Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/57009 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorPapadimitriou, Dimitri B.en
dc.contributor.authorWray, L. Randallen
dc.date.accessioned2011-10-26-
dc.date.accessioned2012-04-12T14:19:02Z-
dc.date.available2012-04-12T14:19:02Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/57009-
dc.description.abstractYet another rescue plan for the European Monetary Union (EMU) is making its way through central Europe, but no one is foolish enough to believe that it will be enough. Greece's finance minister reportedly said that his nation cannot continue to service its debt, and hinted that a 50 percent write-down is likely. That would be just the beginning, however, as other highly indebted periphery nations will follow suit. All the major European banks will be hit - and so will the $3 trillion US market for money market mutual funds, which have about half their funds invested in European banks. Add in other US bank exposure to Europe and you are up to a potential $3 trillion hit to US finance. Another global financial crisis is looking increasingly likely. We first summarize the situation in Euroland. Our main argument will be that the problem is not due to profligate spending by some nations but rather the setup of the EMU itself. We then turn to US problems, assessing the probability of a return to financial crisis and recession. We conclude that difficult times lie ahead, with a high probability that another collapse will be triggered by events in Euroland or in the United States. We conclude with an assessment of possible ways out. It is not hard to formulate economically and technically simple policy solutions for both the United States and Euroland. The real barrier in each case is political - and, unfortunately, the situation is worsening quickly in Europe. It may be too late already.en
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x693en
dc.subject.jelE32en
dc.subject.jelE42en
dc.subject.jelF02en
dc.subject.jelF33en
dc.subject.ddc330en
dc.subject.keywordsovereign debten
dc.subject.keywordPIIGSen
dc.subject.keywordEuropean Monetary Unionen
dc.subject.keywordglobal financial crisisen
dc.subject.keyworddebt reliefen
dc.subject.keywordsectoral balancesen
dc.subject.keywordbudget deficitsen
dc.subject.keywordFisher debt deflationen
dc.subject.keywordsovereign currencyen
dc.subject.keywordgreek defaulten
dc.titleEuroland in crisis as the global meltdown picks up speed-
dc.typeWorking Paperen
dc.identifier.ppn670626392en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Datei(en):
Datei
Größe
363.77 kB





Publikationen in EconStor sind urheberrechtlich geschützt.