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The Greek crisis: an autopsy

Gourinchas, Pierre-Olivier, Philippon, Thomas and Vayanos, Dimitri (2016) The Greek crisis: an autopsy. LSE Greece@LSE (01 Dec 2016). Blog Entry.

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Abstract

The Greek crisis is one of the worst in history, even in the context of recorded ‘trifecta’ crises – the combination of a sudden stop with output collapse, a sovereign debt crisis, and a lending boom/bust. This column quantifies the role of each of these factors to better understand the crisis and formulate appropriate policy responses. While fiscal consolidation was important in driving the drop in output, it accounted for only for half of that drop. Much of the remainder can be explained by the higher funding costs of the government and private sectors due to the sudden stop.

Item Type: Online resource (Blog Entry)
Official URL: http://blogs.lse.ac.uk/greeceatlse/
Additional Information: © 2016 The Author(s); Online
Divisions: Finance
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
J Political Science > JC Political theory
J Political Science > JN Political institutions (Europe)
Sets: Departments > Finance
Collections > Greece@LSE Blog
Date Deposited: 31 May 2017 08:36
Last Modified: 19 Mar 2019 00:15
URI: http://eprints.lse.ac.uk/id/eprint/79280

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