By now just about everybody agrees that the European bailout of Greece has failed (see for example Darvas et al. 2011). The debt will have to be restructured.
The ECB’s three mistakes in the Greek crisis and how to get sovereign debt right in the future
Jeffrey Frankel, 16 May 2011
The troika should target the trade and the income balance deficits
Ricardo Cabral, 15 May 2011
Greece, then Ireland, and more recently Portugal have applied for EU and IMF financial aid. A troika of European Commission, ECB, and IMF officials have negotiated accords for ambitious adjustment programmes with either two or three main components, as mandated by the Eurogroup and the Ecofin Ministers (2010a; 2010b; 2011):
Are Michigan and Illinois like Greece and Ireland?
Francis A. Longstaff, Andrew Ang, 10 May 2011
US states are a lot like Eurozone nations.
Managing a fragile Eurozone
Paul De Grauwe, 10 May 2011
A monetary union is more than just a single currency and a single central bank. Countries that join a monetary union lose more than one instrument of economic policy. They lose their capacity to issue debt in a currency over which they have full control.
The R word
Charles Wyplosz, 29 April 2011
Rumours circulate widely these days. European policymakers talk about a restructuring of public debts in some countries (see for example Portes 2011). Rumours may be unfounded but they are telling of what people think about.
Sovereign Default Risk and Bank Fragility in Financially Integrated Economies
Olivier Jeanne, Patrick Bolton, 25 April 2011
The lessons from the Icesave rejection
Gylfi Zoega, Jon Danielsson, 27 April 2011
The population of Iceland has refused – for the second time – to pay the minimum guaranteed deposits of UK and Dutch depositors in its failed Icesave high-interest accounts. This would have reimbursed the governments of the UK and Netherlands for unilaterally compensating savers in Icesave, the failed Icelandic bank operating accounts in these two countries.
A Trichet Plan for the Eurozone
Gary Evans, Peter Allen, 24 April 2011
In April 1989, Mexico’s external debt negotiator, Angel Gurria – currently Secretary-General of the OECD – asked his country’s commercial bank creditors for a 55% haircut on their sovereign obligations. This was the opening pitch of the Brady Plan that finally resolved the Latin American debt crisis.
The trouble with the European Stability Mechanism
Paolo Manasse, 5 April 2011
The war in Libya and the terrible disasters in Japan have diverted the public attention from the conclusions of the most recent European Council (24 and 25 March 2011). Most commentators have noted the limited scope of the decisions (such as Euro Intelligence (2011) and Münchau 2011 in the Financial Times).
Do some countries in the Eurozone need an internal devaluation? A reassessment of what unit labour costs really mean
Jesus Felipe, Utsav Kumar, 31 March 2011
Along the periphery of Europe, there is supposedly a new crisis to add to the growing list, i.e.
- Predicting economic turning pointsAhir, Loungani
- How rich nations benefit from EU membershipCampos, Coricelli, Moretti
- The chartbook of economic inequalityAtkinson, Morelli
- Taxing, spending, and inequalityClements, Coady, de Mooij, Gupta
- How poorer nations benefit from EU membershipCampos, Coricelli, Moretti
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Claessens, 18 April 2014
Campos, Coricelli, Moretti
Ostry, Berg, Tsangarides
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche
- Making city lights shine brighterYusuf, Leipziger
- The euro in the 'currency war'Bénassy-Quéré, Martin
- The roots of shadow bankingPerotti
- What’s wrong with Europe?Baldini, Manasse
- How the EZ crisis is permanently changing EU institutionsMicossi
- The 13th Annual GEP Postgraduate Conference 20141 - 2 May 2014 / Nottingham / Sponsored by Nottingham Centre for Research on Globalisation and Economic Policy (GEP) University of Nottingham, United Kingdom
- Exchange Rates and External Adjustment2 - 3 June 2014 / Zurich / Swiss National Bank
- 13th Summer School in International Development Economics: Investment, Saving and Wellbeing in Developing Countries10 - 13 June 2014 / Palazzo Feltrinelli, Gargnano, Lake Garda (Italy) / Organisers: Centro Studi Luca d’Agliano, Centre for Economic Policy Research (CEPR), Paolo Baffi Center on International Markets, Money and Regulation, Department of Economics, Management and Quantitative Methods of the University of Milan, Department of Economics, Quantitative Methods and Business Strategies of the University of Milan Bicocca, Vilfredo Pareto Doctoral Program in Economics of the University of Turin, The Lombardy Advanced School of Economic Research (LASER).
- 3rd WB-BE Research Conference: Financing growth: Levers, Boosters and Brakes23 - 24 June 2014 / Banco de España headquarters in Madrid / This conference is sponsored by Banco de España and The World Bank