Cyprus Economic Society

To inform public debate and to facilitate discussion of public policy issues and EU affairs

Next Forthcoming Event

Discussion Forum – hybrid event, web and physical
Friday, September 30, 2022
Inclusive growth and the future of work
Zsolt Darvas – Senior Fellow, Bruegel
Duygu Güner – Affiliate Fellow, Bruegel
Discussant: Ioannis Tirkides, Bank of Cyprus
Note: This event is offered by the Cyprus Economic Society as a knowledge partner under the ‘Cyprus Forum 2022’. Registration is required separately at the Cyprus Forum website.
Abstract: What challenges and opportunities does technology bring to the labour market? The geography of work is changing. The discussion focusses on what does technological innovation mean for labour markets, remunerations, and inequalities, for social policies and for social systems in general. How can we steer technological change in a direction that is labour-complementing and welfare enhancing? How can governments and businesses help workers to adapt to technological change, through reskilling and transitioning initiatives? These and other related issues will be discussed.

Discussion Forum – web event
Thursday, October 13, 2022
Building the strategic autonomy of Europe while decoupling trends accelerate
Speaker: Elvire Fabry – Senior Research Fellow, the Jacque Delors Institute
Chair: Ioannis Tirkides – Economic Research Manager, Bank of Cyprus
Abstract: The concept of strategic autonomy, defined as ‘capacity to act autonomously when and where necessary and with partners wherever possible’, is taking a growing importance in the European Union’s strategic thought. The European Union must find its way in the context of growing rivalry between China and the United States. With the COVID crisis and war in Ukraine, the notion of sovereignty, the notion of autonomy in Europe, but also in other parts of the world, it suddenly gained much attention.

Discussion Forum – hybrid event, web and physical
Friday, November 4, 2022
Is it time to settle the great inflation debate?
Speakers: Yiannis Kitromilides – Associate Member of the Cambridge Centre of Economic and Public Policy, Department of Land Economy, University of Cambridge
Chair: Ioannis Tirkides – Economic Research Manager, Bank of Cyprus
Abstract: Inflation has always been controversial to interpret or design policy for. Central banks were unable to inflate their economies in the deflation experience of the 2010s and are now having a hard time controlling the current inflation which is seen as primarily a supply phenomenon. Central bank tools influence inflation via demand and with a time lag and are not well suited for supply driven inflation. At the same time, we raise questions about influences associated with protracted expansionary policies, ad changes in the labour markets since the 1980s.

Workshop – hybrid event, web and physical
Thursday, November 17, 2022
Risk through the looking glass
Speakers: Savvakis Savvides – Visiting Lecturer, John Deutsch Institute for the Study of Economic Policy, Queen’s University, Canada
Chair: Marios Clerides – Economist, formerly CEO of the Cyprus Cooperative Bank; Group Senior general Manager, Hellenic Bank; Former Executive Chairman, CSEC
Abstract: The question of what is really risk in capital investments is posed and discussed. It suggests that the almost total acceptance of the concept that volatility constitutes a good measure of risk is wrong and leads towards a misallocation of economic resources. It is argued that the Expected Loss of a capital investment project should be used as a measure of risk. It is further illustrated how the risk aversion attitudes of potential investors can be taken into consideration in the decision to invest or not. The pursuit of return without risk inevitably leads to the transfer of wealth through a failing banking system which collaborates with an unregulated financial market who constantly seek low risk and relatively safe returns for the benefit of their wealthy clients. It is further argued that wasteful finance impairs the real economy and inevitably brings about financial crises and economic recessions. The promise of a “return without the risk” leads financial intermediaries in the direction of an elusive quest whereby the only way to attain this is through directing funding towards the capture of existing assets rather than investing in the real economy to create new wealth.

Most Recent Past Event

Annual General Meeting of the Cyprus Economic Society 2021 – A web event
Tuesday, 28 June 2022
Quorum / Annual Report / Financial Report / Membership Report
Elections / Strategic issues discussion / Other business
This is a members only event. For proposals or suggestions, for a declaration of interest for the elections and for nominations for the elections, separate instructions will be sent with the formal invitation.

Discussion Forum – A hybrid event, physical and web based
Παρασκευή, 10 Ιουνίου 2022
Πληθωρισμός, αυξημένη αβεβαιότητα και νομισματική πολιτική – το νέο διεθνές οικονομικό υπόδειγμα 
Ομιλητής: Θεόδωρος Πελαγίδης – Υποδιοικητής της Τράπεζας της Ελλάδος και Καθηγητής Οικονομικής Ανάλυσης στο Πανεπιστήμιο Πειραιώς
Συντονιστής: Ιωάννης Τιρκίδης – Οικονομολόγος, Διευθυντής Οικονομικών Ερευνών της Τράπεζας Κύπρου
Σύνοψη: Η έλευση της πανδημίας οδήγησε την παγκόσμια οικονομία στο απόγειο της λεγόμενης δομικής στασιμότητας (secular stagnation). Χαρακτηριστικό της προηγούμενης δεκαετίας αποτέλεσε η αδυναμία της δαπάνης συνοδευόμενη από πολύ χαμηλά ή και αρνητικά επιτόκια αλλά και μια υπέρ-διευκολυντική νομισματική και κατά περίπτωση επεκτατική δημοσιονομική πολιτική διεθνώς. Η έξοδος από την πανδημία συνοδεύτηκε αρχικώς από μια επιτάχυνση των ρυθμών οικονομικής μεγέθυνσης στο σύνολο σχεδόν των δυτικών οικονομιών, συνοδευόμενη όμως από την επιστροφή του πληθωρισμού. Επιστροφή ενός επίμονου, υψηλού και σαφώς μακρύτερου σε χρονική διάρκεια πληθωρισμού, η φύση του οποίου αναφέρεται τόσο σε ένα πληθωρισμό κόστους όσο και σε ένα πληθωρισμό ζήτησης. Οι νομισματικές αρχές, ευρισκόμενες σαφώς πίσω από την καμπύλη, αντιμετωπίζουν μια σχεδόν πρωτοφανή πρόκληση: από τη μια να τιθασεύσουν τον υψηλό πληθωρισμό ενώ από την άλλη να αποφύγουν μια κατάσταση στην οποία τα μέτρα της νομισματικής σύσφιξης και τα υψηλότερα επιτόκια να προκαλέσουν περιστολή της οικονομικής δραστηριότητας ή και χειρότερα να οδηγήσουν στο φαινόμενο του στασιμοπληθωρισμού. Όλα αυτά μάλιστα σε ένα περιβάλλον γεωπολιτικών αναταραχών, οι οποίες αποτρέπουν έτι περαιτέρω την επιστροφή σε μια διεθνή οικονομική τάξη και κανονικότητα.

Most Recent Publications


Technology and the crisis of work

Ioannis Tirkides   Technology has always been a defining force of economic organisation and of the dynamics in labour markets. By definition, all economic growth comes from two sources, the growth of employment and the growth in productivity and its great enabler, technology. Historically, all economic growth divides between the...

Η τεχνολογία και η κρίση της εργασίας

Ιωάννης Τιρκίδης*   Η τεχνολογία αποτελούσε πάντοτε καθοριστική συνιστώσα της οικονομικής οργάνωσης και της δυναμικής των αγορών εργασίας. Εξ ορισμού, όλη η οικονομική ανάπτυξη προέρχεται από δύο πηγές, την αύξηση της απασχόλησης και την αύξηση της παραγωγικότητας. Ιστορικά, όλη η οικονομική μεγέθυνση παντού και πάντα, κατανέμεται μεταξύ των δύο, κατά...

A cold winter

Maria Demertzis   According to current estimates, the European Union spends about 9% of its gross domestic product on energy consumption. As a proportion of its income, this is the highest in over 40 years (Figure 1). By comparison, the United States currently spends 4.4% of its GDP on energy,...