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The economic and fiscal consequences of financial crises
Reinhart, Carmen - Volkswirtschaftliche Fakultät, … - 2009
Financial crises are historically associated with the “4 deadly D’s”: Sharp economic downturns follow banking crises; with government revenues dragged down, fiscal deficits worsen; deficits lead to debt; as debt piles up rating downgrades follow. For the most fortunate countries, the...
Persistent link: https://www.econbiz.de/10005260146
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The Second Great Contraction
Reinhart, Carmen - Volkswirtschaftliche Fakultät, … - 2009
The global scope and depth of the 2007-2009 crisis is unprecedented in the post World War II period. As such, the most relevant comparison benchmark is the Great Depression, or the Great Contraction as dubbed by Friedman and Schwartz (1963). We highlight some of the similarities between these...
Persistent link: https://www.econbiz.de/10008529251
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How do Labor Market Institutions affect the Link between Growth and Unemployment: the case of the European countries
Adjemian, Stéphane; Langot, François; Quintero-Rojas, … - In: European Journal of Comparative Economics 7 (2010) 2, pp. 347-371
unemployment. To this goal, we develop a schumpeterian model of endogenous growth: agents have the choice between employment and R … and D activities. Unemployment is caused by the wage-setting behavior of unions. We show that: (i) Increases in the labor … costs or in the power of trade unions lead to higher unemployment and lower economic growth. (ii) Efficient bargain allows …
Persistent link: https://www.econbiz.de/10008837910
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This Time is Different, Again? The United States Five Years after the Onset of Subprime
Reinhart, Carmen; Kenneth, Rogoff - Volkswirtschaftliche Fakultät, … - 2012
We focus on four previous systemic financial crises that the United States has experienced since 1870. These include the crisis of 1873 (called the Great Depression until the 1930s), the 1893 crisis, the panic of 1907, and the Great Depression. Given that all of the earlier crises predate the...
Persistent link: https://www.econbiz.de/10011110861
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Growth, Unemployment and Tax/Benefit system in European Countries
Quintero-Rojas, Coralia; Adjemian, Stéphane; Langot, … - Volkswirtschaftliche Fakultät, … - 2008
unemployment. To this goal, we develop a Schumpeterian model of endogenous growth: agents have the choice of being employed or … being doing R&D activities. Unemployment is caused by the wage-setting behavior of unions. We show that: (i) High labor … costs or powerful trade unions lead to higher unemployment and lower economic growth. (ii) Efficient bargain allows to …
Persistent link: https://www.econbiz.de/10005787102
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Diminished Expectations, Double Dips, and External Shocks: The Decade After the Fall
Reinhart, Carmen; Reinhart, Vincent - Volkswirtschaftliche Fakultät, … - 2010
), unemployment, inflation, bank credit, and real estate prices in a twenty one-year window surrounding selected adverse global and …
Persistent link: https://www.econbiz.de/10008642684