Introduction
Joseph Stiglitz and
Daniel Heymann
A chapter in Life After Debt, 2014, pp 1-39 from Palgrave Macmillan
Abstract:
Abstract Macroeconomic debt crises have been a part of the economic scene ever since the emergence of modern credit markets. Sovereign defaults go further back in history.1 From time to time, a certain consensus has arisen among influential economists, policymakers and economic agents that crises are “a thing of the past,” at least in some countries which appear to have gained immunity for some reason or other. This complacency has been repeatedly disappointed — and was probably a major factor in its own disappointment: it is in the nature of those economic storms that they gather strength more easily when they are less expected (Kindleberger, 1978). Various economies, particularly but not only those labeled “emerging,” have experienced a considerable number of crises, especially in the last 30 years (Reinhart and Rogoff, 2009). The recent Great Recession in the world economy and the still open Euro Zone crisis have shown that highly developed central economies can also be vulnerable to debt-related macroeconomic disturbances of the first order of magnitude.
Keywords: Interest Rate; Monetary Policy; Fiscal Policy; Credit Default Swap; Debt Crisis (search for similar items in EconPapers)
Date: 2014
References: Add references at CitEc
Citations:
There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-137-41148-8_1
Ordering information: This item can be ordered from
http://www.palgrave.com/9781137411488
DOI: 10.1057/9781137411488_1
Access Statistics for this chapter
More chapters in International Economic Association Series from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().