| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9521 |
| DP9521 How the Euro Crisis Evolved and How to Avoid Another: EMU, Fiscal Policy and Credit Ratings | |
| Michael R. Wickens; Vito Polito | |
| 发表日期 | 2013-06-23 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper argues that the crisis was an outcome of EMU: setting a common monetary policy for countries with different initial inflation rates. The crisis countries were those with high inflation rates which then had negative real interest rates and consequently over-borrowed. Current policy discussions focus on crisis measures: fiscal, banking and political union, not avoiding another crisis. This paper suggests two ways to avoid a future crisis: offset an inappropriate monetary policy using fiscal policy; markets could better price loan rates by taking into account default risk. The paper shows that neither was done prior to the crisis. |
| 主题 | International Macroeconomics |
| 关键词 | Credit ratings Emu Euro crisis Fiscal policy |
| URL | https://cepr.org/publications/dp9521 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538357 |
| 推荐引用方式 GB/T 7714 | Michael R. Wickens,Vito Polito. DP9521 How the Euro Crisis Evolved and How to Avoid Another: EMU, Fiscal Policy and Credit Ratings. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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