Category Archives: Macroeconomic policy

How Shocking Was Shock Therapy?

Poland managed to escape a lot of the “shock doctrine” treatment, yet has gone hard right. What happened?

The Euro at 20: An Enduring Success but a Fundamental Failure

The euro will stumble forward. No one will be happy with its operation. Equally, no one will leave.

How the International Monetary Fund Imposes Its Economic Policies on Argentina

The IMF has a long history of strong-arming the direction of Argentina’s policies and economy.

Michael Hudson: The Vocabulary of Economic Deception

Michael Hudson gives a wide-ranging interview, discussing the importance of euphemism in obscuring power relationships and exploitation.

The Reality Is Everything Must Change

Why we need the biggest change program in history and must deploy state-created money to mobilize resources.

Global Uncertainty Is Rising, and That is a Bad Omen for Growth

The World Uncertainty Index reveals how uncertainty in the world has evolved over time, whether it is synchronised across countries, and how it compares across income groups and political regimes.

An MMT View of “Twin Deficits”: Budget and Current Account Deficits

Why the worries about the US budget deficit and China buying Treasuries are overblown.

IMF Pushes Neoliberal Policies in Latin America

The IMF is back again, flexing its muscle in Argentina and Mexico, pushing the neoliberal Washington Consensus, says Vijay Prashad in this Real News Network interview.

Yanis Varoufakis: How the Italian Budget Fight Helps Brussels and Salvini, Hurts Europeans and the Eurozone

Contrary to popular perception, Brussels and the Italian government come out ahead from sparring over Italy’s budget, and what works for them does not work for much of anyone else.

Contagion in the European CoCos Market

the possibility that the coupon payment on the CoCos issued by a single bank might be suspended led to very adverse dynamics in the entire market for CoCos that cannot be totally explained by banks’ fundamentals.

Standoff Between Italy and European Commission Escalates as Commission Rejects Italian Budget

Italy and the European Commission are in a dispute over Italy’s budget, and no one looks likely to come out a winner in this fight.

Italy’s Debt Crisis Intensifies

Italy’s government debt yields are rising thanks to a budget standoff with Brussels, and Italian banks are looking more wobbly too.

The International Use of the Euro: What Can We Learn From Past Examples of Currency Internationalisation?

European leaders have regularly expressed a desire for a European currency to serve as a reserve currency. The history of the transition from sterling to dollar and Europe’s aspirations sheds light on whether the Euro can assume this role.