The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts

We review the events that led to the May 2010 and July 2011 bailout agreements. We interpret the bailouts as outcomes of political-economy equilibria. We argue that these equilibria were likely not on the Pareto frontier, and sketch political-economy arguments for why collective policymaking in the Euro area may lead to suboptimal outcomes.

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Year of publication:	2014
Authors:	Ardagna, Silvia ; Caselli, Francesco
Published in:	American Economic Journal: Macroeconomics. - American Economic Association - AEA. - Vol. 6.2014, 4, p. 291-323
Publisher:	American Economic Association - AEA

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Extent:	application/pdf application/zip
Type of publication:	Article
Notes:	DOI: 10.1257/mac.6.4.291
Classification:	E58 - Central Banks and Their Policies ; E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation ; F34 - International Lending and Debt Problems ; G01 - Financial Crises ; H61 - Budget; Budget Systems ; H63 - Debt; Debt Management
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010949156