The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts-Reference-Cited by-同舟云学术

The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts

Published:2014-10-01 Issue:4 Volume:6 Page:291-323
ISSN:1945-7707
Container-title:American Economic Journal: Macroeconomics
language:en
Short-container-title:American Economic Journal: Macroeconomics

Author:

Ardagna Silvia¹,Caselli Francesco²

Affiliation:

1. Goldman Sachs, Peterborough Court, 133 Fleet Street, London EC4A 2BB (e-mail: )

2. London School of Economics, Houghton Street, W2A 2AE, UK and LSE, CFM, CEP, CEPR, and NBER (e-mail: ).

Abstract

We review the events that led to the May 2010 and July 2011 bailout agreements. We interpret the bailouts as outcomes of political-economy equilibria. We argue that these equilibria were likely not on the Pareto frontier, and sketch political-economy arguments for why collective policymaking in the Euro area may lead to suboptimal outcomes. (JEL E58, E62, F34, G01, H61, H63)

Publisher

American Economic Association

Subject

General Economics, Econometrics and Finance

Link

https://pubs.aeaweb.org/doi/pdf/10.1257/mac.6.4.291

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