{"id":6284,"date":"2014-01-02T10:14:23","date_gmt":"2014-01-02T08:14:23","guid":{"rendered":"http:\/\/www.poleconomix.gr\/portal\/?p=6284"},"modified":"2014-01-07T09:52:24","modified_gmt":"2014-01-07T07:52:24","slug":"international-lending-sovereign-debt-and-joint-liability-an-economic-theory-model-for-amending-the-treaty-of-lisbon-2","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/international-lending-sovereign-debt-and-joint-liability-an-economic-theory-model-for-amending-the-treaty-of-lisbon-2\/","title":{"rendered":"International lending, sovereign debt and joint liability : an economic theory model for amending the treaty of Lisbon"},"content":{"rendered":"<p>Basu, Kaushik,\u00a0Stiglitz, Joseph.<\/p>\n<p>As the Eurozone crisis drags on, it is evident that a part of the problem lies in the architecture of debt and its liabilities within the Eurozone and, more generally, the European Union. This paper argues that a large part of the problem can be mitigated by permitting appropriately-structured cross-country liability for sovereign debt incurred by individual nations within the European Union. In brief, the paper makes a case for amending the Treaty of Lisbon. The case is established by constructing a game-theoretic model and demonstrating that there exist self-fulfilling equilibria, which would come into existence if cross-country debt liability were permitted and which are Pareto superior to the existing outcome.<\/p>\n<p><strong>\u03a0\u03b7\u03b3\u03ae:<\/strong> The World Bank<\/p>\n<p><a href=\"http:\/\/www-wds.worldbank.org\/external\/default\/WDSContentServer\/WDSP\/IB\/2013\/08\/13\/000158349_20130813081030\/Rendered\/PDF\/WPS6555.pdfhttp:\/\/\" target=\"_blank\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Basu, Kaushik,\u00a0Stiglitz, Joseph. As the Eurozone crisis drags on, it is evident that a part of the problem lies in the architecture of debt and its liabilities within the Eurozone and, more generally, the European Union. This paper argues that a large part of the problem can be mitigated by permitting appropriately-structured cross-country liability for [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,32,4],"tags":[26,25],"class_list":["post-6284","post","type-post","status-publish","format-standard","hentry","category-19","category-32","category-proposals","tag-26","tag-25"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/6284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=6284"}],"version-history":[{"count":4,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/6284\/revisions"}],"predecessor-version":[{"id":6305,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/6284\/revisions\/6305"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=6284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=6284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=6284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}