event will have on regional capital markets.
The Future of Stock Exchanges in European Union Accession Countries

Bank of England Gets Top Marks for Best Inflation Report
How Do Central Banks Write? by Andrea Fracasso, Hans Genberg and Charles Wyplosz evaluates the Inflation Reports of 19 inflation targeting central banks to find what a good Inflation Report should contain. The authors ask what information an Inflation Report should contain and how they should be structured to achieve clear communication of monetary policy strategy. The study finds that the Bank of England published the best overall Inflation Report.
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Geneva Reports on the World Economy Special Report 2

Accession Countries Face Greater Volatility in ERM-II
As the ten accession countries prepare for the next phase of entry into the EU, most are expected to join the Exchange Rate Mechanism (ERM-II), before joining the euro. Building on the lessons learned from past financial crises, CEPR Policy Paper 10 makes a number of recommendations for accession countries as they negotiate the tricky path to monetary union.
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Accession Countries Face Greater Volatility in ERM-II

Monitoring European Integration (MEI) 12 "Built to Last: A Political Architecture for Europe"
New from CEPR, 26 February 2003

This twelfth Report in CEPR's Monitoring European Integration (MEI) series tackles an extremely central concern that is, at this moment, being passionately debated within the European Constitutional Convention: what is an appropriate political architecture for Europe, and how should responsibilities be allocated between the member states and the EU's supranational bodies?

The authors suggest that European economic integration has preceded the construction of the necessary political substructure, with the implication that further economic progress risks being hampered unless reforms are made. Such reforms might affect both the form of EU governmental institutions, as well as the allocation of responsibilities between the EU bodies and the member states, in areas such as stabilization, competition and trade policy; taxation; supervision and regulation of financial markets; internal and external security; and foreign policy. The great contribution of this Report is to provide a straightforward, analytical framework for evaluating the options for reform, taking into account both political considerations and the relevant economic theory.
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(MEI) 12 "Built to Last: A Political Architecture for Europe"

ECB too slow to react
New from CEPR, 05 December 2002
An update of the fourth MECB Report published by the same authors in Spring 2002 argues that the ECB takes too long to respond to changes in the economic environment. It also highlights the difficulties of communicating monetary policy decisions using the first pillar, and the need to rethink the Stability and Growth Pact.
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MECB4 Update

Economics of Rising Inequalities 
The first in a new series of CEPR Conference Volumes published jointly with Oxford University Press, The Economics of Rising Inequalities is an in-depth discussion of rising inequalities in the western world. It explores the extent to which rising inequalities are the consequence of changes in economic fundamentals (such as changes in technological or demographic parameters), and to what extent they are the consequences of changes in institutions. 

CEPR Policy Paper No.9: Lessons from the Russian Meltdown: The Economics of Soft Legal Constraints
New from CEPR, 21 October 2002
A new Report by Enrico Perotti of University of Amsterdam and CEPR examines the Russian crisis of 1998 and suggests that important lessons may be learned from the crisis by some Eastern European countries aiming to join the EU.
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CEPR Policy Paper 9

CEPR Policy Paper No.8: Making Sense of Globalization
New from CEPR, 8 July 2002
CEPR Policy Paper No.8 Making Sense of Globalization: examines which aspects of the current wave of globalization are old and which are new and the effects of these on poverty and inequality in the world. Featuring a foreword by Romano Prodi, President of the European Commission, it also analyses how various institutions, including corporations, national governments and the many institutions of civil society, have responded or potentially could respond to these developments. Read the Press Release.

European Economic Perspectives 30
New from CEPR, 8 July 2002
browse each individual article...

Who's Afraid of the Big Enlargement? - The initial enthusiasm for a 'return to Europe' has turned to anxiety about the potential consequences of enlarging the European Union.
For Richer or for Poorer - A new report separating truth and fiction in the different aspects of the ongoing process of international integration.
As good as Greenspan - Critics argued that because the ECB was overly concerned with maintaining price stability. Does such criticism stand up to scrutiny?

CEPR Policy Paper No.7: 'Who's Afraid of the Big Enlargement?'
New from CEPR, 14 June 2002
CEPR Policy Paper No.7 ‘Who’s Afraid of the Big Enlargement?’: analyses the economic and social implications of the prospective enlargement of the European Union (EU) to take in the Central and East European countries (CEECs). The initial enthusiasm for their 'return to Europe' has turned to anxiety about the potential consequences. Many citizens of the current EU-15 are concerned that accession of countries with much lower per capita incomes will affect them adversely. Rather than legitimising the fears, politicians and policy-makers must dispel them by leading the EU and its members to adopt appropriate measures. Read the Press Release.

NEW series published with Oxford University Press:
New Research in Financial Markets and New Research in Corporate Finance and Banking, both edited by Bruno Biais and Marco Pagano, are the first titles in a new series published for CEPR by one of the world’s leading publishing houses, OUP. These volumes are selections of some of the best papers published by CEPR - papers that have had a real impact on the economics community and that have become ‘classic works’ in their field.

Multinational Corporations and Global Production
Networks: The Implications for Trade Policy
New from CEPR, 8 March 2002
Multinational Corporations and Global Production Networks: The Implications for Trade Policy by Giorgio Barba Navaretti, Jan I Haaland and Anthony Venables. This study on the role of MNEs in the EU, and the implications for the design of trade policies, has been funded by and prepared for the EC Directorate General for Trade, and is published FREE online by CEPR.

Economic Policy, Issue 36
The NEW issue features articles on regulation and growth, corporate equity, auctions and the policy implications of human cloning.

 

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