Suchergebnisse

This paper discusses why Greece has done so poorly in comparison with all other European Union countries since the onslaught of the global financial crisis in 2008. To show what was wrong with its fiscal adjustment, this paper compares Greece with the other European Union country that was hit be the most severe fiscal crisis, namely Latvia. The conclusion is that front-loaded fiscal adjustment works much better. Greek economic policy has been a popular topic among opinion writers, notably Nobel Prize winner and New York Times columnist Paul Krugman, who claimed that Greece suffered from austerity. Because of his prominence in the international public debate, I shall scrutinize his arguments on the Greek crisis. The paper also examines what policy the International Monetary Fund has pursued with regard to Greece, and how its views have been influenced by the debate and Greek economic developments. Finally, the paper assesses what lessons can be drawn from the contrasting experiences of Latvia and Greece. The conclusion is that a fiscal adjustment should be sufficient to resolve the crisis to restore confidence and that it should be as front-loaded as is practically and politically possible.

Krieg im Osten, finanzielle Kernschmelze, korrupte Richter : obwohl im Zuge der Reformen deutlich mehr erreicht wurde, als man im Westen glaubt, bleibt die wirtschaftliche Situation in der Ukraine dramatisch. Europa muss vor allem finanziell mehr tun, um Kiew auf Reformkurs zu halten. Denn der Widerstand im Land wächst. (IP)

Besonders in der amerikanischen Diskussion über Europas Finanzkrise gilt die Sparpolitik als das Grundübel schlechthin. Aber verhindert "Austerität" wirklich Wirtschaftswachstum? Ist Griechenland Opfer deutschen Sparzwangs? Sollte Europa von den USA lernen und sich von der Austerität verabschieden? Sechs Thesen auf dem Prüfstand. (IP)

Abstract: A key to understanding any society is its informal institutions, which influence both its economy and its politics. In Ukraine, the most important such institution is endemic corruption, which— aside from Russia's campaign against Ukraine's territorial integrity and sovereignty—is the main threat to the nation. Under Viktor Yanukovych, this corruption took three forms: The first had to do with the trade in natural gas; the second involved Yanukovych handing out large infrastructure projects at his personal discretion; and the third was outright stealing from the government. Now that the Ukrainian people have now made a choice for Europe, they will have their best chance to clean up their country's long-corrupt economy and political realm.