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Title:Debtors' crisis or creditors' crisis? Who pays for the European sovereign and subprime mortgage losses? PDF Logo
Authors:Kregel, Jan
Issue Date:2011
Series/Report no.:Public policy brief // Jerome Levy Economics Institute of Bard College 121
Abstract:In the context of the eurozone's sovereign debt crisis and the US subprime mortgage crisis, Senior Scholar Jan Kregel looks at the question of how we ought to distribute losses between borrowers and lenders in cases of debt resolution. Kregel tackles a prominent approach to this question that is grounded in an analysis of individual action and behavioral characteristics, an approach that tends toward the conclusion that the borrower should be responsible for making creditors whole. The presumption behind this style of analysis is that the borrower - the purportedly deceitful subprime mortgagee or supposedly profligate Greek - is the cause of the loss, and therefore should bear the entire burden.
ISBN:978-1-936192-19-9
Document Type:Research Report
Appears in Collections:Public Policy Briefs, Levy Economics Institute of Bard College

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