By Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos
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Extra info for A Financial Crisis Manual: Reflections and the Road Ahead
The unwinding of global imbalances has come with an aggregate demand deficit that has acted as a headwind to global economic growth. Economies that emerged in better shape from the recession are not releveraging, while others are saving excessively. As a result, even though global growth has been slowly climbing back to trend, its composition suggests a vulnerable global backdrop. Thus far, much of the headline heavy lifting has been done by China. On the other hand, the Eurozone is seriously flirting with a triple dip recession, Japan remains anemic, while significant pockets of weakness remain in key emerging market economies such as Russia and Brazil.
IV review of the US economy), additional fiscal costs can be offset in the medium to long term by better growth and stronger revenues. This is also the center-point of “Fiscal Policy in a depressed Economy” by Delong and Summers (Brookings Papers on Economic Activity 2012, 2). Finally, at the zero lower bound the crowding-out effect of public expenditure is minimized by the lack of monetary policy reaction. Indeed, it is usually assumed that, all else being equal, new public spending triggers higher interest rates, crowding out private investment.
Belgium is a case in point. In the EC’s 2013 assessment, Belgium did not take effective action and received a notice to take measures for deficit reduction. 2% of GDP. 30 Fabrice Montagné As mentioned above, structural effort calculations are subject to substantial uncertainties and individual member states never shy away from using methodological arguments to explain deviations. 1pp higher than the target. At the end of 2014, however, France produced a draft 2015 budget substantially out of line with the previously agreed adjustment.
A Financial Crisis Manual: Reflections and the Road Ahead by Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos