The Cyprus Economic Society publishes a series of monographs under the title CES Discussion Paper Series. The Series is registered as an electronic publication with an ISSN number issued by the Cyprus Library. Each monograph in the series will have a separate ISBN number, also issued by the Cyprus Library. During the period 1988 – 2013, CES published a refereed journal; first, The Cyprus Journal of Economics and then its successor, Ekonomia. These have been discontinued.
Building the strategic autonomy of Europe while global decoupling trends accelerate
By: Elvire Fabry, Senior Research Fellow at the Jacques Delors Institute.
Abstract: What does it mean to build the strategic autonomy of Europe? It is neither a simple nor an easy endeavour. It will take effort to build consensus and more time to agree on a common framework and commit to it, and to make compromises on national objectives. It is all about European sovereignty. It is Europe’s transformation from a giant economic power, into a geopolitical player in the global system. Against a background of accelerating global decoupling trends and great power competition, a drive for European strategic autonomy, acquires a particular significance. But what strategic autonomy will actually mean, what will actually change in terms of funding and organisation, is now less clear. Ultimately it will be about defence and security, enlargement, and deepening.
The implications for public debt of high inflation and monetary tightening
By: Zsolt Darvas
Date: July 2022
Rethinking Macroeconomic Policy after the Pandemic
Abstract: The paper discusses the different phases of macroeconomic thought from the great depression to the present and looks at the different policy responses to the 2008 global financial crisis and the 2020 pandemic crisis, from the prism of the development of macroeconomics. The policy responses to the last two crisis episodes, were driven by different philosophies on deficit spending and Central Bank debt financing. Unlike austerity policies adopted in the aftermath of the global financial crisis, the response to the pandemic crisis in 2020 led to unprecedented fiscal and monetary expansion. Macroeconomic orthodoxy does not provide a conclusive assessment of what may happen in the aftermath of this unprecedented fiscal and monetary expansion and beckons the question if the inflation of 2021-22 is a transitory phenomenon or the result of the policies that preceded it. In the latter, we may have to rethink macroeconomic policy again.
By: Michalis Sarris
Date: May 2022
Central bank independence: it’s not only about interest rates and price stability
Abstract: Discussions of central bank independence usually centre around monetary policy, specifically the freedom of central banks to use interest rates to tackle inflation. However, as the financial crisis showed, financial stability is also important, and this requires robust supervision/regulation of banks. This can only be achieved if central banks are politically independent and free of regulatory capture.
Keywords: central bank independence, financial crisis, lax bank supervision, financial stability, regulatory capture
By: George M. Georgiou
Date: 24 February 2022
Growth After Crisis in Europe: An Interdependence of Macroeconomic and Structural Policies
The paper discusses and compares the recovery experience of Greece, Ireland, Portugal, and Spain, in light of policy debates and research on the growth impact of macroeconomic and structural reforms.
By: Roumeen Islam, Economic Advisor to the World Bank for Europe and Central Asia
Date: August 1, 2017
The Economics and Prospects of Energy Development and Cooperation in the Levant Including the Cyprus Exclusive Economic Zone
By: Charles Ellinas, CEO and Founder of the EC Natural Hydrocarbons Company
Date: July 1, 2017
The Solution of the Cyprus Problem and the Future of the Cyprus Economy in a Changing Global System
By: George Vassiliou, Former President of the Republic of Cyprus (1988-1993)
Date: June 1, 2017
Greece And The Eurozone Crisis: An Evaluation
By: Yiannis Kitromilides, University of Cambridge
Date: December 1, 2016
Fiscal Federalism: Public Goods, Transfers and Common Pools
By: Juergen von Hagen, University of Bonn
Date: September 1, 2016