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

Nicholas Crafts interviewed by Viv Davies, 21 Jan 2014

Nicholas Crafts talks to Viv Davies about his recent work on the threatening issue of public debt in the Eurozone. Crafts maintains that the implicit fault line in the EZ is evident; several EZ economies face a long period of fiscal consolidation and low growth and that a different sort of central bank might be preferable. They also discuss the challenges and constraints of banking, fiscal and federal union. The interview was recorded in London on 17 January 2014.

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See Also

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

Transcript

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

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.

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

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

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

A Decade of Debt

Carmen M Reinhart, Kenneth Rogoff, 28 March 2011

Vox users can download CEPR Discussion Paper 8310 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: www.cepr.org/DP8310
Topics: Macroeconomic policy
Tags: crisis, debt, default, financial repression, growth

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