Does fiscal sustainability matter only when there is a fiscal house on fire, as was the case with the Greek sovereign insolvency in 2011–12? Far from it.
Why fiscal sustainability matters
Willem Buiter, 10 January 2014
Topics: Financial markets, Global crisis, International finance, Macroeconomic policy
Tags: balance-sheet recession, banking, banking union, banks, capital flows, credit booms, Currency wars, emerging markets, eurozone, Eurozone crisis, financial crisis, fiscal policy, fiscal sustainability, global financial crisis, sovereign debt, sovereign debt restructuring
Gross inflows and the incidence of credit booms
César Calderón, Megumi Kubota, 16 December 2012
Foreign flows into emerging market economies have surged in the post-crisis period. The surge in gross inflows has come alongside a rapid creation of credit, an excessive increase in stock and housing prices and continued pressure towards further appreciation of the currency in emerging market economies. These developments have reignited the debate on capital inflow management.
Bank credit during the 2008 financial crisis: A cross-country comparison
Ari Aisen, Michael Franken, 28 May 2010
Rarely has an episode of financial turmoil generated such economic havoc as the 2008 financial crisis. The wealth destruction was unique – estimated at $50 trillion, the equivalent to one year of world GDP (Loser 2009) – which resulted from the plunge in the value of stocks, bonds, property, and other assets.
Credit booms go wrong
Alan Taylor, Moritz Schularick, 8 December 2009
The financial crisis of 2008–09 has reignited interest in understanding the crucial roles money and credit play in the creation, propagation, and amplification of economic shocks. Such research on the importance of financial structure promises to reopen a number of fundamental fault lines in modern macroeconomic thinking.
The US subprime mortgage crisis: A credit boom gone bad?
Giovanni Dell'Ariccia, Luc Laeven, Deniz Igan, 4 February 2008
Recent events in the market for mortgage-backed securities have placed the US subprime mortgage industry in the spotlight. Over the last decade, this market has expanded dramatically, evolving from a small niche segment into a major portion of the overall US mortgage market.
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- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
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
- 21st Century Challenges: The Mobile Middle Class13 - 13 March 2014 / Royal Geographical Society, 1 Kensington Gore, SW7 London / Royal Geographical Society (with IBG)
- 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