This paper presents two views of the European sovereign debt crisis. The first is that the South in the euro zone has been fiscally irresponsible, and has failed to implement supply-side policies such as liberalizing labor markets and the market for services. The second view holds that the...

Questo articolo raccoglie i contributi della Tavola Rotonda "Conviene all'Europa salvare la Grecia?", organizzata dal Money and Finance Research group (MoFiR) e tenutasi presso la Facolta' di Economia dell'Universita' Politecnica delle Marche (Ancona), il 19 Ottobre 2011. I lavori raccolti...

In the wake of the global crisis the International Monetary Fund (IMF) increased its exposure to low-and middle-income countries and boosted the overhaul of its lending approach to enhance its role in preventing crises. This paper tests whether IMF lending has targeted countries most affected by...

Dealing with one exogenous adverse external shock at a time is generally a difficult challenge for heavily indebted poor countries, because of limited fiscal space, few policy options and scarce debt management capacity. The current financial crisis, because of its unprecedented severity and...

This paper provides an interpretation of the current financial crisis reviewing a broad and expanding literature. The different causes of the crisis are pointed out and the severity of the ongoing recession is compared with past experiences. The intensity and the global scale of the crisis are...