Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/324077 
Authors: 
Year of Publication: 
2022
Citation: 
[Journal:] PSL Quarterly Review [ISSN:] 2037-3643 [Volume:] 75 [Issue:] 303 [Year:] 2022 [Pages:] 403-424
Publisher: 
Associazione Economia civile, Rome
Abstract: 
This paper presents a preliminary comparison of the Eurosystem response to the Global Financial Crisis and Eurozone Crises with the onset of the Coronavirus Pandemic in 2020. It analyzes bank, national central bank (NCB), and government balance sheets to show the effect of ECB decisions to consrain or enable liquidity provision across the Eurozone, particularly along core and peripheral lines. It argues that these dynamics reflect Post-Keynesian theories of endogenous money, and the potential for monetary authorities to structurally influence liquidity preference and provision. As Eurozone governments debate whether to continue these practices, systemic liquidity crises that hurt financial and fiscal activity remain a risk at the time of writing.
Subjects: 
Liquidity
Eurozone Crisis
Endogenous Money
JEL: 
G01
E05
E63
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.