Found 9 article(s) for author 'Austerity'

Understanding the Political Economy of the Eurozone Crisis

Understanding the Political Economy of the Eurozone Crisis. Jeffry Frieden, 2017, Paper, “The Eurozone crisis constitutes a grave challenge to European integration. This article presents an overview of the causes of the crisis and analyzes why it has been so difficult to resolve. We focus on how responses to the crisis were shaped by distributive conflicts both among and within countries. On the international level, debtor and creditor countries have fought over the distribution of responsibility for the accumulated debt; countries with current account surpluses and deficits have fought over who should implement the policies necessary to reduce the current account imbalances. Within countries, interest groups have fought to shift the costs of crisis resolution away from themselves.Link

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Larry Summers: The prospect of Donald Trump being president is the gravest threat to America

Larry Summers: The prospect of Donald Trump being president is the gravest threat to America, April 14, 2016, Video. “Former Treasury Secretary Larry Summers spoke at the International Monetary Fund on Wednesday, warning against austerity measures amid a tepid economy.  Yahoo Finance sat down with him to get little more color on the economy and to find out what keeps him up most at night.  “I think the prospect of Donald Trump being President would be the gravest threat to our prosperity, our security, and our freedom in my adult lifetime,” Summers said. “That’s the thing I would worry most about.”Link

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European Austerity Is Overrated

European Austerity Is Overrated. Kenneth Rogoff, January 13, 2016, Video. “Kenneth Rogoff, an economics professor at Harvard University and a former chief economist at the International Monetary Fund, talks about the global economy and financial markets. Rogoff speaks with Tom Keene on Bloomberg Television’s “Surveillance” from the sidelines of the World Economic Forum’s annual meeting in Davos, Switzerland …Link

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Is Tsipras the New Lula?

Is Tsipras the New Lula? Jeffrey Frankel, July 17, 2015, Opinion.Greek Prime Minister Alexis Tsipras has the chance to become to his country what South Korean President Kim Dae-jung and Brazilian President Luiz Inácio Lula da Silva were to theirs: a man of the left who moves toward fiscal responsibility and freer markets. Like Tsipras, both were elected in the midst of an economic crisis. Both immediately confronted the international financial constraints that opposition politicians can afford to ignore…Link

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Amartya Sen: The Economic Consequences of Austerity

Amartya Sen: The Economic Consequences of Austerity. Amartya Sen, June 4, 2015, Opinion. “On 5 June 1919, John Maynard Keynes wrote to the prime minister of Britain, David Lloyd George, “I ought to let you know that on Saturday I am slipping away from this scene of nightmare. I can do no more good here.” Thus ended Keynes’s role as the official representative of the British Treasury at the Paris Peace Conference. It liberated Keynes from complicity in the Treaty of Versailles (to be signed later that month), which he detested. Why did Keynes dislike a treaty that ended the state of war between Germany and the Allied Powers…Link

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The Rise and Fall of Krugmania in the UK

The Rise and Fall of Krugmania in the UK. Niall Ferguson, May 11, 2015, Opinion. “It is already conventional to name the former party leaders Ed Miliband, Nick Clegg and Nigel Farage as the biggest losers of the British general election, closely followed by all the opinion pollsters and the narcissistic comedian Russell Brand. But this is to understate the abject defeat suffered by some Keynesian economists, and in particular the Nobel prize winning former Princeton professor Paul Krugman…” Link

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Austerity in 2009-2013

Austerity in 2009-2013, Alberto Alesina, September 29, 2014, Paper, The deficit reduction policies (often referred to as fiscal “austerity”) followed by several OECD countries in 2009-13 were motivated, especially in the European Union, by the bond market reaction to large debts and deficits. They were certainly not meant to cool down overheating economies. On the contrary, several countries had to adopt deficit reduction policies when recessions were not quite over and credit crunches were still retarding the recovery. The aim of this paper is to provide an empirical measure of the effects of these deficit reduction policies on output growth. The summer of 2014, when we write, is probably the earliest time when one can begin to assess the effects of these policiesLink

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