Filter by
4190 results found
-
BlogGermany and the Euro: Paragon or Parasite?
The French and German governments recently issued a joint statement titled “Together for a stronger Europe of Stability and Growth.” The communiqué emphasizes strengthened policy coordination and the use of indicators in establishing a common assessment of economic conditions in the currency union as a whole, member states, and particular markets. The new push for [...] -
Blog
Euro Crisis Sees Reloading Of Germany’s Current Account Surplus
Who is running the largest current account surplus in the world? China? Saudi Arabia? Both wrong! These are only the number two and three countries. China had a record $420bn surplus in 2008, but that imbalance has more than halved since. As a share of GDP China’s external imbalance is down from ten to two-and-a-half [...] -
Working Paper No. 767Germany and the Euroland Crisis
This paper investigates Germany’s vulnerability to the ongoing Euroland crisis. In 2010–11, Germany experienced a strong rebound from the global financial crisis of 2008–09. The Euroland crisis then meant record low interest rates and a depressed euro that boosted German extra-area exports. But the crisis that started in Euroland’s so-called periphery has meanwhile reached the […] -
Working Paper No. 767
Η Γερμανία και η κρίση στην ευρωζώνη
Η εργασία αυτή διερευνά την ευπάθεια της Γερμανίας στη συνεχιζόμενη κρίση της ευρωζώνης. Την περίοδο 2010–11, η Γερμανία ανέκαμψε από την παγκόσμια οικονομική κρίση του 2008-09. Η κρίση της ευρωζώνης εκείνη την περίοδο σήμαινε ιστορικά χαμηλά επιτόκια και πτώση του ευρώ, πράγμα που ενίσχυσε τον εξαγωγικό τομέα της Γερμανίας. Αλλά η κρίση που ξεκίνησε στη […] -
Blog
Fed Tapering and Bullard’s Dissent
(Updated) Here’s what’s new from yesterday’s FOMC statement and Bernanke’s press conference: the Fed has indicated that asset purchases (QE) will end when unemployment hits 7 percent. (Note that that’s different from the point at which the Fed will begin considering raising short-term interest rates — previously linked to a threshold of 6.5 percent unemployment.) [...] -
Blog
Coming Soon: Another London Whale Shocker?
Remember last summer? The London Whale, that blockbuster adventure thriller, triggered one chill after another as the high-risk action at JPMorgan Chase was revealed. Today, the threats posed by megabanks remain just below the surface — no crisis at the moment — but they’re equally dangerous. A major sequel this year cannot be ruled out. [...] -
Coming Soon: Another London Whale Shocker?
The Huffington Post, June 18, 2013. Copyright © 2013 TheHuffingtonPost.com, Inc. All Rights Reserved. Remember last summer? The London Whale, that blockbuster adventure thriller, triggered one chill after another as the high-risk action at JPMorgan Chase was revealed. Today, the threats posed by megabanks remain just below the surface—no crisis at the moment—but they’re equally […] -
Blog
Galbraith on the Greek Crisis and the “Very Patient and Stubborn Profession”
Last week, James Galbraith was supposed to be interviewed by ERT, the public broadcaster in Greece. Events intervened when the Greek government ordered that ERT be shut down, and so instead of sitting for the interview, Galbraith delivered this speech in Thessaloniki in front of a large gathering assembled in response to the closure (ERT [...] -
Blog
A Fiscal Fallacy?
We have been advocates of the theory that fiscal tightening is threatening economic recovery (last week, for example). John Taylor objects to the view that fiscal tightness has been the key to the slowness of growth in the recovery. In his blog, he states, “As a matter of national income and product accounting, it is true [...] -
Blog
New Book: The Rise and Fall of Money Manager Capitalism
A new book by the Levy Institute’s Randall Wray and Éric Tymoigne (release date July 31): The Rise and Fall of Money Manager Capitalism: Minsky’s half century from World War Two to the Great Recession The book studies the trends that led to the worst financial crisis since the Great Depression, as well as the [...] -
Blog
End of Week Links
Boston Fed’s Eric Rosengren on the risk of financial runs and the implications for financial stability* 22nd Annual Minsky Conference (video) *(Link has changed: see below the fold of this post for Rosengren video) Paying Paul and Robbing No One: An Eminent Domain Solution for Underwater Mortgage Debt New York Fed ‘Financialization’ as a Cause [...] -
Blog
Papadimitriou: No End in Sight for Greece’s Economic Crisis (Greek)
In the context of the IMF’s latest release in its mea culpa series, this time on the problems with the Greek bailout plan (pdf), Dimitri Papadimitriou appeared on Skai TV to discuss the worsening crisis in Greece, the failure of austerity, and the need to renegotiate the bailout deal. Segment (in Greek) begins at 9:35 [...]