Sign in: Staff/Students
Professor Costas Milas
By Professor Costas Milas, Professor of Finance, Management School, University of Liverpool
“According to the latest GDP estimate, the UK economy entered into the first leg of a “triple-dip” recession in the last quarter of 2012. This news will revive the debate on whether the implemented fiscal austerity is responsible for the economy’s shaky performance.
“Recent work, carried out by the University of Liverpool (`The Impact of Stock Market Illiquidity on Real UK GDP Growth”, by Chris Florackis, Gianluigi Giorgioni, Alexandros Kostakis and Costas Milas), identifies the drying up of liquidity (the availability of funds in the banking system and elsewhere) as the main reason for UK’s shaky economic performance.
“The drying up of liquidity in 2007, when the financial crisis hit, has been a key factor to blame, adding 2.3 percentage points to the severity of the recession. The economy has grown by roughly 0.5% a year since the coalition took office. In the absence of austerity, it would have grown only a little more strongly, perhaps 0.75%, our research suggests. The unemployment rate would have been a fractional 0.1 points lower annually.”
More information on the research can be found in this article inThe Sunday Times (27 January 2013). http://www.thesundaytimes.co.uk/sto/business/Economy/article1202060.ece (subscription needed), or http://www.economicsuk.com/blog/001820.html#more
You must be logged in to post a comment.
All recent news
Common anticoagulant drug targets coronavirus spike protein and could be repurposed to treat COVID-19
University to host National Postdoc Conference with keynote from UKRI CEO
Antibody highs and lows in survivors of Ebola
COVID-19: Behaviour in halls and within the community
Temporary timetables introduced across rail and bus services
Our University will host the biennial National Postdoc Conference this September, with a keynote from @UKRI_CEO and sponsored by @N8research ➡️ http://bit.ly/3iUrzJ3 #NPDC21
Today's News site front page 🗞️
Antibody highs and lows in #Ebola survivors, why stricter #lockdown rules could lead to more vulnerable people going missing, and @livuni is set to host the 2021 National Postdoc Conference.
Find it all here 👉 https://news.liverpool.ac.uk
In line with our ongoing commitment to reinvest in our buildings under @Sciontec we are transforming LSP's entrance way to significantly improve its main access point, add a flexible co-working and communal space, plus an outside seating area. https://www.liverpoolsciencepark.co.uk/lsp-undergoes-entrance-transformation-thanks-to-sciontec-liverpool-investment/