Using panel data of 17 OECD countries for 1980-2011, we find that the distributional consequences of fiscal consolidations depend significantly on the level of private indebtedness. Austerity leads to a strong and persistent increase in income inequality during periods of private debt overhang....

Chapter 1 Price Disequilibrium Theory -- Chapter 2 International Grid of Capital Flows: Innovation, Crisis, and Off-shore Banking -- Chapter 3 Dynamics of Government Fiscal Instability -- Chapter 4 Public and Private Debt Markets in Disequilibrium Theory -- Chapter 5 Why ‘Austerity’ Failed...

The theoretical literature remains inconclusive on whether changes in bank exposure towards the domestic sovereign have an adverse effect on the sovereign risk position via a diabolic loop in the sovereign-bank nexus or reduce perceived default risk by acting as a disciplinary device for the...

The European debt crisis has revealed serious deficiencies and risks on a proper functioning of the monetary union. Against this backdrop, early warning systems are of crucial importance. In this study that focuses on euro area member states, the robustness of early warning systems to predict...

Part I: US Growth Policies in the Election Year -- Part II: Assessing the Impact of Labor Market Reforms -- Part III: Imbalances, Tensions and Possible Readjustments: Evidence from Intertemporal Accounting and the Financial Accounts -- Part IV: G20, Global Governance and Regional Integration --...

Das Buch stellt auf leicht verständliche und anschauliche Weise Irrtümer im Bereich der Geldtheorien dar und erläutert die fatalen Folgen geldtheoretischer Fehleinschätzungen und ordnungspolitischer Verstöße für Wirtschaft und Gesellschaft. Orientiert an der Konjunkturtheorie Friedrich A....

The public debt crisis that Eurozone countries have experienced since 2010 has been accompanied by a resurgence of sovereign risk. Greece was obliged to restructure its debt in 2012. The credit position of even the wealthy countries is shakier than at any time since the Great Depression. Now...