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Capital.gr: Εξωτερικά και κρατικά ελλείμματα στην Ελλάδα
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BlogAn Incomplete Defense of UK Austerity
Kenneth Rogoff placed an editorial in Wednesday’s Financial Times defending the Cameron government’s austerity policies as a kind of insurance against the possibility of investor flight from UK government debt. He concedes that the specific form of austerity that was implemented in the UK was ill-advised — public investments in infrastructure, he says, can be [...] -
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Post-Keynesians in Paradise
We’ve just returned from Rio de Janeiro, where the Levy Institute held a conference cosponsored by the Multidisciplinary Institute for Development and Strategies (MINDS), supported by the Ford Foundation. The two day conference dealt with global financial governance, financial reregulation, and development challenges in a Minskyan context — a lot of discussion of the regulation [...] -
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The GOP Lost the Election but Is Winning Fiscal Policy
Congressional Republicans may or may not suffer politically from the government shutdown and upcoming debt ceiling fight, but in terms of policy they have already secured a significant and lopsided victory in the battle over the budget, whether they realize it or not. Repeal of the Affordable Care Act seems pretty unlikely (not just because [...] -
Summary No. 3Summary Fall 2013
This issue of the Summary begins with a new Strategic Analysis for Greece, as well as several publications that address the impacts of austerity in the eurozone and Germany’s complicated role in the creation and ongoing consequences of the euro crisis. Other publications address the global financial crisis, including issues of financial regulatory reform and […] -
Fundamentos da economia estão razoáveis, diz diretor do FMI
DCI, 26 Setembro 2013. © 2013 DCI – Diário Comércio Indústria & Serviços. Todos os direitos reservados. RIO DE JANEIRO – Batista citou como dado favorável a força do mercado de trabalho brasileiro, que vem apresentando números positivos, apesar da crise econômica mundial… RIO DE JANEIRO – O diretor executivo do Fundo Monetário Internacional (FMI), […] -
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Are Structural Reforms the Cure for Southern Europe?
I have recently signed the “Economists’ Warning” on the situation in the eurozone, which states that It is essential to realise that if the European authorities continue with policies of austerity and rely on structural reforms alone to restore balance, the fate of the euro will be sealed. The Economists’ Warning was published by the [...] -
Working Paper No. 776Fiscal Policy and Rebalancing in the Euro Area
The German debt brake is often regarded as a great success story, and has therefore served as a role model for the Euro area and its fiscal compact. In this paper we fundamentally criticize the debt brake. We show that (1) it suffers from serious shortcomings, and its success is far from certain even from […] -
Working Paper No. 776
Δημοσιονομική πολιτική και επανεξισορρόπηση στην ευρωζώνη
Το «φρένο χρέους» στη Γερμανία θεωρείται επιτυχημένη πολιτική και ως εκ τούτου λειτουργεί ως πρότυπο για τη ζώνη του ευρώ και το λεγόμενο «δημοσιονομικό σύμφωνο». Στην παρούσα εργασία ασκούμε έντονη κριτική στο «φρένο χρέους». Πρώτον, δείχνουμε ότι η πρόταση πάσχει από σοβαρές αδυναμίες και πώς η επιτυχία της συγκεκριμένης πολιτικής δεν είναι καθόλου βέβαιη ακόμη […] -
Der Prophet der Instabilität
Finanz und Wirtschaft, September 30, 2013. All Rights Reserved. Hyman Minsky erkannte die Gefahr exzessiver Kreditschöpfung durch die Banken. Er hielt es für eine Torheit der Ökonomie, den Finanzsektor zu ignorieren. Man stelle sich vor: eine Mischung aus John Maynard Keynes und Joseph Schumpeter, mit einem Schuss Hayek. Das Resultat ist einer der wichtigsten Ökonomen […] -
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Euroland’s “Recovery” – Three Cheers for Dr Schäuble!
(first appeared in Social Europe) Never miss a party – especially one you’ve been desperately waiting for for so long. This much the authorities in Europe’s currency union clearly understand. As soon as Eurostat had released its first estimate for GDP growth in the spring quarter in mid August (1st estimate here), which was missing [...] -
MME, September 29, 2013