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An outline of a progressive resolution to the euro-area sovereign debt overhang : how a five-year suspension of the debt burden could overthrow austerity

Sōtēropulos, Dēmētrēs P.; Mēlios, Giannēs G.; … - 2014

The present study puts forward a plan for solving the sovereign debt crisis in the euro area (EA) in line with the interests of the working classes and the social majority. Our main strategy is for the European Central Bank (ECB) to acquire a significant part of the outstanding sovereign debt...

Persistent link: https://www.econbiz.de/10010432271

The repeal of the glass-steagall act and the Federal Reserve's extraordinary intervention during the global financial crisis

Nersisyan, Yeva - 2015

Before the global financial crisis, the assistance of a lender of last resort was traditionally thought to be limited to commercial banks. During the crisis, however, the Federal Reserve created a number of facilities to support brokers and dealers, money market mutual funds, the commercial...

Persistent link: https://www.econbiz.de/10010467778

The central bank "printing press": boon or bane? : remedies for high unemployment and fears of fiscal crisis

Hannsgen, Greg; Papadimitriou, Dimitri Basil - 2010

In recent years, the US public debt has grown rapidly, with last fiscal year's deficit reaching nearly $1.3 trillion. Meanwhile, many of the euro nations with large amounts of public debt have come close to bankruptcy and loss of capital market access. The same may soon be true of many US states...

Persistent link: https://www.econbiz.de/10008759450

Twenty years of the German euro are more than enough

Bibow, Jörg - 2018

This paper reviews the performance of the euro area since the euro's launch 20 years ago. It argues that the euro crisis has exposed existential flaws in the euro regime. Intra-area divergences and the corresponding buildup of imbalances had remained unchecked prior to the crisis. As those...

Persistent link: https://www.econbiz.de/10011894027

When good intentions pave the road to hell : monetization fears and Europe's narrowing options

Terzi, Andrea - 2014

With the creation of the Economic and Monetary Union and the euro, the national government debt of eurozone member-states became credit sensitive. While the potentially destabilizing impact of adverse cyclical conditions on credit-sensitive debt was seriously underestimated, the design was...

Persistent link: https://www.econbiz.de/10010367343

Lessons from the subprime meltdown

Wray, L. Randall (contributor) - 2007

This paper uses Hyman P. Minsky’s approach to analyze the current international financial crisis, which was initiated by problems in the American real estate market. In a 1987 manuscript, Minsky had already recognized the importance of the trend toward securitization of home mortgages. This...

Persistent link: https://www.econbiz.de/10003727248

Changes in the US financial system and the subprime crisis

Kregel, Jan A. (contributor) - 2008

This paper traces the evolution of housing finance in the United States from the deregulation of the financial system in the 1970s to the breakdown of the savings and loan industry and the development of GSE (government-sponsored enterprise) securitization and the private financial system. The...

Persistent link: https://www.econbiz.de/10003727282

The euro and its guardian of stability : the fiction and reality of the 10th anniversary blast

Bibow, Jörg - 2009

This paper investigates why Europe fared particularly poorly in the global economic crisis that began in August 2007. It questions the self-portrait of Europe as the victim of external shocks, pushed off track by reckless policies pursued elsewhere. It argues instead that Europe had not only...

Persistent link: https://www.econbiz.de/10003943124

The European Central Bank and why things are the way they are : a historic monetary policy pivot point and moment of (relative) clarity

Dubois, Robert - 2012

struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … monetary policy pivot point. Since November 2011, the ECB has taken on an arguably activist liquidity-provider role relative to … integration. In December 2011, the ECB made clear its intention to inject massive liquidity when faced with crises of scale in …

Persistent link: https://www.econbiz.de/10009503821

Central bank independence : myth and misunderstanding

Wray, L. Randall - 2014

It is commonplace to speak of central bank "independence" as if it were both a reality and a necessity. While the Federal Reserve is subject to the "dual mandate", it has substantial discretion in its interpretation of the vague call for high employment and low inflation. Most important, the...

Persistent link: https://www.econbiz.de/10010252188

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