Suchergebnisse

Selektiv aus dem Inhalt: + - Wirtschaftskrise + - Dinar-Abwertung + - Rationierung von Treibstoff + - Einsparung elektrischer Energie + - Reaktion der Gewerkschaften + - Die externe Liquidität + - Kontrolle des Devisenmarktes + - Depotpflicht bei Auslandsreisen + - Westliche Kredite

In his article in this issue Vicente Navarro augments his presentation on the global nature of the crisis of social welfare under capitalism with a financial summary of the Reagan budget (for fiscal year 1981/82). This article adds additional flesh to Navarro's discussion through an examination of some of the critical details as well as wider implications of the Reagan budget, particularly as it affects recipients of social welfare programmes for the coming period

Abstract
We study the optimal debt and investment decisions of a sovereign with private information. The separating equilibrium is characterised by a cap on the current account. A sovereign repays debt amount due that exceeds default costs in order to signal creditworthiness and smooth consumption. Accepting funding conditional on investment/reforms relaxes borrowing constraints, even when investment does not create collateral, but it depresses current consumption. The model contains the signalling elements emphasised by creditors in the Greek austerity programmes and is consistent with the reduction in the loans issued by Greece and their interest rate following the 2015 election.

This is the edited transcript of a conversation between Rebecca Bramall, editor of this special issue, Jeremy Gilbert, editor of New Formations, and James Meadway, who at the time was chief economist of the New Economics Foundation and is currently advising shadow chancellor of the exchequer John McDonnell in a consultancy capacity. The discussion touches on the different meanings of 'austerity' in contemporary political discourse, the history of neoliberal austerity programmes and their political and social effects, the uneven implementation of austerity in the UK, and various other issues in understanding the cultural, social and economic politics of 'austerity' in contemporary Britain, today and in the future.

The paper examines the role of newswire messages during the European debt crisis. In particular, this study quantifies how this news metric, revealed by statements electronically recorded, as well as by newspaper articles, affects credit ratings. Through a sample of three European countries with sovereign debt problems and under strict austerity programmes, i.e., Greece, Ireland, and Portugal, daily data spanning the period of 2009 to 2011, and parametric, nonparametric and ordered probit panel methodologies, the obtained results document that the news variable significantly affects credit ratings, particularly when news comes from market sources but less so when the news is from politicians. ; N/A