The unpleasant legacy of the crisis: public debt and low trend growth in the Eurozone

Nicholas Crafts interviewed by Viv Davies,

Date Published

Tue, 01/21/2014

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See Also

Crafts, N (2013b), “Saving the Euro: a Pyrrhic Victory?”, CAGE-Chatham House Policy Briefing Paper No. 11.

Buiter, W and E Rahbari (2013), “Why Do Governments Default and Why Don’t They Default More Often?”, CEPR Discussion Paper 9492.

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Topics

Economic history Macroeconomic policy
Tags
ECB, eurozone, fiscal consolidation, public debt, gold standard, financial repression, debt monetisation

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The Eurozone: If only it were the 1930s Escaping liquidity traps: Lessons from the UK’s 1930s escape To end the Eurozone crisis, bury the debt forever A consistent trinity for the Eurozone Why fiscal sustainability matters
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The Eurozone: If only it were the 1930s

Nicholas Crafts 13 December 2013

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The 1930s deservedly have a bad name. It is hard to imagine that a decade that included the Great Depression and a major de-globalisation of the world economy, and culminated in WWII could be other than notorious. And yet, compared with struggling Eurozone economies today, the economic situation in Europe in the later 1930s was in many ways more promising. This is particularly true of the aftermath of public debt and the difficulty of dealing with it.

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Topics:  Economic history Macroeconomic policy

Tags:  ECB, eurozone, fiscal consolidation, public debt, gold standard, financial repression, debt monetisation

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:

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Topics:  International finance Macroeconomic policy

Tags:  inflation, debt, financial repression

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

Carmen M Reinhart,

Date Published

Mon, 01/09/2012

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Financial markets Global crisis International finance

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A Decade of Debt

Carmen M Reinhart, Kenneth Rogoff,

Date Published

Mon, 03/28/2011

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