DISCUSSION PAPERS

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.


Discussion Paper
The implications for public debt of high inflation and monetary tightening

By: Zsolt Darvas
Date: July 2022

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Discussion Paper
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

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Discussion Paper
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

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Discussion Paper
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

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Discussion Paper
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

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Discussion Paper
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

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Discussion Paper
Greece And The Eurozone Crisis: An Evaluation

By: Yiannis Kitromilides, University of Cambridge
Date: December 1, 2016

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Discussion Paper
Fiscal Federalism: Public Goods, Transfers and Common Pools

By: Juergen von Hagen, University of Bonn
Date: September 1, 2016

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