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BlogDraghi’s Liquidity Bluff Will Be Called
by Joerg Bibow Mario Draghi’s pledge to do “whatever it takes” to save the euro has been widely hailed as a watershed event. Both the markets and euro politics have since been operating on the premise that the euro’s survival is ensured. Unfortunately, that is not a safe assumption at all. Not only because even [...] -
MME, December 30, 2012
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Express: Η εμμονή της Γερμανίας στο «δηλητήριο» της λιτότητας οδηγεί στο θάνατο τη ζώνη του ευρώ
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MME, December 24, 2012
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Express: Η γερμανική «κληρονομιά» της ΕΚΤ πίσω από τη δυσλειτουργία της ζώνης του ευρώ
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Policy Notes No. 12
Greece: Caught Fast in the Troika’s Austerity Trap
On November 27, 2012, the Eurogroup reached a new “Greek deal” that once more discloses that there is no political will to address Greece’s debt crisis—or the country’s economic and social catastrophe. -
Policy Notes No. 12
Η Ελλάδα στην παγίδα της λιτότητας της τρόικας
Στις 27 Νοεμβρίου 2012, το Eurogroup κατέληξε σε μια νέα «ελληνική συμφωνία», που αποκαλύπτει για μια ακόμη φορά ότι δεν υπάρχει πολιτική βούληση για την αντιμετώπιση της κρίσης χρέους στην Ελλάδα ή για την οικονομική και κοινωνική καταστροφή της χώρας. -
Research Project ReportThe Interlocking of Time and Income Deficits
This report is published as part of the “Undoing Knots, Innovating for Change” series, issued by the United Nations Development Programme (UNDP) Regional Centre for Latin America and the Caribbean through its Gender Practice Area. It includes findings from a UNDP-supported research project undertaken in 2011 by the Levy Economics Institute with the objective of […] -
Working Paper No. 744Interest Rate Determination in India
Controlling for capital flows using the high-frequency macro data of a financially deregulated regime, this paper examines whether there is any evidence of the fiscal deficit determining the interest rate in the context of India. The period of analysis is FY 2006–07 (April) to FY 2011 (April). Contrary to the debates in policy circles, the […] -
Working Paper No. 743
Investment, Financial Markets, and Uncertainty
This paper provides a theoretical explanation of the accumulation process, which accounts for the developments in the financial markets over the recent past. Specifically, our approach is focused on the presence of correlations between physical and financial investment, and how the latter could affect the former. In order to achieve this objective, two assets are […] -
Working Paper No. 743
Επένδυση, χρηματοπιστωτικές αγορές και αβεβαιότητα
Η εργασία παρέχει μια θεωρητική εξήγηση της διαδικασίας της συσσώρευσης, που υπολογίζει τις εξελίξεις στις χρηματοπιστωτικές αγορές κατά το πρόσφατο παρελθόν. Συγκεκριμένα, η προσέγγισή μας εστιάζεται στην παρουσία των συσχετίσεων μεταξύ των φυσικών και χρηματοοικονομικών επενδύσεων και πως οι χρηματοοικονομικές επενδύσεις θα μπορούσαν να επηρεάσουν τις φυσικές επενδύσεις. Προκειμένου να επιτευχθεί ο στόχος αυτός, εξετάζονται […] -
Working Paper No. 742
ECB Worries / European Woes
Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with such circumstances, US institutions and the policymakers that run them have responded in a fashion that has consistently thwarted debt-deflation-depression dynamics. It is true that […]