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Palgrave Macmillan

Life After Debt

The Origins and Resolutions of Debt Crisis

ISBN 9781137411464
Publication Date July 2014
Formats Hardcover Ebook (EPUB) Ebook (PDF) Paperback 
Publisher Palgrave Macmillan
Series International Economic Association

In the last 30 years economic crises have become more frequent and expensive than ever before. This volume provides a pluralistic discussion from world-renowned scholars on the international aspects of the debt crisis and prospects for resolution. It argues that current economic policies exacerbate the problem of inefficient and unstable markets as they are based on standard economic theory which focuses on equilibrium models rather than equilibrium behaviour. It provides a comprehensive evaluation of how the debt crisis has affected Western Europe, the emerging markets and Latin America, and puts forward different suggestions for recovery.
The volume is divided into three parts. The first part looks at how the debt crisis has affected different regions around the world and examines lessons for Europe from the Latin American experience. The second section reviews the theory and empirical evidence of the costs of default, and analyses the restructuring process. The final section examines policies, instruments and mechanism for crisis resolution.

Joseph E. Stiglitz is University Professor at Columbia University, USA, the winner of the 2001 Nobel Memorial Prize in Economics, and a lead author of the 1995 IPCC report, which shared the 2007 Nobel Peace Prize. He was chairman of the U.S. Council of Economic Advisors under President Clinton and chief economist and senior vice president of the World Bank for 1997-2000. Stiglitz received the John Bates Clark Medal, awarded annually to the American economist under 40 who has made the most significant contribution to the subject. He was a Fulbright Scholar at Cambridge University, UK, held the Drummond Professorship at All Souls College, Oxford, UK, and has also taught at M.I.T, Yale, Stanford, and Princeton.
Daniel Heymann is Professor of Economics at the University of Buenos Aires (UBA) and the University of San Andrés, and Director of the Interdisciplinary Institute of Political Economy of Buenos Aires (IIEP-BAIRES), created jointly by UBA and the Argentine National Research Council (CONICET). He studied Economics and Physics at UBA, and received his PhD in Economics from UCLA. He is member of the Argentine Academy of Economic Sciences, and was President of the Argentine Economic Association (AAEP) for the term 2008- 2010. His areas of interest are macroeconomics, development, and complex system models in Economics.

1.1. Crises: Principles and Policies; Joseph Stiglitz
1.2. Comments; Martin Guzman
2.1. The Latin American Debt Crisis in Historical Perspective; José Antonio Ocampo
2.2. Comments; Pablo Sanguinetti
2.3. What have the Crises in Emerging Markets and the Eurozone in Common and What Differentiates Them?; Roberto Frenkel
2.4. Comments; Ricardo Beczuk
2.5. From Austerity to Growth in Europe: some Lessons from Latin America; Stephany Griffith-Jones
2.6. Comments; Hernán Seoane
3.1. Strategic Behavior in Sovereign Debt Restructuring: Impact and Policy Responses; Rohan Pitchford and Mark L. J. Wright
3.2. Comments; Federico Weinschelbaum
3.3. Sovereign Debt Restructuring: The Road Ahead; Benu Schneider
3.4. Comments; Fernando Navajas
4.1. Saving the Euro: Self-fulfilling Crisis and the 'Draghi Put'; Marcus Miller
4.2. Comments; Alfredo Schclarek Curutchet
4.3. GDP-Linked Bonds and Sovereign Default; David Barr, Oliver Bush and Alex Pienkowski
4.4. Comments; Enrique Kawamura
4.5. Multiple Choices: Economic Policies in Crisis; Daniel Heymann and Axel Leijonhufvud
4.6. Comments; Jorge Carrera

Joseph Stiglitz, Columbia University, USA

Martin Guzman, Brown University, USA

José Antonio Ocampo, Columbia University, USA

Pablo Sanguinetti, Torcuato de Tella University, Argentina

Roberto Frenkel, Buenos Aires University, Argentina

Ricardo Beczuk

Stephany Griffith-Jones, Columbia University, USA

Hernán Seoane, Universidad Carlos III de Madrid, Spain

Rohan Pitchford, Australian National University, Australia

Mark L. J. Wright, University of California, USA

Federico Weinschelbaum, University of San Andrés, Argentina

Benu Schneider

Fernando Navajas

Marcus Miller, University of Warwick, UK

Alfredo Schclarek Curutchet, National University of Córdoba, Argentina

David Barr, Bank of England

Oliver Bush, Bank of England

Alex Pienkowski, Bank of England

Enrique Kawamura, University of San Andrés, Argentina

Daniel Heymann, University of Buenos Aires, Argentina

Axel Leijonhufvud, University of California, USA

Jorge Carrera, Central Bank of Argentina


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