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1. Income Inequality Developments in the Great Recession

Author:
Tomas Hellebrandt
Publication Date:
01-2014
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The Great Recession, which cost tens of millions of jobs, a collapse of asset values around the world, and threatened the global financial system, has generated renewed concern over the long-standing issue of the fairness of the distribution of wealth and income in many societies. Economic inequality has increased in the United States and many other advanced economies over the past 20 to 30 years. This trend generated less worry in the boom years, when unemployment rates were low and cheap credit enabled consumers to borrow and maintain higher standards of living, masking the impact of growing income disparity on consumption patterns and perceptions of well-being.
Topic:
Debt, Economics, International Trade and Finance, Poverty, Social Stratification, and Financial Crisis
Political Geography:
United States, United Kingdom, Germany, Spain, Italy, and Ireland

2. Sovereign Debt Sustainability in Italy and Spain: A Probabilistic Approach

Author:
William R. Cline
Publication Date:
08-2012
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper introduces a new probabilistic approach to sovereign debt projections and presents new estimates of debt ratios through 2020 for Italy and Spain. The new approach takes account of likely correlations across 243 alternative scenarios with three states (good, baseline, bad) for five key variables (growth, interest rate, primary surplus, bank recapitalization, and privatization). The 25th and 75th percentile scenarios are reported, as are the baseline and probability-weighted outcomes. The results suggest sovereign debt is sustainable in both Italy (where debt ratios are likely to decline because of a high primary surplus) and Spain (where the ratios rise but at a decelerating pace and from relatively low levels).
Topic:
Debt, Economics, International Trade and Finance, Markets, and Financial Crisis
Political Geography:
Spain and Italy

3. Interest Rate Shock and Sustainability of Italy's Sovereign Debt

Author:
William R. Cline
Publication Date:
02-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Contagion from Greece, together with domestic political uncertainty in Italy, caused interest rates on Italian sovereign debt to spike in the second half of 2011. As shown in figure 1, the risk spread above German bunds for 10-year Italian government bonds rose from 200 basis points in early July 2011, to a range of 300 to 400 basis points after the July 21 Greek package with its new emphasis on private sector involvement. There was a second surge to the 400 to 500 basis point range in November through January, following the October 27 Greek package that insisted on a 50 percent reduction in private sector claims.
Topic:
Debt, Economics, and Financial Crisis
Political Geography:
Europe, Germany, and Italy

4. The Economics of Energy Efficiency in Buildings

Author:
Trevor Houser
Publication Date:
08-2009
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
At the 2008 summit in Hokkaido, Japan, and again in 2009 in L'Aquila, Italy, G-8 leaders called for a 50 percent global reduction in greenhouse gas (GHG) emissions below current levels by 2050 to avoid “the most serious consequences of climate change.” Meeting this goal will require transforming the way energy is produced, delivered, and consumed across all sectors of the economy and regions of the world. Buildings, which account for nearly 40 percent of global energy demand today and 30 percent of projected growth in energy demand between now and 2050, will play a critical role in this process (IEA 200).
Topic:
Climate Change, Economics, and Energy Policy
Political Geography:
Japan and Italy