If Greece Had Not Existed, Europe’s Leaders Would Have Had to Invent It

δεῖ δ’ αὐτὸν ἐς φάρμακον ἐκποιήσασθαι – He must be chosen from among you as a scapegoat. Hipponax One of the more intriguing aspects of the whole modern Greek drama is the tragicomic way the country seems to be constantly condemned to live out well known themes which come from its own mythology. The latest […]

Is Finland’s Economy Suffering From Secular Stagnation?

“After the Great Depression, secular stagnation turned out to be a figment of economists’ imaginations……..it is still too soon to tell if this will also be the case after the Great Recession. However, the risks of secular stagnation are much greater in depressed Eurozone economies than in the US, due to less favourable demographics, lower […]

Spain’s “Good” Deflation?

Spain’s domestic economy is booming, or so the story goes, and in no small part this boom comes thanks to the arrival of what is being termed the “good kind of deflation”, the sort everyone would like to have, a world where prices fall, real incomes rise, jobs are created, and everyone gets to live […]

Why Muslims Fell Behind Economically

I really do not know if Muslims were in the Americas three centuries before Christopher Columbus, as President Prime Minister Recep Tayyip Erdoğan first claimed, and then vehemently defended, last week. They may well have been. After all, before falling behind, Islamic civilization was at least as advanced as Christian medieval Europe. Economist Angus Maddison […]

Eurocrisis Round Two, Blame the Germans Edition

“What strikes me, also, is the extent of intellectual confusion that remains.” – Paul Krugman, Europanic 2.0 “The problem is that Germany has continued to maintain highly competitive labor costs and run huge surpluses since the bubble burst — and that in a depressed world economy, this makes Germany a significant part of the problem.” […]

The Italian Runaway Train

There has been lot’s of debate in the press and in academic circles over the last week or so about whether Italy’s latest contraction constitutes a triple dip recession or simply a continuation of what’s been going on over many many years. This is an interesting theoretical nicety, but in fact what is happening in […]

Europe’s Stalemate

The causes of the present crisis of the European Union trace back to the past phases of the integration process.  In the 1980s, the series of agreements and common policies of “mutual advantage” among the EU members came to an end. Most economies of scale had been exploited by the EU countries, as an effect […]

Understanding Turkey: Lower Banking Sector Profitability Ahead

Key takeaway—Over the next five years, Turkey’s banking sector profitability is expected to slow, as ‘return on equity’ will decline from 18.4 (10-year average) to 13 percent; however, banks’ balance sheets will remain healthy, with a capital adequacy ratio above 12 percent. Over the next five years, Turkey’s economic growth will slow. Over 2015-19, despite […]

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