By Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos

ISBN-10: 113744830X

ISBN-13: 9781137448309

ISBN-10: 1349552321

ISBN-13: 9781349552320

This publication presents an intensive review of the hot monetary quandary from the point of view of either practitioners and lecturers specialising within the area.

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Extra info for A Financial Crisis Manual: Reflections and the Road Ahead

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At the same time as the demand function in developed economies was overheating, the supply side was subjected to the effects of the so-called Great Moderation as low cost producers in lower income countries came online and gained global market share, while keeping inflation muted despite overheating demand. The levered systems of the developed economies on both sides of the Atlantic adjusted by turning their attention to the non-tradable sectors, primarily the real estate market where bubbles formed.

24 European Public Finances through the Crisis 25 2 Public finances have been at the heart of the Eurozone crisis The run-up to the euro area led to a unique effort by candidate countries to put their fiscal houses in order. 5% of GDP five years earlier – was balanced. Over this five-year period, the area benefitted from falling interest rates and real growth in excess of 2%. Fiscal tightening also helped to push inflation below 2%, a welcome feature after years of strong price increases in the 1970s and 1980s following two oil shocks.

Doisy, “A New Architecture for Public Investment in Europe”, CEPII Policy Brief, 2014. 36 Fabrice Montagné 6 A new paradigm: towards a real growth strategy in Europe? For debt-to-GDP ratios to decrease, primary and overall balances must remain above a given threshold, by definition compatible with a constant debt ratio. 5%. According to current forecasts, the euro area will reach its own debt stabilization threshold in 2016. 1% on average for the debt ratio to fall. , “six-pack”, “two-pack”, TSCG) is intended to constrain member states’ debt dynamics within these parameters, at least until the debt ratio falls below 60%.

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A Financial Crisis Manual: Reflections and the Road Ahead by Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos


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