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Eurozone crisis
A Category Archive (22 entries)
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August 12, 2012
Eurozone crisis
Arnold Kling
How do you say "Have a nice day" in Japanese or French?... MORE
July 1, 2012
Eurozone crisis
Arnold Kling
Sony Kapoor writes, Setting up an agency that is capable of resolving (shutting down, selling or recapitalizing) banks is perhaps the most urgent part of such a banking union and can be done independently from pooled deposit insurance or common... MORE
June 25, 2012
Eurozone crisis
Arnold Kling
Friends sometimes ask me this question. My answer is rather harsh. The problem is that some governments and some banks are insolvent. When a financial institution is insolvent, its liabilities must be taken over by a solvent institution. The solvent... MORE
June 17, 2012
Eurozone crisis
Arnold Kling
John Cochrane writes, The euro was explicitly set up as a currency union without a fiscal union. (And it turned in to one without a bank regulatory union.) That can work, a fact which practically all commentators ignore. The central... MORE
June 6, 2012
Eurozone crisis
Arnold Kling
Robert RubinRoger Altman writes, How can Europe pull back from this brink? It needs to immediately install a series of emergency financial tools to prevent an implosion; and put forward a detailed, public plan to achieve full integration within six... MORE
May 27, 2012
Eurozone crisis
Arnold Kling
1. From Tyler Cowen. It probably is about time to judge the euro zone as a failed idea -- and rarely is it wise to double down on failed ideas. 2. From David Zervos via John Mauldin's newsletter (you may... MORE
May 16, 2012
Eurozone crisis
Arnold Kling
1. The Washington Post pushes the "austerity" narrative. The economic debate consuming Europe comes down to the question of whether struggling countries should choose austerity by clamping down on government spending to rein in unsustainable deficits or pursue growth stimulated... MORE
February 21, 2012
Finance: stocks, options, etc.
Arnold Kling
1. Todd Zywicki writes, the average home in foreclosure has been delinquent for 674 days--a delay that has doubled since the exposure of the robo-signing scandal ground the foreclosure process to a halt. In Florida, the time from default to... MORE
January 16, 2012
C. Fred Bergsten and Jacob Funk Kirkegaard (BK) write, There are only two alternatives. Europe can jettison the monetary union. Or it can adopt a complementary economic union. This brief argues that, for all the turmoil, Europe is well on... MORE
January 9, 2012
Eurozone crisis
Arnold Kling
Tyler Cowen writes In the meantime, doesn't every euro -- a few sticky grannies aside -- leave the Italian banking system? Presumably the new lira is not pegged at 1-to-1 forever. He is referring to an op-ed by Robert Barro... MORE
January 3, 2012
Eurozone crisis
Arnold Kling
First, listen to Scott Sumner argue that monetary policy in the U.S. was unintentionally contractionary in 2008. Then, read Izabella Kaminsky on monetary policy today in Europe. the central bank transmission mechanism has been compromised because expansion or contraction of... MORE
December 29, 2011
Finance: stocks, options, etc.
Arnold Kling
Johnn Cochrane makes the case that bank regulators are not up to the job. The last generation of smart MBAs got around capital requirements by pooling risky assets into "AAA" securities that had lower risk weights, and then putting those... MORE
December 25, 2011
Eurozone crisis
Arnold Kling
Tyler Cowen writes, Dodd-Frank left questions of capital and leverage largely to the Basel III international banking agreements, the second piece of the new financial regulatory architecture. Basel III, like its predecessors Basel I and Basel II, encourages banks to... MORE
December 22, 2011
Eurozone crisis
Arnold Kling
1. James Hamilton reviews the emergency lending of the Fed from 2008-2011. Phase 4, then, could turn out to be a return to emergency lending as the Fed tries to contain collateral damage from the unfolding European drama. 2. Olivier... MORE
December 21, 2011
Finance: stocks, options, etc.
Arnold Kling
Hyun Song Shin writes, My recent research suggests that the 'global banking glut' may have been more culpable for the crisis than the 'global savings glut' I reported on his paper when I first read it (I believe Tyler Cowen... MORE
December 15, 2011
Eurozone crisis
Arnold Kling
1. Richard Milne in the Financial Times. the biggest worry is that European leaders appear to be repeating one of the original sins that led to the eurozone crisis in the first place: forcing banks and insurers to load up... MORE
December 14, 2011
Eurozone crisis
Arnold Kling
Tim Worstall writes, We're going to be gearing the eurozone banking system up on sovereign debt. Which means that if anyone does in fact default then the eurozone banking system really will go bust, crash and burn in a great... MORE
December 13, 2011
Eurozone crisis
Arnold Kling
An entire article on the two-drunks problem. The European Banking Authority ordered the region's banks on Dec. 8 to raise 115 billion euros ($154 billion) by June. Faced with dwindling profits and unable to tap capital markets to sell new... MORE
December 9, 2011
Eurozone crisis
Arnold Kling
One report on the latest accord: According to a statement issued after the meeting broke up, governments participating in the agreement will need to have balanced budgets -- which is counted as a structural deficit no greater than 0.5 percent... MORE
December 7, 2011
Eurozone crisis
Arnold Kling
Perry Mehrling writes, Now comes the latest deal over eurozone fiscal rules, presumably the deal that ECB President Draghi asked for last week. It is a deal about sovereign budget discipline. But if I read Draghi's speech right, we should... MORE
December 6, 2011
Eurozone crisis
Arnold Kling
Felix Salmon writes, The best case scenario is that those countries bite the bullet and restructure their debt now, since to delay is to make any restructuring much more painful and expensive than it needs to be. Pointer from Mark... MORE
December 5, 2011
Eurozone crisis
Arnold Kling
First, two pointers from Mark Thoma. Jeff Frankel calls this the hour of the technocrat. Obvious disadvantages of some technocrats include lack of managerial experience, lack of perceived legitimacy, and lack of a domestic political powerbase. Monti and Papademos both... MORE
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