Skip to main content

Comment on “Crises: Principles and Policies” by Joseph E. Stiglitz

  • Chapter
Life After Debt

Part of the book series: International Economic Association Series ((IEA))

  • 516 Accesses

Abstract

My comments will focus on the five basic questions stated in the introduction of the presentation:

  1. 1.

    How do we explain crises?

  2. 2.

    What do they tell us about standard economic theory?

  3. 3.

    Are most crises similar?

  4. 4.

    Why are the effects so long lasting?

  5. 5.

    What are the best ways of resolving crises?

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 84.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 109.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Similar content being viewed by others

References

  • Aguiar, M. and Gopinath, G. (2006) “Defaultable Debt, Interest Rates, and the Current Account,” Journal of International Economics, vol. 69, no. 1, pp. 64–83.

    Article  Google Scholar 

  • Eaton, J. and Gersovitz, M. (1981) “Debt with Potential Repudiation: Theoretical and Empirical Analysis,” Review of Economic Studies, vol. 48, no. 2, pp. 289–309.

    Article  Google Scholar 

  • Guzman, M. (2014) “Understanding the Relationship between Output Growth Expectations and Financial Crises,” forthcoming in the proceedings of the International Economics Association’s 2013 Montevideo Roundtable on “Capital Flows, Capital Controls, and Monetary Policy.”

    Google Scholar 

  • Heymann, D. (2009) “Macroeconomics of Broken Promises,” in R.E.A. Farmer (ed.), Macroeconomics in the Small and the Large: Essays on Microfoundations, Macroeconomic Applications and Economic History, in Honor of Axel Leijonhufvud (Cheltenham: Edward Elgar).

    Google Scholar 

  • Levine, R. (2010) “An Autopsy of the US Financial System: Accident, Suicide, or Negligent Homicide?,” Journal of Financial Economic Policy, vol. 2, no. 3, pp. 196–213.

    Article  Google Scholar 

  • Panizza, U., Sturzenegger, F. and Zettelmeyer, J. (2009) “The Economics and Law of Sovereign Debt and Default,” Journal of Economic Literature, vol. 47, no. 3, pp. 651–98.

    Article  Google Scholar 

  • Stiglitz, J. (2008) “The Financial Crisis of 2007/2008 and its Macroeconomic Consequences.” Unpublished manuscript.

    Google Scholar 

Download references

Authors

Editor information

Editors and Affiliations

Copyright information

© 2014 International Economic Association

About this chapter

Cite this chapter

Guzman, M. (2014). Comment on “Crises: Principles and Policies” by Joseph E. Stiglitz. In: Stiglitz, J.E., Heymann, D. (eds) Life After Debt. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137411488_3

Download citation

Publish with us

Policies and ethics