Consensus, Dissensus and Economic Ideas: The Rise and Fall of Keynesianism During the Economic Crisis
Farrel, Henry, Quiggin, John. The relationship between power and ideas is at the heart of debates over international financial orders, and the cycle of stability of change that we have seen over the last hundred years. Hall [1989] documents how Keynesian ideas were widely (if not universally) accepted across advanced industrialized democracies in the wake […]
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
The Distribution of Full Income in Greece
Koutsampelas, Christos, Tsakloglou, Panos. Non-cash incomes from either private or public sources can have substantial effects on the distribution of economic welfare. However, standard approaches to inequality measurement either neglect them or take into account only selected non-monetary items. Using data for Greece in the mid 2000s we show that it is possible to incorporate […]
The internationalisation path of the renminbi
Vallée, Shahin. As China’s economic might grows, its standing and that of its currency in the international monetary system become increasingly pressing issues. The crisis seems to have reminded the Chinese authorities of the dangers of a unipolar monetary system, and they have therefore accelerated their plans to internationalise the renminbi (RMB). The goal of […]
The Limits Of Monetary Policy In A Liquidity Trap
DeLong, Brad. One question advocates of expansionary fiscal policy in situations like the global economy’s current configuration must face is Mankiw and Weinzerl’s [1] question: why not just use monetary policy instead? Πηγή: seekingalpha.com πλήρες κείμενο
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 […]
The Future of Capitalism: How to Cope With Market Failures?
Lamy, Pascal. Dramatically higher income inequality. Unsustainably high unemployment. A financial system unmoored from its macroeconomic foundations. Repairing these three failures, writes WTO Director-General Pascal Lamy, is essential to the future of capitalism and the market economy. This requires putting an end to the underinvestment in education and stronger domestic safety nets. Πηγή: The […]
Financial Repression Has Come Back to Stay
Reinhart, Carmen. As they have before in the aftermath of financial crises or wars, governments and central banks are increasingly resorting to a form of “taxation” that helps liquidate the huge overhang of public and private debt and eases the burden of servicing that debt. Such policies, known as financial repression, usually involve a strong […]