Revisiting the pain in Spain

Paul De Grauwe 07 July 2014

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The different macroeconomic adjustment dynamics in Spain – a member of a monetary union – and the UK – a stand-alone country – is stark. Paul Krugman popularised this contrast in his New York Times blog with the title “The Pain in Spain” (Krugman 2009, 2011), and commented on my own analysis in De Grauwe (2011).

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Topics:  Europe's nations and regions Global crisis Macroeconomic policy

Tags:  ECB, monetary policy, euro, EMU, Spain, monetary union, fiscal policy, UK, government debt, austerity, EZ crisis, Outright Monetary Transactions, currency depreciation

Government bonds and their investors: What are the facts and do they matter?

Jochen Andritzky 05 August 2012

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Prior to the start of the global crisis in late 2008, global imbalances, reserve accumulation and regulatory changes fostered greater cross-border integration of sovereign debt markets as measured by the share of government securities held by non-residents.

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Topics:  Global crisis International finance

Tags:  global crisis, bonds, government debt, global markets

Sovereign Default Risk and Bank Fragility in Financially Integrated Economies

Olivier Jeanne, Patrick Bolton,

Date Published

Mon, 04/25/2011

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Financial markets International finance Macroeconomic policy

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URL

www.cepr.org/DP8358

Vox users can download CEPR Discussion Paper 8358 for free here. To learn more about subscribing to CEPR's Discussion Paper Series, please visit the CEPR website.

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financial integration, banking, contagion, default, Eurozone crisis, government debt, collateral

Vote-share bonds

Hans Gersbach 14 November 2010

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In democracy, political forces often tend to push the volume of public debt beyond socially desirable levels. This time, the amount of accumulating public debt appears to be unprecedented in peace time (Buiter and Rahbari 2010). This is most obvious in the Eurozone with its soaring public debt levels and the sovereign debt crisis. But fiscal troubles also extend to other EU member states, to Japan, and to the US.

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Topics:  Macroeconomic policy

Tags:  public debt, government debt

Fiscal fragility: What the past may say about the future

Joshua Aizenman, Gurnain Kaur Pasricha 07 November 2010

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The global crisis has brought to the fore the fiscal vulnerabilities of OECD countries, and in particular, some countries of the Eurozone such as Greece, Ireland, Italy, Portugal, and Spain (Baldwin et al. 2010 and Corsetti 2010). The US faces similar fiscal challenges, although its ability to obtain relatively cheap funding of its debt allows it to delay dealing with them.

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Topics:  Macroeconomic policy

Tags:  fiscal policy, Fiscal crisis, Eurozone crisis, government debt

Government Debt-Threshold Contracts

Hans Gersbach,

Date Published

Tue, 09/07/2010

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http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=8001.asp

Vox users can download CEPR Discussion Paper 8001 for free here. To learn more about subscribing to CEPR's Discussion Paper Series, please visit the CEPR website.

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elections, government debt, macroeconomic shocks, political contracts

How politicians excited financial markets’ attack on the Eurozone

Jacopo Carmassi, Stefano Micossi 24 June 2010

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Despite multiplying good news from the real economy, the past six months have been the most trying times for the euro – certainly the most testing since the height of the financial crisis in late 2008.

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Topics:  Europe's nations and regions

Tags:  Fiscal crisis, Eurozone crisis, government debt

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