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Αποψη: Νέα ανακεφαλαιοποίηση και οι παγίδες των προηγούμενων
Kathimerini, 18 Οκτώβριος 2015. Με επιφύλαξη παντός δικαιώματος. Οι τραυματισμένες ελληνικές τράπεζες θα βρεθούν σύντομα αντιμέτωπες με έναν νέο κύκλο ανακεφαλαιοποιήσεων, οι οποίες είναι συζητήσιμο αν θα καταφέρουν να αποκαταστήσουν τον ρόλο του παρόχου ρευστότητας προς την οικονομία, που είχαν οι τράπεζες πριν από την κρίση. Σε αυτό το πλαίσιο είναι σημαντικό να προειδοποιηθούν οι […]
Working Paper No. 847
Integration, Spurious Convergence, and Financial Fragility
The Spanish crisis is generally portrayed as resulting from excessive spending by households, associated with a housing bubble and/or excessive welfare spending beyond the economic possibilities of the country. We put forward a different hypothesis. We argue that the Spanish crisis resulted, in the main, from a widening deficit position in the nonfinancial corporate sector—the […]
2015’s Most & Least Recession-Recovered Cities
WalletHub, October 12, 2015. All Rights Reserved. For many Americans today, the Great Recession is nothing more than the distant shadow of a troubled economic past. The longest downturn since the Great Depression officially ended six years ago. Cities coast to coast have completely bounced back — some even surpassing their pre-recession economic levels, thanks to lucrative […]
Working Paper No. 846
Secular Stagnation or Stagnation Policy?
The current debate on secular stagnation is suffering from some vagueness and several shortcomings. The same is true for the economic policy implications. Therefore, we provide an alternative view on stagnation tendencies based on Josef Steindl’s contributions. In particular, Steindl (1952) can be viewed as a pioneering work in the area of stagnation in modern […]
Summary No. 3
Summary Fall 2015
This issue includes the two most recent strategic analyses, for Greece and the United States. The Levy Institute Macro Modeling Team argues that Greece cannot return to economic growth under austerity. The strategic analysis of the US economy follows, and shows that economic growth could easily be undermined by such things as a rising dollar, […]
Is It Time for a New New Deal?
The Nation, September 30, 2015. All Rights Reserved. To close out our series on work, produced in partnership with Open Source with Christopher Lydon and The Nation, we’re looking ahead to the big proposals and spiritual realignments that might spell a major change for working- and middle-class people who feel as though the recession never ended. […]
Working Paper No. 845
The Euro’s Savior?
This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution. The study investigates the institutional and functional constraints that delineate the ECB’s scope for policy action under crisis conditions, and how the bank has actually used its leeway since 2007—or might do so in the future. The study finds […]
Book Series
Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems, Second Edition
In a completely revised second edition, Senior Scholar L. Randall Wray presents the key principles of Modern Money Theory, exploring macro accounting, monetary and fiscal policy, currency regimes, and exchange rates in developed and developing nations. Wray examines how misunderstandings about the nature of money caused the recent global financial meltdown, and provides fresh ideas […]
Blog
Kregel on the Vulture Funds
Jan Kregel, the Levy Institute’s director of research, was recently interviewed by the Buenos Aires Herald regarding Argentina’s economic prospects and its ongoing situation with the “vulture funds.” On Argentina’s policy challenges: So there are no alternatives to devaluation? Argentina has one net advantage. As a result of the vulture funds it’s relatively insulated from the global crisis. Now [...]
Kregel: “Do nothing about vulture funds; let the case sit there”
Buenos Aires Herald, September 27, 2015. All Rights Reserved. Jan Kregel, one of the world’s most eminent Post-Keynesian economists specialized in financial crises and structural problems of developing economies, has written several papers on Argentina’s economy after the 2001–2002 economic meltdown. The director of research at the Levy Economics Institute at Bard College in upstate New […]
Jan Kregel: “Lo importante es generar empleo”
Página|12, 26 Septiembre 2015. Reservados todos los derechos. “No se puede mirar el crecimiento económico sin empleo. Si se va a desarrollar la economía, no importa la tasa de inversión o de crecimiento si no se genera empleo”, destacó el prestigioso economista estadounidense Jan Kregel, durante su intervención en el Congreso sobre Pensamiento Económico Latinoamericano. […]
Blog
Endogenous Financial Fragility in Brazil: Does Brazil’s National Development Bank Reduce External Fragility?
by Felipe Rezende Introduction The creation of new sources of financing and funding are at the center of discussions to promote real capital development in Brazil. It has been suggested that access to capital markets and long-term investors are a possible solution to the dilemma faced by Brazil’s increasing financing requirements (such as infrastructure investment [...]