The Scottish question

Angus Armstrong, Monique Ebell, 26 October 2013

a

A

In less than one year, on 18 September 2014, the Scottish electorate will vote on a question of historic significance – should Scotland remain in the UK, or should it become an independent country?

Topics: Europe's nations and regions, Macroeconomic policy
Tags: Currency unions, debt, independence, Scotland, sterling

Sovereigns versus banks: Crises, causes and consequences

Òscar Jordà, Moritz Schularick, Alan Taylor, 18 October 2013

a

A

Some observers – often with great conviction – see the European crisis through the lens of public finance (Alessandrini et al. 2012). They see the key source of the problem as the inherent inability of past governments (many in the periphery, and possibly soon even some in the core) to live within their means.

Topics: Economic history, Financial markets, Macroeconomic policy
Tags: business cycles, debt, financial crises, fiscal space

The IMF and the legacy of the euro crisis

Susan Schadler, 15 October 2013

a

A

The IMF will live with the legacy of its role in the European debt crisis for years — if not decades.

Topics: Global governance, International finance
Tags: debt, EZ crisis, IMF

Enhancing the global financial safety net through central-bank cooperation

Edwin M. Truman, 10 September 2013

a

A

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

a

A

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

a

A

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

a

A

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

a

A

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

a

A

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

a

A

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

Vox eBooks

Events