Enhancing the global financial safety net through central-bank cooperation

Edwin M. Truman, 10 September 2013

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The prospect that the Federal Reserve will soon ease off on its purchases of long-term assets has increased financial-market uncertainty and contributed to a retrenchment in global capital flows. This turbulence has revived discussion of the need to enhance the global financial safety net –i.e.

Topics: Global crisis, International finance
Tags: banking, Central Banks, debt, liquidity

External liabilities and crisis risk

Luis AV Catão, Gian Maria Milesi-Ferretti, 4 September 2013

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Much has been written about the causes of the global financial crisis of 2008 – the role of the US subprime crisis as a triggering event, the generalised period of easy credit and financial excesses fuelling growing economic and financial vulnerabilities, the failures to properly regulate large systemic financial institutions.

Topics: Global crisis
Tags: debt, Eurozone crisis, liabilities, net external debt

Eurobonds: The design is crucial

Roel Beetsma, Konstantinos Mavromatis, 21 December 2012

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The debt crisis in Eurozone southern states has given rise to a number of measures to strengthen fiscal governance in Europe. It has also sped up plans for further integration of policymaking in the Eurozone.

Topics: EU institutions
Tags: debt, debt restructuring, eurobonds, Eurozone crisis

Solving the macroeconomic policy challenge in Europe

Richard Wood, 19 December 2012

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Countries in Europe are either slipping into recession or experiencing worsening depression. Economies are headed in the wrong direction, and the malaise is spreading. The current orthodoxies are failing.

Topics: Macroeconomic policy
Tags: debt, macroeconomic policy, quantitative easing, Subprime

Cut deficits by cutting spending

Alberto Alesina, 30 November 2012

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Should debt-ridden and economically struggling Western governments be doing everything possible to reduce their deficits? The debate over that question has become increasingly confusing – not only in Europe, where the matter is particularly urgent – but in the US, too.

Topics: Europe's nations and regions, Global crisis
Tags: debt, Eurozone crisis, fiscal policy, global crisis

Effects of commodity price windfalls on external debt: The role of political institutions

Rabah Arezki, Markus Brückner, 15 June 2012

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Booming commodity prices have generated large foreign currency inflows for commodity exporting nations. Such inflows, however, are not always associated with positive outcomes for the commodity exporters. Phenomena such as corruption (Bhattacharyya and Hodler 2009) and the ‘natural resource curse’ (Brunnschweiler and Bulte 2012) often plague nations rich in natural resources.

Topics: Development, Macroeconomic policy
Tags: debt, political regimes, resource curse

Financial repression: Then and now

Carmen M Reinhart, Jacob Funk Kirkegaard, 26 March 2012

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In light of the record or near-record levels of public and private debt, debt-reduction strategies are likely to remain at the forefront of policy discussions in most of the advanced economies for the foreseeable future (Reinhart and Sbrancia 2011).

Throughout history, debt-to-GDP ratios have been reduced by:

Topics: International finance, Macroeconomic policy
Tags: debt, financial repression, inflation

Fiscal consolidations for debt-to-GDP ratio containment? Maybe … but with much care

Gianluca Cafiso, Roberto Cellini, 20 March 2012

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In recent time a wide debate has been developing concerning the effects of restrictive fiscal policies on the dynamics of the debt-to-GDP ratio (eg Corsetti and Müller 2012). The debate is nourished by the current experience of EU countries, where fiscal-consolidation policies are implemented.

Topics: Macroeconomic policy
Tags: austerity, debt, eurozone

A series of unfortunate events: Common sequencing patterns in financial crises

Carmen M Reinhart, 9 January 2012

Vox readers can download CEPR Discussion Paper 8742 for free here

Journalists are entitled to free DP downloads on request; please contact pressoffice@cepr.org. To learn more about subscribing to CEPR's Discussion Paper Series, please visit the CEPR website.

URL: http://www.cepr.org/DP8742
Topics: Financial markets, Global crisis, International finance
Tags: debt, default, financial crises, financial repression

Sovereign debt, government myopia, and the financial sector

Raghuram Rajan, Viral Acharya, 24 November 2011

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Why do governments repay external sovereign borrowing?

Topics: Taxation
Tags: debt, Government default

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