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... 4. What is meant by “discretionary” fiscal and monetary policy? What other types of policy are there? Give examples. Who might criticize the use of discretionary policy, and why? 5. “It is inconsistent for government, on the one hand, to stimulate production by easing credit, and, on the other hand, ...
... 4. What is meant by “discretionary” fiscal and monetary policy? What other types of policy are there? Give examples. Who might criticize the use of discretionary policy, and why? 5. “It is inconsistent for government, on the one hand, to stimulate production by easing credit, and, on the other hand, ...
Blackstone is pleased to offer the following Market Commentary by
... strong stand on the issue could be terminally damaging to one’s political capital. For the first time I have come to believe that there may be major change in the European Union as soon as next year. I have always thought that Greece and Portugal would have trouble meeting their fiscal obligations ...
... strong stand on the issue could be terminally damaging to one’s political capital. For the first time I have come to believe that there may be major change in the European Union as soon as next year. I have always thought that Greece and Portugal would have trouble meeting their fiscal obligations ...
Panel on the Euro Crisis
... Source: Jeffrey Anderson and Jessica Stallings, Feb. 13, 2014 , “Euro Area Periphery: Crisis Eased But Not Over,” Institute of International Finance, Chart 1 ...
... Source: Jeffrey Anderson and Jessica Stallings, Feb. 13, 2014 , “Euro Area Periphery: Crisis Eased But Not Over,” Institute of International Finance, Chart 1 ...
Economic Update October 2011 Recession and EU Crisis
... July 2011- €109 billion, plus 21% bondholder loss October 2011 - €130 billion, plus 50% bond loss for creditor other than EU/IMF • Referendum crisis arises only 4 days later. • One-year interest rates in Greece before Oct plan as high as 193%, fell to 154%, then rose to 206%. • Hard default would be ...
... July 2011- €109 billion, plus 21% bondholder loss October 2011 - €130 billion, plus 50% bond loss for creditor other than EU/IMF • Referendum crisis arises only 4 days later. • One-year interest rates in Greece before Oct plan as high as 193%, fell to 154%, then rose to 206%. • Hard default would be ...
Economics in a Foreign Language Course
... What caused the Euro-Crisis? • A consequence of the global financial crisis • Some European banks also took high risks • The EU broke its own rules and regulations • The euro-zone economies are too different for common financial policies • Rampant tax evasion Assignment: study information sheet! ...
... What caused the Euro-Crisis? • A consequence of the global financial crisis • Some European banks also took high risks • The EU broke its own rules and regulations • The euro-zone economies are too different for common financial policies • Rampant tax evasion Assignment: study information sheet! ...
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... account deficits was almost solely due to the United States and the United Kingdom. The demand impulses the governments of these two countries set were met by increased net exports of most of the surplus economies. Of these, only China was an exception to the rule. Albeit at a slower pace than the y ...
... account deficits was almost solely due to the United States and the United Kingdom. The demand impulses the governments of these two countries set were met by increased net exports of most of the surplus economies. Of these, only China was an exception to the rule. Albeit at a slower pace than the y ...
What are the implications of joining the euro area ?
... Recovery Plans. Drawn up by banks. Outline viable options and realistic timeframes to overcome financial distress and regain long-term viability Resolution Plans. To be drawn up by authorities to split up entities and secure continuity of critical functions. If authorities identify significant imped ...
... Recovery Plans. Drawn up by banks. Outline viable options and realistic timeframes to overcome financial distress and regain long-term viability Resolution Plans. To be drawn up by authorities to split up entities and secure continuity of critical functions. If authorities identify significant imped ...
Six Issues
... divergence in competitiveness Real exchange rate* and relative export performance, cumulative change between 1999 and 2008 ...
... divergence in competitiveness Real exchange rate* and relative export performance, cumulative change between 1999 and 2008 ...
European Debt Crisis and Links to our Global South work
... • We draw from examples of illegitimate debt, debt audits, unjust policy conditions and debt cancellation in the global south. • Are calling for new system - justice for the global South, Europe as well as Ireland • But still no coherent global call to justice for people who have / are paying back i ...
... • We draw from examples of illegitimate debt, debt audits, unjust policy conditions and debt cancellation in the global south. • Are calling for new system - justice for the global South, Europe as well as Ireland • But still no coherent global call to justice for people who have / are paying back i ...
the European Economic Recovery Plan
... • EU spending – limited budget, limited flexibility • National spending and taxation + EU ‘toolbox’ • National public finances vs. SGP ...
... • EU spending – limited budget, limited flexibility • National spending and taxation + EU ‘toolbox’ • National public finances vs. SGP ...
Credit Markets
... Change in Debt = Primary Budget Deficit + [(Interest rate – GDP growth) x Debt] (public debt and deficits expressed as %GDP) ...
... Change in Debt = Primary Budget Deficit + [(Interest rate – GDP growth) x Debt] (public debt and deficits expressed as %GDP) ...
Essay questions for Chapter 8
... 2. Students will debate the role of the CRAs in the formation of the US subprime mortgage crisis and the European sovereign debt crisis. One group of students will support the view that CRAs provided a necessary and useful service despite the criticism they received. The other group of students will ...
... 2. Students will debate the role of the CRAs in the formation of the US subprime mortgage crisis and the European sovereign debt crisis. One group of students will support the view that CRAs provided a necessary and useful service despite the criticism they received. The other group of students will ...
Euro crisis
... Addressing the ex post problem • Eurobonds might play a useful role: The world’s reserve holders crave an alternative to US T bills. – But most existing Eurobond proposals imply a “transfer union,” which Northern European taxpayers cannot be asked to support. • The Eurobond version that might work ...
... Addressing the ex post problem • Eurobonds might play a useful role: The world’s reserve holders crave an alternative to US T bills. – But most existing Eurobond proposals imply a “transfer union,” which Northern European taxpayers cannot be asked to support. • The Eurobond version that might work ...
PowerPoint-Präsentation
... of GDP in 2013 and decline only to 152 percent of GDP by end-2020 and to 130 percent of GDP by end-2030. … Greece would not return to the market until 2021 … cumulatively official additional financing needs (beyond what remains in the present program, and including the eventual rollover of existing ...
... of GDP in 2013 and decline only to 152 percent of GDP by end-2020 and to 130 percent of GDP by end-2030. … Greece would not return to the market until 2021 … cumulatively official additional financing needs (beyond what remains in the present program, and including the eventual rollover of existing ...
My Big Fat Greek Crisis
... This is critical to guaranteeing that monetary policy decisions are free from political influence and focused exclusively on achieving the Federal Reserve's dual mandate. A problem experienced in many countries without an independent central bank is that elected officials have put pressure on mo ...
... This is critical to guaranteeing that monetary policy decisions are free from political influence and focused exclusively on achieving the Federal Reserve's dual mandate. A problem experienced in many countries without an independent central bank is that elected officials have put pressure on mo ...
Golden Rule - ander europa
... • The macro-economic scoreboard does not take into account different levels of economic development of the member states and imposes a one-size-fits-all framework • During the run-up to the crisis the ECB kept interest rates low, which was helpful for the struggling German economy, but caused overhe ...
... • The macro-economic scoreboard does not take into account different levels of economic development of the member states and imposes a one-size-fits-all framework • During the run-up to the crisis the ECB kept interest rates low, which was helpful for the struggling German economy, but caused overhe ...
Essay questions for Chapter 3
... rates. Explain why interest rates began rising. Did the long-term interest rates of all EMU countries increase or only those of a small group of EMU member countries? If interest rates of only a few countries increased, provide a list of these countries. State also the reasons that contributed to th ...
... rates. Explain why interest rates began rising. Did the long-term interest rates of all EMU countries increase or only those of a small group of EMU member countries? If interest rates of only a few countries increased, provide a list of these countries. State also the reasons that contributed to th ...
Unemployment - Albert
... of the breakup of the single currency. Three countries – Greece, Ireland and Portugal – have already required bailouts because of unsustainable levels of debt Investors are concerned that Spain, which is the Eurozone's fourth-largest economy and is currently struggling to contain a banking crisis i ...
... of the breakup of the single currency. Three countries – Greece, Ireland and Portugal – have already required bailouts because of unsustainable levels of debt Investors are concerned that Spain, which is the Eurozone's fourth-largest economy and is currently struggling to contain a banking crisis i ...
Ankara, Turkey, September 12, 2006
... All recent currency crises involved runs on bonds, i.e., serious difficulty in rolling over significant amounts of bonds as they mature or come due. Thus, especially dangerous are: bunching ...
... All recent currency crises involved runs on bonds, i.e., serious difficulty in rolling over significant amounts of bonds as they mature or come due. Thus, especially dangerous are: bunching ...
01.06.2010 - EURO-VISIONS: Economic and Capital Market Outlook
... Research of Erste Group. While export-oriented countries such as Germany suffered more from the crisis than the large international consumer US, in the CEE region, the countries with high consumer growth and high current account deficits were the hit most harshly. “Moreover, you can’t lump all euro ...
... Research of Erste Group. While export-oriented countries such as Germany suffered more from the crisis than the large international consumer US, in the CEE region, the countries with high consumer growth and high current account deficits were the hit most harshly. “Moreover, you can’t lump all euro ...
Opening Pandora`s box
... All in all, as we have discussed in previous pieces, Greek debt issue is pertinent for risky assets especially from a political perspective rather than from a financial linkages angle. At the top level, EU will now have to decide if allowing Greece to lurch out of the European project makes sense, g ...
... All in all, as we have discussed in previous pieces, Greek debt issue is pertinent for risky assets especially from a political perspective rather than from a financial linkages angle. At the top level, EU will now have to decide if allowing Greece to lurch out of the European project makes sense, g ...
What Problems does a Budget Deficit cause for Government
... • This can be contrasted with only £30bn borrowing in 2006/07, although as we were experiencing economic growth at the time, many economists would argue that it was higher than it should have been. ...
... • This can be contrasted with only £30bn borrowing in 2006/07, although as we were experiencing economic growth at the time, many economists would argue that it was higher than it should have been. ...
So, what`s exactly going on in Europe?
... - capital flows freely, can be destabilising - democracy, political parties (unemployment is bad!) - trade is truly international (many centres) - a country is stable in the long run if its BoP (broadly understood) is zero 2. Because of the Impossible Trinity and formation of market BELIEFs: - EITHE ...
... - capital flows freely, can be destabilising - democracy, political parties (unemployment is bad!) - trade is truly international (many centres) - a country is stable in the long run if its BoP (broadly understood) is zero 2. Because of the Impossible Trinity and formation of market BELIEFs: - EITHE ...
European debt crisis
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The European debt crisis (often also referred to as the Eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has been taking place in the European Union since the end of 2009. Several eurozone member states (Greece, Portugal, Ireland, Spain and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other Eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).The detailed causes of the debt crises varied. In several countries, private debts arising from a property bubble were transferred to sovereign debt as a result of banking system bailouts and government responses to slowing economies post-bubble. The structure of the eurozone as a currency union (i.e., one currency) without fiscal union (e.g., different tax and public pension rules) contributed to the crisis and limited the ability of European leaders to respond. European banks own a significant amount of sovereign debt, such that concerns regarding the solvency of banking systems or sovereigns are negatively reinforcing.As concerns intensified in early 2010 and thereafter, leading European nations implemented a series of financial support measures such as the European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM). The ECB also contributed to solve the crisis by lowering interest rates and providing cheap loans of more than one trillion euro in order to maintain money flows between European banks. On 6 September 2012, the ECB calmed financial markets by announcing free unlimited support for all eurozone countries involved in a sovereign state bailout/precautionary programme from EFSF/ESM, through some yield lowering Outright Monetary Transactions (OMT).Return to economic growth and improved structural deficits enabled Ireland and Portugal to exit their bailout programmes in July 2014. Greece and Cyprus both managed to partly regain market access in 2014. Their bailout programme is scheduled to end in March 2016. Spain never officially received a bailout programme. It's rescue package from the ESM was earmarked for a bank recapitalization fund and did not include financial support for the government itself.The crisis had significant adverse economic effects and labour market effects, with unemployment rates in Greece and Spain reaching 27%, and was blamed for subdued economic growth, not only for the entire eurozone, but for the entire European Union. As such, it can be argued to have had a major political impact on the ruling governments in 9 out of 19 eurozone countries, contributing to power shifts in Greece, Ireland, France, Italy, Portugal, Spain, Slovenia, Slovakia, and the Netherlands.