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BlogGreece Wants to Save Europe, but Can It Persuade Europeans?
Most analysis of the Greek debt crisis ignores an important reality: While Greece may be the villain du jour, every eurozone nation is profoundly short of cash. That’s because of a well-acknowledged, but not fully appreciated, flaw at the heart of eurozone financial architecture that converted a historically unprecedented number of nations from issuers of [...] -
Tax Anticipation Notes: A Timely Alternative Financing Instrument for Greece
Credit Writedowns, February 16, 2015. All Rights Reserved. The recent election of an explicitly anti-austerity party in Greece has upset the prevailing policy consensus in the eurozone, and raised a number of issues that have remained ignored or suppressed in policy circles. Expansionary fiscal consolidations have proven largely elusive. The difficulty of achieving GDP growth […] -
Policy Notes No. 1Europe at the Crossroads
Given the continuing divergence between progress in the monetary field and political integration in the euro area, the German interest in imposing austerity may be seen as representing an attempt to achieve, de facto, accelerated progress toward political union; progress that has long been regarded by Germany as a precondition for the success of monetary […] -
Policy Notes No. 1
Η Ευρώπη στο σταυροδρόμι
Με δεδομένη τη συνεχιζόμενη απόκλιση ανάμεσα στην πρόοδο στον τομέα της νομισματικής και της πολιτικής ολοκλήρωσης στη ζώνη του ευρώ, το ενδιαφέρον της Γερμανίας σχετικά με την επιβολή της λιτότητας μπορεί να θεωρηθεί ότι αντιπροσωπεύει μια προσπάθεια για την επιτάχυνση της προόδου προς την πολιτική ένωση, η πρόοδος της οποίας θεωρείται από τη Γερμανία ως […] -
One-Pager No. 48Can Reform of the International Financial Architecture Support Emerging Markets?
The developed world’s policy response to the recent financial crisis has produced complaints from Brazil of “currency wars” and calls from India for increased policy coordination and cooperation. Chinese officials have echoed the “exorbitant privilege” noted by de Gaulle in the 1960s, and Russia has joined China as a proponent of replacing the dollar with Special Drawing Rights. However, none […] -
One-Pager No. 48
Μπορεί η μεταρρύθμιση του διεθνούς χρηματοπιστωτικού συστήματος να στηρίξει τις αναδυόμενες οικονομίες;
Η πολιτική απάντηση του αναπτυγμένου κόσμου στην πρόσφατη χρηματοπιστωτική κρίση προκάλεσε την αντίδραση της κυβέρνησης της Βραζιλίας, η οποία έκανε λόγο για κίνδυνο νομισματικών πολέμων, και έφερε την Ινδία στο σημείο να ζητά ενίσχυση του συντονισμού και συνεργασίας στον τομέα της χάραξης πολιτικής. Κινέζοι αξιωματούχοι έκαναν αναφορά για «εξωφρενικά προνόμια», φέρνοντας στο νου τις αναφορές […] -
Public Policy Brief No. 139Emerging Market Economies and the Reform of the International Financial Architecture
Emerging market economies are taking an ill-targeted and far too limited approach to addressing their ongoing problems with the international financial system, according to Senior Scholar Jan Kregel. In this policy brief, he explains why only a wholesale reform of the international financial architecture can adequately address these countries’ concerns. As a blueprint for reform, […] -
Working Paper No. 833Emerging Markets and the International Financial Architecture
If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes’s “clearing union” as a blueprint for reform of the international financial architecture that could address […] -
Working Paper No. 832
The Rise of Money and Class Society
This paper explores the rise of money and class society in ancient Greece, drawing historical and theoretical parallels to the case of ancient Egypt. In doing so, the paper examines the historical applicability of the chartalist and metallist theories of money. It will be shown that the origins and the evolution of money were closely […] -
Working Paper No. 832
Η άνοδος του χρήματος και της ταξικής κοινωνίας
Η παρούσα εργασία διερευνά την άνοδο του χρήματος και της ταξικής κοινωνίας στην αρχαία Ελλάδα, αντλώντας ιστορικούς και θεωρητικούς παραλληλισμούς από την περίπτωση της αρχαίας Αιγύπτου. Με τον τρόπο αυτό, η εργασία εξετάζει την ιστορική εφαρμογή της μεταλλικής θεωρίας του χρήματος και της θεωρίας του παραστατικού χρήματος (chartalism). Θα δείξουμε ότι η προέλευση και η […] -
Blog
Countering Austerity Economics
As deflation sets in in the economies of Europe and Japan, Robert Kuttner’s words in Debtor’s Prison: The Politics of Austerity versus Possibility—an interesting, readable new volume—complement those of many of the Levy Institute’s scholars. The book argues that during the financial crisis and its aftermath, policymakers continually relied on excessively optimistic projections of economic [...] -
Blog
The Modern Money Primer: Spanish Language Edition
For our Spanish-speaking followers, my Modern Money Primer has just been released in Spanish and is available: Here’s the description of the book: El esfuerzo intelectual que se realizó en el campo de la física tras la aparición de la teoría de la relatividad o del modelo copernicano, no se llevó a cabo en la [...]