Implications of low productivity growth for debt sustainability / by Neil Mehrotra -- Slow productivity growth will pressure sovereign debt sustainability / by Elena Duggar -- Implications for tax policy of lower trend productivity growth / by Karen Dynan -- The effects of low productivity...

Despite the large output declines suffered by emerging Europe in 2008-09, a major currency and banking crisis was avoided. This paper argues that European economic and political integration was a mitigating factor in this. Cross-border banking groups, in particular, seem to have forestalled a...