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In 1937, in the midst of the US recovery from the Great Depression, President Roosevelt implemented spending cuts in pursuit of a balanced budget. Subsequently, the unemployment rate jumped nearly 6 percentage points over the next year and the US economy re-entered a major recession. In the...
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-Saxon" model. The data suggest otherwise. Moreover, the corporate sector in Europe has a much lower capacity to finance investment … from internal sources of funds, which implies that a recovery of investment in Europe will be much more difficult than in … be much larger in Europe than in the USA. …
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Policymakers in the EU member states are currently shaping rescue packages to prevent the financial crisis hitting their economies with unmitigated force. Each government is responding to the emerging problems with a country-specific set of measures. Given the global nature of the crisis, would...
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