Arestis, Philip; Karakitsos, Elias - In: Journal of Post Keynesian Economics 35 (2012) 1, pp. 21-44
This paper analyzes the contagion channels through which a Greek credit event would spread to the rest of the European Union and then to the United States. A credit crisis would be manifested as a shortage of liquidity, but the real cause would be bank credit risk, which would infect...