Το πάθημα δεν έγινε μάθημα…
Το 1933, λίγο μετά την κρίση, στις ΗΠΑ, ψηφίστηκε ένας νόμος (Glass-Steagall Act) που στόχο είχε την προστασία των αποταμιευτών. Ο νόμος αυτός προέβλεπε την ίδρυση της Fed, αλλά και το διαχωρισμό των τραπεζών που δέχονταν αποταμιεύσεις από τις επενδυτικές τράπεζες, οι οποίες αποκόμιζαν κέρδη από την αγορά μετοχών, αλλά και άλλων, πολλές φορές επικίνδυνων, […]
Stop coddling Europe’s banks
Goldstein, Morris. Throughout the European debt soap opera, Europe’s leaders have expressed their willingness to “do whatever it takes” to restore stability and save the euro. This column argues that, too often, policymakers have in fact been “doing whatever it takes” to serve the banks. Πηγή: Voxeu πλήρες κείμενο
Should we go back on Greek PSI?
Wolff, Guntram. A senior member of the ECB governing council, Athanasios Orphanides, recently argued in the Financial Times that the eurozone should jettison the deal reached on Greece and abandon the Greek private sector involvement (PSI). Such a complete policy reversal would restore confidence in the sovereign bond market, so his argument went. Orphanides claims […]
Why isn’t capitalism working?
Summers, Lawrence. Americans have traditionally been the most enthusiastic champions of capitalism. Yet a recent American public opinion survey found that just 50 per cent of people had a positive opinion of capitalism while 40 per cent did not. The disillusionment was particularly marked among young people 18-29, African Americans and Hispanics, those with incomes […]
Financial repression German style
Fatás, Antonio. Last weekend I attended the American Economic Association meetings in Chicago where I had been asked to discuss a paper on historical lessons lessons on government debt reduction. The paper is written by Carmen Reinhart and Belén Sbrancia and the title is “The Liquidation of Government Debt”. The paper presents a historical review […]