Archive for June, 2008
European Energy Markets: Moving in a Common Direction?, by Juan Delgado
Published in Commodities, Energy and Finance. Morten Balling, Ernest Gnan and Mar Gudmundsson, eds., June 2008. SUERF Studies.
In this paper for SUERF / OeNB Workshop on “Commodities, Energy and Finance” Juan Delgado outlines the main obstacles to integration of EU energy markets and analyses the potential impact on market integration of the new legislation recently proposed by the European Commission in the fields of energy and climate change.
How to prick local housing bubbles in a monetary union: regulation and countercyclical taxes, by Alan Ahearne, Juan Delgado and Jakob von Weizsäcker.
VOX. Research-based policy analysis and commentary from leading economists
Housing booms associated with credit booms are particularly damaging, but the ECB’s one-size-fits-all monetary policy is useless in pricking national bubbles. Euro area governments should use national banking regulations to dampen national bubbles and countercyclical housing taxes to prick bubbles that arise.
A tail of two countries, by Alan Ahearne, Juan Delgado and Jakob von Weizsäcker.
Bruegel Policy Brief. www.bruegel.org. Issue 2008/04, 2008.
The outlook for two of the euro area’s best performing economies to date, Ireland and Spain, has darkened dramatically recently amid severe downturns in housing markets. What do these countries’ experiences tell us about the functioning of EMU? Bruegel’s new policy brief ‘A Tail of Two Countries’ examines the behaviour of housing markets in Ireland and Spain during EMU and considers what features and policies may have facilitated the overheating of housing markets in these countries. It also discusses the role of large migration flows in spurring growth in housing.