By J. Stiglitz, D. Heymann
ISBN-10: 1137411473
ISBN-13: 9781137411471
ISBN-10: 1137411481
ISBN-13: 9781137411488
This quantity offers a pluralistic dialogue from world-renowned students at the foreign facets of the debt difficulty and clients for solution. It offers a entire evaluate of the way the debt challenge has impacted Western Europe, the rising markets and Latin the US, and places ahead assorted feedback for recovery.
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Additional info for Life After Debt: The Origins and Resolutions of Debt Crisis
Example text
24 As we noted earlier, debt crises are often associated with sudden changes in the expectations of market participants, in ways that lead to the destruction of perceived wealth and thus to abrupt reductions in aggregate effective demand. These changes in aggregate effective demand can be so large that adjustments in wages, prices, and interest rates cannot easily offset them. The problems are exacerbated if financial institutions and other creditors decide by reasons of caution, or are forced by their own illiquidity, to contract their lending.
In the first case, while the purchasing power of exports fell abruptly, recovering only partially after some years, the trade surplus showed a relatively mild cycle, and in less than a decade had returned to pre-crisis levels (as proportion of exports). By contrast, in the more recent episode, the exports did not contract, while the trade surplus shifted upwards and remained at much higher levels. In the Great Depression, GDP dropped substantially at first, but also recovered rapidly. In the 1980s, the fall was less intense, but so was the recovery: ten years after the peak, per capita GDP had not returned to its original levels.
One could have been fairly sure, for instance, as the price of housing relative to median income soared to unprecedented levels that there was a bubble. Equally to the point, there are asymmetric costs and benefits of taking actions: the costs of taking actions to have dampened, and perhaps prevent, the bubble were an order of magnitude smaller than the benefits that would have been derived from such actions. In short, policies should prepare themselves to adopt preventive measures if signs of danger emerge and, when these do not prove effective, to face the management of disruptions of different intensity.
Life After Debt: The Origins and Resolutions of Debt Crisis by J. Stiglitz, D. Heymann
by Thomas
4.1