Greece’s new bonds: Is another default coming?
Kirkegaard, Jacob Funk. It was the dog that didn’t bark. Greece defaults and nothing happens in the markets. There was no contagion, no panic, and no bank meltdowns because it was fully anticipated. For the often maligned Eurozone crisis strategy of ‘kicking the can down the road’, the events were an extraordinary vindication and success […]
The Logic and Fairness of Greece’s Program
Blanchard, Olivier. To get back to health, Greece needs two things. First, a lower debt burden. Second, improved economic competitiveness. The new program addresses both. Πηγή: blog-imfdirect.imf.org πλήρες κείμενο
Ανταγωνισμός, σταθερότητα & ρύθμιση στον ευρωπαϊκό χρηματοπιστωτικό τομέα
Κατσίκας, Δημήτρης. Η χρηματοπιστωτική κρίση του 2007-08, οδήγησε το παγκόσμιο χρηματοπιστωτικό σύστημα στα πρόθυρα της κατάρρευσης. Η ανάλυση των παραγόντων που οδήγησαν στην χρηματοπιστωτική κρίση, σε συνδυασμό με την σοβαρότητα των επιπτώσεων της, οδήγησαν τα κράτη στην ανάληψη σημαντικών πρωτοβουλιών για την αναμόρφωση του χρηματοπιστωτικού συστήματος, τόσο σε εθνικό, όσο και σε διεθνές επίπεδο. Στην Ευρωπαϊκή […]
Democratic Inequality
Rajan, Raghuram. Why did the household savings rate in the United States plummet before the Great Recession? Two of my colleagues at the University of Chicago, Marianne Bertrand and Adair Morse, offer an intriguing answer: growing income inequality. Πηγή: Project Syndicate πλήρες κείμενο
Officials See Much Hard Work Still Ahead for Greece
Greece’s second bailout package can make its debt sustainable, but Athens will have to stick firmly to the tough policies it agreed to until 2030, and may need more money after 2014, an updated debt sustainability analysis by international lenders shows. Πηγή: The New York Times πλήρες κείμενο
Looking beyond the Euro Area Sovereign Debt Crisis
Dailami, Mansoor. Three years into the euro area sovereign debt crisis, investors continue to shun periphery government bonds, European banks are under severe funding pressures in both the dollar and euro private term markets, and the euro area is facing an anemic growth outlook. On the face of it, the scenario portends gloom. But […]
A Look at the Global One Percent
Meltzer, Allan. While the Occupy Wall Street movement may be waning, the perception of growing income inequality in America is not. For those on the left, the widening gap between the top 1% of earners and the remaining 99% is proof that American capitalism is unjust and should be traded in for an economic model […]
What can Europe learn from Sweden? Four lessons for fiscal discipline
Calmfors, Lars. Several Eurozone countries are currently struggling with acute fiscal crises. This column argues that Sweden provides an example that fiscal transparency and a high-quality economic policy debate may be more important for budget discipline than formally binding rules and automatic correction mechanisms as being envisaged in the European fiscal compact. Πηγή: Voxeu πλήρες […]
We blame you!
Ιωαννίδης, Αλκίνοος. We blame you, you know, μου είπε ένας Άγγλος στο Λονδίνο. Εννοούσε πως οι Έλληνες κάνουμε ζημιά στις οικονομίες των άλλων χωρών της Ευρώπης. Με την κυκλοφορία της συλλογής “Local Stranger” στο εξωτερικό, θα πέφτω συχνά πάνω σε τέτοιου είδους ατάκες ξένων δημοσιογράφων. Πηγή: alkinoos.gr πλήρες κείμενο
Sustainability of Italy’s sovereign debt
Cline, William. The clouds hanging over the Eurozone seem to have cleared – for now. But it wasn’t long ago that people were looking at Italy and calling for debt restructuring. This column argues that such a move would have triggered bank runs, financial instability, and perhaps the break up of the euro. It says […]