This brief provides a detailed description of the Stability and Growth Pact, an agreement entered into by the member states of the European Union that has far-reaching implications for the long-run value of the euro, and therefore, on the real economy in terms of output growth and employment....

Central bankers and many economists have abandoned "activist" policies and monetarism and adopted in their place a new view of the role of monetary policy. This view draws on many of the tenets of more traditional theories of money-monetarism's emphasis inflation control and skepticism about the...

The current global financial and economic crisis has called for the revival of Keynesian theory. This sixth volume in the International Papers in Political Economy (IPPE) series focuses on twenty first century Keynesian economics in terms of both theory and application

This volume deals with both a new theoretical framework and the capability of new economics to tackle a number of economic problems.It offers detailed analysis and informed comment on the type of new economics emerging in the aftermath of the financial crisis and the 'great recession'

A detailed and informed analysis of the current crisis facing the eurozone, examining the root causes and exploring the possible outcomes and uncertain future of the European Union and its currency. Chapters include case studies of Portugal, Ireland, Spain and Greece, as well as broader...

The financial liberalization thesis emerged in the 1970s and has been of considerable importance ever since, not merely in terms of its theoretical influence but, perhaps more importantly, in terms of its impact on policy makers and policy debates. Although it has encountered increasing...

In examining alternative economic policies for the EU after the rejection of the European Constitution, this book covers: macroeconomic policy and the European Constitution; EU financial integration; reform of European regional policy; assessment and alternative proposals on European structural...

From this paper's Preface, by Dr. Dimitri B. Papadimitriou, President: A rebound of consumption, investment, and consumer confidence in the second half of 2003 has raised hopes that the U.S. economic recovery from the 2001 recession is on a sustainable course. According to this brief by Philip...

In an asset and debt deflation, the process of reducing debt by saving and curtailing spending takes a long time, say the authors. Current imbalances and poor prospects for spending in the private sector affect the balance sheets of the commercial banks. The downward spiral between the banks and...

In 2002 more than $1 trillion worth of new bonds was sold across international boundaries. The total stock of cross-border bond holdings was more than $9 trillion. Such lending, together with sales of equities, is regarded as one of the chief benefits of globalization. But financial investment...