Structural Reforms and European Integration: Theory, Measurement and Econometric Evidence

Lead Research Organisation: London School of Economics & Pol Sci
Department Name: European Institute

Abstract

Since the 2007 financial crisis, most EU countries have been unable to return to their pre-crisis growth path. From many European capitals, we hear incessantly that structural reforms are the key to economic growth. Although this view has led many countries in Europe into implementing reform programs, we still lack a clear understanding of structural reforms. The almost exclusive focus on product and labor market regulations (in detriment to other important reforms such as trade liberalization) has contributed to this dearth of analysis. This project aims to fill this gap.

The issue of whether structural reforms lead to growth remains controversial. One critique of current policies departs from a New Keynesian interpretation of the low growth experienced in many European countries. Policies that improve the supply side through structural reforms may not automatically lead to more demand and output. Structural reforms may even lead to reduced demand and thus to a more repressed level of economic activity. In this context, one key issue is the timing of the implementation of these reforms. Some reforms, if implemented during a recession, can exacerbate it and, as an unintended side effect, can weaken the political resolve to undertake reforms. Another critique of structural reforms stresses the importance of identifying a range of structural reforms that can boost a country's economic capacity to grow. Structural reforms usually include opening up of the economy to international trade, to international competition and to foreign direct investment, the transfer of state assets to the private sector, product market deregulation and measures aimed at making labour markets more flexible. The current focus on labour market and product market flexibilities is limited and incomplete. Some key lessons from the experience of the "new EU members" (economies that transited from communism to a market-based system) is that there is a comprehensive range of structural reforms (beyond labour and product markets) that needs to be implemented and that the sequencing of reforms matters. Thus the ultimate impact of reforms on economic outcomes is complex.

Our research has three objectives:

(1) To construct a panel data set reflecting the extensive reform experience of the 28 EU members between 1990 and 2015.

(2) To use this data set to provide a study of the determinants of structural reforms. We will analyse the role of initial conditions, institutions and political development, and of economic growth on the dynamics of structural reforms.

(3) To investigate how structural reforms may affect economic growth and income inequality. This will allow us to shed light on the policy questions formulated earlier, i.e. should policymaking focus on structural reforms to boost growth, and if so, which individual reforms are most beneficial?

This project will build on three strands of literature. The first one focuses on the determinants of structural reforms. Especially, we will exploit insights from the reform experience of Central and Eastern European countries during their transition in the 1990s. The second one studies the issue of how structural reforms can be used to boost economic growth. It has led to an intense debate on the relative merits of supply side policies against policies aimed at boosting aggregate demand. The third one focuses on the theory and empirics of the relationship between structural reforms and income inequality.
We will use a new and unique data set and advanced econometric methodologies to tackle various challenges. One key challenging issue is that there may be a two-way causality between structural reforms, on the one hand, and economic growth and income inequality on the other. One key objective of the research project here proposed is to disentangle this complex causal relationship.

Planned Impact

The project has enormous potential policy relevance for our understanding of European Integration because the implementation of structural reforms is widely perceived as a key element to the resolution of the current economic crisis. By analysing both the implementation dynamics of a broad set of reforms (beyond product and labour market regulations) and the impact such reforms have on growth and inequality, this project will deliver an innovative, rich and policy-relevant set of lessons and insights. We anticipate considerable impact on policy makers in EU member countries and European institutions alike. Regarding its expected scientific contribution, the findings of the proposed project will complement and substantially further the ongoing international research effort to better understand the interactions between politics and economics and the role of particular institutional features in promoting economic growth and income distribution.

The target groups for the research findings of this project are academicians, NGOs, journalists, and policy makers and decision makers. The planned dissemination efforts are designed to ensure that the results of this research are made available in such a way as to maximise the chance of influencing future scholarship, policy and practice.

In the past, all three investigators have had successful experience in terms of both influencing policy and disseminating their research to wider audiences. For example, Professor Paul De Grauwe's research on the Eurozone has influenced monetary policies of the European Central Bank as well as the wider and still on-going policy debates on reforms of Eurozone governance.

In order to benefit from broader expertise and guidance the proposed research project will have a distinguished Steering Committee and a sequence of project milestones. The main stages in the project timetable are as follows: preparation work occupies the first two months, fieldwork and data collection lasts from month 3 to month 12, analysis phase is from month 13 to 18, and the writing-up stage from month 19 to 24. The Steering Committee will be composed by 12 distinguished experts from academia (UK and abroad) and international development institutions (please also see Pathways to Impact). From these we plan to solicit feedback and criticism throughout the project and crucially at three main project milestones. The first main milestone takes place at the end of the data collection stage when a major exercise in stock taking occurs. Data collected thus far is reviewed, its quality assessed and eventualities considered. This first version of the data set is to be presented in informal meetings to relevant scholars and decision makers with the possibilities for data imputation also discussed. The second milestone is when the first econometric results become available. We plan to informally present these preliminary results at various events. The third proposed key milestone is just before the writing-up stage starts.

An important element in our impact plan is the dissemination strategy. The proposed project website will enhance the visibility and availability of the panel data set and all the research analysis generated. The project website will publicise and disseminate project activities and outcomes, as well as create a focal point for researchers and policy-makers in the UK and abroad interested in structural reforms. It will provide up-to-date links to research, researchers and resources in this area. This will be accompanied by publication of columns and editorials (summarizing the main findings of the research and distilling their policy implications in ways that potential beneficiaries can understand, value and use) in influential internet sites such as CEPR's voxeu.org, theconversation.com, and Project Syndicate. Our strategy also entails a twitter feed in order to keep users up to date and engaged with activities and findings from the research project.

Publications

10 25 50

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CAMPOS N (2017) Political institutions, lobbying and corruption in Journal of Institutional Economics

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Campos N (2017) EU Membership, Mrs Thatcher's Reforms and Britain's Economic Decline in Comparative Economic Studies

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Campos N (2019) Institutional integration and economic growth in Europe in Journal of Monetary Economics

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De Grauwe Paul (2017) The limits of the market

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De Grauwe Paul (2018) Core-Periphery Relations in the Eurozone in Economists' voice

 
Description Our key findings are the following
1. Structural reforms that increase the flexibility of wages and prices makes it easier for the central bank to stabilise the economy
2. Labour market reforms (e.g. reducing employment protection) has positive effects on employment when they are accompanied by a reduction of wage taxes. In other words a supply side reforms works well if the demand is stimulated at the same time.
3. Financial reforms most often occur after financial crises. These reforms, however, are usually overturned after a period of 5 to 10 years. These effects are relatively weak in the EU-countries. More research has to be done to analyse the political economy processes that explain these differences.
4. In general structural reforms (in labour markets and in the financial sector) are not good predictors of subsequent economic growth in EU-countries.
5. Many of our results are sensitive to the way reforms are measured. Thus, more research effort should go towards developing better measurements tools.
Exploitation Route Our results will be very useful for policymakers. For example, our results make clear that structural reforms that are not embedded in a policy aimed at stimulating the economy, especially during an economic downturn, will fail to produce the desired results. Our results also can act as a warning that structural reforms remain only temporarily in place as they are often overturned by political pressures.
Our results will also be of interest for academic researchers. For example our theoretical contribution towards developing a behavioural macroeconomic model will help in better evaluating how structural reforms affect economic activity.
We have developed a very large data base about structural reforms that will be available in a user-friendly way. This will help other researchers to study structural reforms.
We have produced two books that collects the state-of-the-art research in the field. This has been and will be an invaluable resource for future researchers.
Sectors Education,Financial Services, and Management Consultancy,Government, Democracy and Justice,Other

 
Description Bellagio group of academics and central bankers
Geographic Reach Europe 
Policy Influence Type Membership of a guideline committee
Impact The group undertakes analysis of how to improve the efficiency of the monetary policy at the national level and at the global levels.
URL https://eml.berkeley.edu/~eichengr/bellagio/agenda.html
 
Description Consultant Jobs Groups World Bank
Geographic Reach Multiple continents/international 
Policy Influence Type Implementation circular/rapid advice/letter to e.g. Ministry of Health
Impact Consultant on matters related to Labour Market Analyse of both developed and developing countries
 
Description Invited by the European Trade Union Confederation Economic Policy Committee to present my views and suggestions on the European Commission proposal regarding the need for a European safe asset (i.e. the sovereign bond-backed securities). This engagement helps the confederation to define its positions on the policy developments of the European Commission.
Geographic Reach Europe 
Policy Influence Type Participation in a advisory committee
 
Description Policy Fellow for the Open Innovation Team (HM Treasury & UK Cabinet)
Geographic Reach National 
Policy Influence Type Participation in a advisory committee
Impact Working as a Policy Fellow on the Future of Work for the UK Cabinet/HM Treasury in their Open Innovation Team
 
Description Portuguese Public Finance Council
Geographic Reach Europe 
Policy Influence Type Participation in a advisory committee
Impact I am the Vice president of the Portuguese Public Finance Council. The council gives advice on the sustainability of the fiscal policies in Portugal. This includes formulating advice on required structural reforms.
URL http://www.cfp.pt/about-us/composition/board/?lang=en
 
Title Financial Market Regulation Dataset 
Description The dataset combines comparative financial market regulation and financial crises datasets from various sources covering 195 countries between 1950 and 2017. The dataset will be made available soon on http://www.structural-reforms.eu/. 
Type Of Material Database/Collection of data 
Year Produced 2019 
Provided To Others? No  
Impact The dataset was used for the empirical analysis of our papers. 
URL http://www.structural-reforms.eu/
 
Title Labour Market Regulation Dataset 
Description The dataset combines comparative labour market regulation datasets from various sources covering 162 countries between 1970 and 2016. The dataset will be made available soon on http://www.structural-reforms.eu/. 
Type Of Material Database/Collection of data 
Year Produced 2019 
Provided To Others? No  
Impact Dataset was used for the empirical analysis of the papers. 
URL http://www.structural-reforms.eu/
 
Title NATLEX Reform Dataset 
Description The dataset consists of the Natlex dataset from International Labour Organization. It covers labour market reforms in 196 countries until 2018. Overall, the dataset contains 103,717 labour market reforms. The dataset will be made available soon on http://www.structural-reforms.eu/. In order to keep the database up-to-date, we have created a tutorial that enables users to scrape the database with R. The tutorial will be available on our website as well. 
Type Of Material Database/Collection of data 
Year Produced 2019 
Provided To Others? No  
Impact Natlex database in panel format 
URL http://www.structural-reforms.eu/
 
Title Taxation Dataset 
Description The dataset combines comparative taxation policy datasets from various sources covering 196 countries between 1970 and 2018. The dataset will be made available soon on http://www.structural-reforms.eu/. 
Type Of Material Database/Collection of data 
Year Produced 2019 
Provided To Others? No  
Impact The dataset was used for the empirical analysis of our papers. 
URL http://www.structural-reforms.eu/
 
Title Taxes in Europe Dataset 
Description The dataset describes the Taxes in Europe datasets (Version 2 and Version 3) from the European Commission. It covers tax reforms in all 28 EU member states between 2007 and 2019 for Version 3. Version 2 contains 1064 tax reforms, Version 3 contains 658 tax reforms. The dataset will be made available soon on http://www.structural-reforms.eu/. In order to keep the database up-to-date, we have created a tutorial that enables users to scrape the database with R. The tutorial will be available on our website as well. 
Type Of Material Database/Collection of data 
Year Produced 2019 
Provided To Others? No  
Impact Taxes in Europe Dataset in panel format 
URL http://www.structural-reforms.eu/
 
Title UK labour law data 
Description Legal documents about the labour regulations and laws are massive. In order to identify relevant policy changes, country experts usually identify labour-related law changes manually. However, in order to make the identification of such laws more comparable across countries and speed up the identification process, we are using supervised and unsupervised NLP classification and clustering methods and apply them to the actual law texts. Under the usage of the Eurovoc thesaurus, we are able to to produce results across languages. As a final output, we are able to create a labour market reform dataset including (1) law title, (2) law text, (3) enforcement date, (4) abstract, amongst others. As a starting point for this exercise, we are using the laws of the United Kingdom. 
Type Of Material Data handling & control 
Year Produced 2019 
Provided To Others? No  
Impact Legal documents about the labour regulations and laws are massive. In order to select these documents, huge amount of manual work is needed. In this project, we have experimented using the machine learning techniques to classify the UK legal documents into labor and non-labor laws. Although this is a very small step, we believe this can be used effectively in the future to classify legal documents at EU level. 
 
Description 1st IZA/World Bank/NJD Conference on Jobs and Development 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact 1st IZA/World Bank/NJD Conference on Jobs and Development, Bogota, Colombia
Year(s) Of Engagement Activity 2018
 
Description 1st LSE Workshop on Political Economy of Turkey 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Schools
Results and Impact I have co-organised a workshop titled "1st LSE Workshop on Political Economy of Turkey". The first workshop of its kind involved the presentations and discussions of 7 high-quality academic papers on the political economy of Turkey. Topics ranged from how armed conflict may benefit politically-connected firms to how political communication may polarise voter attitudes. The workshop brought together some of the most promising junior scholars working on issues related to Turkey and its political economy. As a point of pride in the economics profession, six out of seven speakers were female, coming from a diverse set of academic institutions.
Year(s) Of Engagement Activity 2019
URL http://www.systemicrisk.ac.uk/events/1st-lse-workshop-political-economy-turkey
 
Description Academic presentation at OECD Paris 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Academic presentation at OECD Paris Headquarters
Year(s) Of Engagement Activity 2017
 
Description Academic presentation at UNU/MERIT Maastricht 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Academic presentation at UNU/MERIT Maastricht, The Netherlands
Year(s) Of Engagement Activity 2017
 
Description American Economic Association Annual Meetings (Philadelphia) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Academic presentation at the American Economic Association Annual Meetings in Philadelphia
Year(s) Of Engagement Activity 2018
 
Description American Economic Association Atlanta 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact talk
Year(s) Of Engagement Activity 2019
 
Description Bank of Finland Helsinki 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact panel
Year(s) Of Engagement Activity 2018
 
Description Belgian Macro Workshop 2017 Keynote invitation 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact I presented my research on structural reforms. The audience (mainly from the academia) were interested in the recent development and findings in the area.
Year(s) Of Engagement Activity 2017
 
Description CEPS Brussels 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact panel
Year(s) Of Engagement Activity 2018
 
Description Debate on the future of the euro at the Dutch Central Bank on 7 December, 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact A debate on how to reform the Eurozone
Year(s) Of Engagement Activity 2018
 
Description Delphi economic forum 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact On 2nd March, In Delphi (Greece), more than 200 people including policy makers, academics, business people from the private sectors attended the panel discussion on structural reforms in Europe. This activity sparked questions and discussion afterwards. I was also interviewed afterwards by the Greek media concerning the structural reforms and the impact on Greek economy.
Year(s) Of Engagement Activity 2018
URL http://www.delphiforum.gr/speakers/paul-de-grauwe-0
 
Description Different interviews on Brexit, the Eurozone and international economic and financial affairs 
Form Of Engagement Activity A press release, press conference or response to a media enquiry/interview
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Media (as a channel to the public)
Results and Impact Corriera della Sera, Bloomberg Television, Publico (Portugal), De Standaard, De Morgen, Sky News, Wall Street Journal, Forbes (Japan), The Economist, De Morgen, Le Soir
Year(s) Of Engagement Activity 2017,2018,2019
 
Description EUI Fiesole 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact talk
Year(s) Of Engagement Activity 2018
 
Description EUI academic meeting 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Participation at workshop and meetings at the European University Institute, Fiesole, Italy
Year(s) Of Engagement Activity 2017
 
Description European Central Bank conference on structural reforms 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact At this European Central Bank conference, more than 100 audience (policy makers, central bankers, financial market participants and professional economists) attended the presentation on "structural reforms in the Euro area". There were a lot of questions, debate, discussions concerning on the progress and the impact of structural reforms in the Euro area.
Year(s) Of Engagement Activity 2017
URL https://www.ecb.europa.eu/pub/conferences/html/20171018_structural_reforms.en.html
 
Description European Economic Association Koln 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact talk
Year(s) Of Engagement Activity 2018
 
Description European Finance Association 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Schools
Results and Impact I have presented a paper titled "Lending Cycles and Real Outcomes: Costs of Political Misalignment"
Year(s) Of Engagement Activity 2018
 
Description European Investment Bank Luxembourg 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact talk
Year(s) Of Engagement Activity 2018
 
Description European Public Choice Society - Rome 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact talk
Year(s) Of Engagement Activity 2018
 
Description European Think Thanks Annual Conference (Colegio Carlo Alberto, Turin) 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Presentation at the European Think Thanks Annual Conference
Year(s) Of Engagement Activity 2017
 
Description German Economic Association Conference on Development Economics 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Schools
Results and Impact I have presented a paper titled "Lending Cycles and Real Outcomes: Costs of Political Misalignment"
Year(s) Of Engagement Activity 2018
 
Description Global Competition Law Center conference 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Contribution to the 13th GCLC Annual Conference on "Fairness in Competition Law & Policy: Significance and Implications". The feedback received from delegates so far has been excellent.
Year(s) Of Engagement Activity 2017
 
Description IMF and Croatian National Bank Conference Dubrovnik 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact IMF and Croatian National Bank Conference Dubrovnik
Year(s) Of Engagement Activity 2017
 
Description Invited speaker in a debate on Eurozone financial reforms organized by the Adenauer Foundation in Berlin, a political think tank in the network of the Christian Democratic Union of Germany 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact 20 economists or research official from the embassies, international organizations and universities attended this debate. Participants were well informed about policy discussions and implications.
Year(s) Of Engagement Activity 2018
 
Description Keynote Lecture at INFER Conference, Paris, 19 October, 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Presentation on how structural reforms affect the capacity of the central bank to stabilise the economy
Year(s) Of Engagement Activity 2018
 
Description Keynote lecture at Spanish Applied Economists Annual Meeting, Alcala, Spain, 7-8 June, 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Keynote presentation explaining the basics of behavioural macroeconomics with an application on the effects of structural reforms
Year(s) Of Engagement Activity 2018
 
Description Keynote speech - Orleans University (France) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Keynote speech - Orleans University (France), European Economics Conference
Year(s) Of Engagement Activity 2017
 
Description LSE Italian Forum 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Public/other audiences
Results and Impact Held at LSE, in a conference spanning two evenings, through the interaction of high-profile speakers including civil society, academia, public and private sector, the LSE Italian Society aims to shed light on the issue of migration in Europe, and the way in which this multi-faceted notion can be better understood and captured in the public debate.
Year(s) Of Engagement Activity 2018
URL http://lseitalians.co.uk/
 
Description Labour market institutions still matter for workforce equality in the knowledge economy 
Form Of Engagement Activity Engagement focused website, blog or social media channel
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact My coauthor and I were asked to write a blog article on our recent working paper. It has attracted a lot of attention and we were asked to participate in a number of panels and discussions afterwards.
Year(s) Of Engagement Activity 2017
URL http://blogs.lse.ac.uk/europpblog/2018/01/09/labour-market-institutions-knowledge-economy/
 
Description Lecture and Seminar at the University of Lancaster, 6-7 November, 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Postgraduate students
Results and Impact I gave a general lecture on the Eurozone and how to reform it structurally and a seminar on structural reforms and monetary policies
Year(s) Of Engagement Activity 2018
 
Description Lecture, CEPS Summer School on the European Central Bank in crisis times, Brussels, 8 September, 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Lecture on how the ECB should operate during crisis times.
Year(s) Of Engagement Activity 2018
 
Description Lectures on Behavioural Macroeconomics at Corvinus University of Budapest 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Schools
Results and Impact A series of Lectures during 9-20 April 2018 aimed at conveying a new macroeconomic paradigm
Year(s) Of Engagement Activity 2008
 
Description Lectures on Behavioural Macroeconomics at the University of Magdeburg, 10-14 September 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Schools
Results and Impact A series of lectures for PhD students in Magdeburg, Dresden, Halle and Leipzig on behavioural macroeconomics
Year(s) Of Engagement Activity 2018
 
Description OECD New Approaches to Economic Challenges (NAEC) Seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact The seminar helps the OECD to understand the lessons of the financial crisis by looking at the shortcomings of economic analytical models and policies in order to improve our analysis and provide new policy tools and data to tackle today's economic challenges such as structural reforms. The seminars are a space to question traditional ideas and methods as well as challenge group-think and compartmentalised approaches.
Year(s) Of Engagement Activity 2017
 
Description OECD Paris 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact talk
Year(s) Of Engagement Activity 2018
 
Description Organizing workshop that promote research findings of the structural reform project -7 May 2017 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact We organized two workshops on structural reform, on 7 May 2017 and 11 May 2018. Participants included officials from the European commission, interested academics and students. We discussed the state of art in this research area and the policy implications.
Year(s) Of Engagement Activity 2017,2018
URL http://www.structural-reforms.eu/
 
Description Panel debate, Emmanuel College, Cambridge University on Brexit and the future of the EU 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Postgraduate students
Results and Impact A debate on how Brexit may affect the future of the European Union
Year(s) Of Engagement Activity 2019
 
Description Participation in debate on the international economic and financial system, at Belgian National Bank, 11 January, 2019 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Participation in the annual Bellagio group meeting, which is a group of central bankers and academic economists
Year(s) Of Engagement Activity 2019
 
Description Political Economy of Finance Conference (University of Oxford) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Schools
Results and Impact I have presented a paper titled "Lending Cycles and Real Outcomes: Costs of Political Misalignment"
Year(s) Of Engagement Activity 2018
 
Description Presentation at EFTA./Brussels, the European Free Trade Association (EFTA) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Presentation at EFTA./Brussels, the European Free Trade Association
Year(s) Of Engagement Activity 2017
 
Description Presentation at OCP Policy Center (Rabat, Morocco) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact OCP Policy Center (Rabat, Morocco)
Year(s) Of Engagement Activity 2018
 
Description Presentation at a conference organised by the European Central Bank, 16-17 May, 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact This was a presentation on the core-periphery relations within the Eurozone and how these relations evolve over time
Year(s) Of Engagement Activity 2018
 
Description Presentation at the European Central Bank, Frankfurt 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Presentation at the European Central Bank, Frankfurt
Year(s) Of Engagement Activity 2017
 
Description Presentation at the European Economic Association Annual Conference, Lisbon 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Presentation at the European Economic Association Annual Conference, Lisbon
Year(s) Of Engagement Activity 2017
 
Description Presentation during Conference, "Bringing new thinking in psychology and social science into macroeconomic modelling", UK Treasury, London, 1 October, 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Presentation on the basics of behavioural macroeconomics
Year(s) Of Engagement Activity 2018
 
Description Presentation of my book "Limits of the Market", Luxembourg, 4 October, 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Presentation on the different limits of the market system and what to do about it.
Year(s) Of Engagement Activity 2018
 
Description Presentation of my book "Limits of the Market", The Hague, 10 October, 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Professional Practitioners
Results and Impact Presentation on how externalities affect the market system and what structural reforms are necessary to deal with this
Year(s) Of Engagement Activity 2018
 
Description Presentation of paper "Structural Reforms in a Behavioural Macroeconomic Model" at Birkbeck College, London, 24 May, 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Yuemei Ji and I presented our joint paper analysing how structural reforms affect the ability of the central bank to stabilise the economy
Year(s) Of Engagement Activity 2018
 
Description Presentation of report of Portuguese Fiscal Council in Portuguese parliament, 5 February, 2019 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Policymakers/politicians
Results and Impact Presentation and discussion of sustainability of Portuguese public debt in Portuguese parliament
Year(s) Of Engagement Activity 2019
 
Description Recent Developments in Turkey's Economy 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Schools
Results and Impact The currency turmoil that hit the Turkish lira in 2018 seems to have confirmed the difficult economic conditions ahead for the country. In addition to domestic worries, recent volatility in the world's financial markets poses new challenges to country's fragile capital flows. How will Turkish economy survive in the midst of rising global interest rates and political uncertainty at home? What are the necessary structural reforms to put the country back on a sustainable growth path in the long-run? What should be the European Union's position towards Turkey? Is Turkey on the road to an IMF bailout? Selin Sayek Böke and Sergei Guriev discussed these and other issues related to Turkey's economy in light of recent events.
Year(s) Of Engagement Activity 2019
URL http://www.systemicrisk.ac.uk/events/recent-developments-turkey%E2%80%99s-economy
 
Description Reforms are too important to be left to reformers https://voxeu.org/article/reforms-are-too-important-be-left-reformers 
Form Of Engagement Activity A magazine, newsletter or online publication
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact VoxEU column Reforms are too important to be left to reformers
https://voxeu.org/article/reforms-are-too-important-be-left-reformers
Year(s) Of Engagement Activity 2018
URL https://voxeu.org/article/reforms-are-too-important-be-left-reformers
 
Description Reinventing Convergence conference-European commission 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact The panels were composed of high-level experts from public administration, academia and policymaking (European Commission Vice-President and Commissioner,Prime Minister of Portugal, and Minister of Economy and Finance of Italy), combining a wealth of expertise and concrete experiences and success stories in promoting upwards convergence of living standards among EU Member States and ensuring economic resilience going forward.
Year(s) Of Engagement Activity 2017
URL https://ec.europa.eu/epsc/events/reinventing-convergence-toward-resilient-economic-structures_en
 
Description Royal Economic Society Conference 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Academic talk at RES annual conference
Year(s) Of Engagement Activity 2018
 
Description Royal Economic Society Conference Brighton 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact talk
Year(s) Of Engagement Activity 2018
 
Description Royal Economic Society Conference Warwick 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact talk
Year(s) Of Engagement Activity 2019
 
Description Second ERMEES Macroeconomics Workshop 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Discussions on the current research on structural reforms.
Year(s) Of Engagement Activity 2017
 
Description Seminar at Bank of England 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Policymakers/politicians
Results and Impact Seminar at Bank of England
Year(s) Of Engagement Activity 2017
 
Description Seminar at Universtiy College London 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Schools
Results and Impact I have presented a paper titled "Lending Cycles and Real Outcomes: Costs of Political Misalignment"
Year(s) Of Engagement Activity 2019
 
Description Seminar in Osnabrück 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This seminar increased interest in the research and the studies of structural reforms and european integration.
Year(s) Of Engagement Activity 2017
 
Description Seminar on behavioural macroeconomic model in ESRI (Dublin) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact 30 people attended the seminar and they were interested in how behavioural macroeconomic models explain the economy and their policy implications.
Year(s) Of Engagement Activity 2019
URL https://www.esri.ie/events/new-developments-in-behavioural-macroeconomics
 
Description Seminar on the future of the euro at Central European University, Budapest, 17 April 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Schools
Results and Impact The seminar explained the fragility of the Eurozone and how to reform it structurally
Year(s) Of Engagement Activity 2008
 
Description Seminar presentation at G20 Technical Group Meeting (Hamburg) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Seminar presentation at G20 Technical Group Meeting (Preparatory Summit)
Year(s) Of Engagement Activity 2017
 
Description Seminar presentation at OFCE on behavioural macroeconomics, Paris, 29 May, 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact A presentation of how structural reforms affect the capacity of monetary authorities to stabilise the economy
Year(s) Of Engagement Activity 2018
 
Description Seminar: Political lending cycles and real outcomes: Evidence from Turkey (LSE) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact It was an academic seminar on political lending cycles in Turkey and I received useful feedback from my colleagues. At the end of the seminar, possible paths for structural/institutional reform were discussed to mitigate the welfare losses related to politically-motivated bank lending in developing countries.
Year(s) Of Engagement Activity 2018
URL http://www.lse.ac.uk/european-institute/europe-at-lse
 
Description Seminar: Political lending cycles and real outcomes: Evidence from Turkey (Sabanci University) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact It was an academic seminar (by invitation) on political lending cycles in Turkey and a great chance to get helpful feedback from the academics actually living there. At the end of the seminar, possible paths for structural/institutional reform were discussed to mitigate the welfare losses related to politically-motivated bank lending in developing countries.
Year(s) Of Engagement Activity 2017
URL http://som.sabanciuniv.edu/en/research/seminars-and-conferences
 
Description Slovakia Tatra Summit 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact panel
Year(s) Of Engagement Activity 2018
 
Description Sorbonne Paris 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact talk
Year(s) Of Engagement Activity 2018
 
Description Workshop: New Perspectives on Political Economy of the Middle East (Oxford) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact The workshop was composed of a series of academic paper presentations discussing the changing nature of the political economy in Middle East by illustrating various country case studies. Presentations examined a number of critical topics, including: Islam, finance and development; the political economy of oil; inequality, migration and conflict; the political economy of trade and macroeconomic policies; the economic effects of protest politics; and the political economy of reform in the Arab world. I have presented a paper on political lending cycles in Turkey and later got invited to contribute a chapter to a book on Crony Capitalism in the Middle East which is now forthcoming in Oxford University Press.
Year(s) Of Engagement Activity 2017
URL http://www.qeh.ox.ac.uk/node/23978
 
Description appearance at Bloomberg Television, London 
Form Of Engagement Activity A broadcast e.g. TV/radio/film/podcast (other than news/press)
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Media (as a channel to the public)
Results and Impact Talk show on Bloomberg TV on the structural problems of the euro and how to reform it structurally.
Year(s) Of Engagement Activity 2018
 
Description book launch event-11 october 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Postgraduate students
Results and Impact 30 people attended in the book launch event on "Structural Reforms and European Integration", which sparked questions and discussion afterwards. We received emails from participants indicating increased interest in this area.
Year(s) Of Engagement Activity 2018
 
Description presentation on behavioural macroeconomics at the workshop at Bank of England, 15 January, 2019 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Presentation of my research in behavioural macroeconomics and structural reforms.
Year(s) Of Engagement Activity 2019
 
Description project website 
Form Of Engagement Activity Engagement focused website, blog or social media channel
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact project website has been launched which contain information, outputs and work plan and findings of our project. This website is accessible to everyone.
Year(s) Of Engagement Activity 2017
URL http://www.structural-reforms.eu/
 
Description publication on VOX EU 
Form Of Engagement Activity Engagement focused website, blog or social media channel
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact The article that summaries the main idea of our findings on structural reforms was published on VOXEU. This is a major website that attract attention from economists and media. This article has 29,431 reads and has been retweeted more than 200 times in social media. It has been also published on the world economic forum website: https://www.weforum.org/agenda/2017/11/this-is-the-value-of-behavioural-economics-in-understanding-our-world
Year(s) Of Engagement Activity 2017
URL https://voxeu.org/article/behavioural-economics-also-useful-macroeconomics
 
Description structural reform workshop and debate 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact About 30 people attended the workshop on the most recent development of the structural reform research. Participants (from European universities and research institutes, the OECD, the IMF and the ECB) discussed a lot of important issues related to the structural reforms. The two workshops in 2017 and 2018 have been highly regarded among the researchers in this area. The responses of the participants toward the workshops were very positive.
Year(s) Of Engagement Activity 2017,2018
URL http://www.structural-reforms.eu/#service
 
Description the series Economic Policy Talk in Vienna 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact The series Economic Policy Talk ("Wirtschaftspolitische Gespräche") is in cooperation with the Austrian Chamber of Commerce (WKO), a key player in the Austrian policy debate, and the University of St. Gallen with its policy center in Vienna (www.wpz-fgn.com). As a keynote speaker for the event, the talks address a broad audience of decision makers in politics, business, science and media to discuss timely policy problems. The organizers are interested in reform processes in other European countries that are of relevance and interest for policy initiatives in Austria. The events are hosted by the chamber of commerce, regularly attract over 100 distinguished guests and get considerable media attention.
Year(s) Of Engagement Activity 2010,2017
 
Description workshop on structural reforms 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact We organized a workshop on "structural reforms and economic growth". A top researcher in this field was invited as keynote speaker and around 10 economists from academia, national central banks in Europe, European commission and the OECD presented their latest research. Some researchers from other British universities in this field also attended the workshop. Participants in this workshop benefit greatly from the activities concerning the latest important issues on structural reform research.
Year(s) Of Engagement Activity 2017
URL http://www.lse.edu/europeanInstitute/events/Structural-Reforms-and-European-Integration.aspx