L’expiation par l’austérité ou la stratégie de l’échec: une interprétation post-keynésienne de la crise des pays périphériques en zone euro

Expiation through austerity or the strategy of failure: a Post-Keynesian explanation of sovereign debt crisis in the euro zone

Sebastien Charles and Thomas Dallery

MPRA Paper from University Library of Munich, Germany

Abstract: This article deals with the sustainability of public debt within the Post-Keynesian framework proposed by Pasinetti in order to determine the stability conditions of the public debt/GDP ratio. This alternative and simple technique is used to assess the impact of austerity policies in some peripheral countries of the Eurozone, insisting on the bad diagnosis addressed about the causes of fiscal deficits. We show that these countries are compelled to ‘expiate’ sins they have not committed accepting austerity measures with noticeably dubious impacts.

Keywords: Public debt; Political economy of the Eurozone; Sustainability (search for similar items in EconPapers)
JEL-codes: E60 H62 H63 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/65735/1/MPRA_paper_65735.pdf original version (application/pdf)

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:pra:mprapa:65735

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().