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Tag Archives: Investment

Global Economic Resilience: Building Forward Better

A roadmap for systemic economic reform calling for step-change in global economic governance to increase resilience and build forward better from economic shocks, prepared for the G7 Advisory Panel on Economic Resilience. This report summarises the work of the Independent G7 Economic Resilience Panel in 2021, and its final policy recommendations, based on engagement and research throughout the year. The Panel, chaired by Lord Mark Sedwill, has produced an agenda for economic resilience, the...

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Letter: Declining investment may explain why rates are low

Monetary and macroeconomic policies at the crossroads Bruegel Annual Meetings, Day 2- In this session we would like to discuss monetary and macroeconomic policies after Covid-19. Speakers: Grégory Claeys, Per Callesen, Gita Gopinath, Jorge Sicilia Serrano and Lawrence H. Summers Topic: Finance & Financial Regulation Location: PALAIS DES ACADEMIES, RUE DUCALE 1 Date: September 2, 2021

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What Evergrande signals about China’s economic future

Monetary arithmetic and inflation risk Between 2007 and 2020, the balance sheets of the European Central Bank, the Bank of Japan, and the Fed have all increased about sevenfold. But inflation stayed low throughout the 2010s. This was possible due to decreasing money velocity and the money multiplier. However, a continuation of asset purchasing programs by central banks involves the risk of higher inflation and fiscal dominance. By: Marek Dabrowski Topic: European Macroeconomics &...

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A green fiscal pact: climate investment in times of budget consolidation

Budget consolidation in European Union countries should be possible within EU rules, but countries should agree a green fiscal pact to protect net-zero investment. This paper was prepared for the informal ECOFIN meeting in Ljubljana on 10/11 September 2021. The authors thank Klaas Lenaerts for his excellent research assistance and colleagues at Bruegel (Grégory Claeys, Maria Demertzis, André Sapir, Jean Pisani-Ferry and Simone Tagliapietra) for their feedback and suggestions. The...

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Environmental, societal and governance criteria: hit or miss?

Is sustainable investing contributing to society’s climate and social goals, or preventing systemic change? Sustainable investing is gaining in popularity as socially conscious clients consider environmental, societal and governance (ESG) criteria when deciding on potential investment. As a result, the financial world is offering more ESG compatible products on the market. While well intentioned, the ability and capacity of ESG criteria in corporate disclosure to achieve climate and social...

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Investments in human capital should be at the heart of Europe’s Covid-19 recovery strategy

When the state spends money on roads and railways, we call it ‘investment’. When the state spends on nurseries, school meals, or health care, we call it social, educational, and health expenditure. Yet as Jakub Sawulski and Wojtek Paczos argue, the latter form of spending may yield a higher rate of return in the long-term. The Covid-19 pandemic has triggered a shift in the approach of policymakers to fiscal policy. In contrast to the financial crisis that began in 2008, the state is...

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Building the Road to Greener Pastures

How the G20 can support the recovery with sustainable local infrastructure investment. We owe our gratitude to Suman Bery, Nicola Bilotta, Maria Demertzis, Alberto Franco Pozzolo, Simone Tagliapietra, Guntram Wolff, and Georg Zachmann for their input and comments, as well as Alma Kurtovic for her excellent management of this project. We would also like to thank the Italian Ministry of Finance and Economics and the members of the G20 Infrastructure Working Group for their valuable feedback...

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SPACs in the gap

Special-purpose acquisition vehicles could fill a gap in European equity markets and lure risk-averse investors off the sidelines. By: Rebecca Christie Date: July 13, 2021 Topic: European Macroeconomics & Governance European equity markets lag behind their American counterparts and draw relatively limited interest from insurance companies and pension funds. Getting this capital off the sidelines and into growing companies is one of the main goals of the European Union’s...

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A breakdown of EU countries’ post-pandemic green spending plans

An analysis of European Union countries’ recovery plans shows widely differing green spending priorities. Policymakers have made a clear commitment to use the European Union’s post-pandemic recovery plan, Next Generation EU, to accelerate the bloc’s green transition. The underlying idea is simple: seize a moment of unprecedented economic and social disruption to reinforce the reorientation of Europe’s economic model towards sustainability, and in particular to accelerate the implementation of...

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