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Options for China in a dollar standard world : a sovereign currency approach
Wray, L. Randall; Liu, Xinhua - 2014
This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation operating in a dollar standard world. We first summarize a number of issues facing China, including the possibility of slower growth, global imbalances, and a number of domestic...
Persistent link: https://www.econbiz.de/10010228185
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Towards a single performance indicator in the EU's fiscal governance framework: An assessment of the expenditure and structural balance rules in the European fiscal governance fram...
Benalal, Nicholai; Freier, Maximilian; Melyn, Wim; Van … - 2022
A key element of the European reform agenda is to simplify the EU fiscal governance framework by moving towards a single debt anchor and a single operational indicator as the basis for formulating fiscal targets and assessing compliance. This paper puts forward an in-depth analysis of two...
Persistent link: https://www.econbiz.de/10013331895
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From antigrowth bias to quantitative easing : the ECB's belated conversion?
Bibow, Jörg - 2016
This paper investigates the European Central Bank's (ECB) monetary policies. It identifies an antigrowth bias in the … bank's monetary policy approach: the ECB is quick to hike, but slow to ease. Similarly, while other players and … attached to the euro area’s official competitive wage-repression strategy, which is in conflict with the ECB's price stability …
Persistent link: https://www.econbiz.de/10011481632
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The euro and its guardian of stability : the fiction and reality of the 10th anniversary blast
Bibow, Jörg - 2009
This paper investigates why Europe fared particularly poorly in the global economic crisis that began in August 2007. It questions the self-portrait of Europe as the victim of external shocks, pushed off track by reckless policies pursued elsewhere. It argues instead that Europe had not only...
Persistent link: https://www.econbiz.de/10003943124
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At the crossroads : the euro and its central bank guardian (and savior?)
Bibow, Jörg - 2012
This paper investigates the role of the European Central Bank (ECB) in the (mal-) functioning of Europe's Economic and … Monetary Union (EMU), focusing on the German intellectual and historical traditions behind the euro policy regime and its … controlled by, the state. By contrast, the "Maastricht (EMU) regime" (of German design) positions the central bank as controlling …
Persistent link: https://www.econbiz.de/10009667997
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Reorienting fiscal policy after the great recession
Tcherneva, Pavlina R. - 2012
The paper evaluates the fiscal policy initiatives during the Great Recession in the United States. It argues that, although the nonconventional fiscal policies targeted at the financial sector dwarfed the conventional countercyclical stabilization efforts directed toward the real sector, the...
Persistent link: https://www.econbiz.de/10009532231
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The crisis of finance-dominated capitalism in the euro area, deficiencies in the economic policy architecture, and deflationary stagnation policies
Hein, Eckhard - 2012
In this paper the euro crisis is interpreted as the latest episode in the crisis of finance-dominated capitalism. For 11 initial Euro area countries, the major features of finance-dominated capitalism are analyzed; specifically, the increasing inequality of income distribution and the rising...
Persistent link: https://www.econbiz.de/10009631541
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Fiscal policy and rebalancing in the Euro area : a critique of the German debt brake from a Post-Keynesian perspective
Hein, Eckhard; Truger, Achim - 2013
The German debt brake is often regarded as a great success story, and has therefore served as a role model for the Euro area and its fiscal compact. In this paper we fundamentally criticize the debt brake. We show that (1) it suffers from serious shortcomings, and its success is far from certain...
Persistent link: https://www.econbiz.de/10010187671
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On the Franco-German euro contradiction and ultimate euro battleground
Bibow, Jörg - 2013
Highlighting that France and Germany held largely contradicting hopes and aspirations for Europe's common currency, this paper analyzes how the resulting euro contradiction conditioned the ongoing euro crisis as well as current strategies to resolve it. While Germany generally prevailed in...
Persistent link: https://www.econbiz.de/10009732260
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How the Maastricht regime fosters divergence as well as fragility
Bibow, Jörg (contributor) - 2006
-term survival of EMU. -- Economic and monetary union ; optimum currency area theory ; wageprice flexibility ; divergence …
Persistent link: https://www.econbiz.de/10003720503