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The Way Forward: Moving From The Post-Bubble, Post-Bust Economy To Renewed Growth And Competitiveness, Daniel Alpert, Robert C. Hockett, Nouriel Roubini
The Way Forward: Moving From The Post-Bubble, Post-Bust Economy To Renewed Growth And Competitiveness, Daniel Alpert, Robert C. Hockett, Nouriel Roubini
Cornell Law Faculty Publications
We argue that the U.S. economy is presently mired in a particularly tenacious, Fisher-style debt-deflation rooted in long term secular trends in the domestic and global economies. Global productive capacity has steadily outpaced global absorptive capacity for several decades now, and the latter will not catch up with the former for a good many years to come -- if ever. In order to avert long-term Japanese-style stagnation at home and quite possibly slowdown and slump worldwide, the U.S. will have both (a) to eliminate private sector debt-overhang from 'both sides' of the same, and (b) to act in concert with …
Extending The European Debt Discussion To Broader International Governance, Odette Lienau
Extending The European Debt Discussion To Broader International Governance, Odette Lienau
Cornell Law Faculty Publications
Although Europe is no stranger to sovereign debt troubles, the focus of international debt governance for several decades has been on the developing world. Discussions surrounding the efficacy and appropriateness of crisis mechanisms have been shaped by this political reality. But the current focus on Europe itself may generate changes in how public and private actors view international debt governance and the legitimacy of crisis mechanisms. In these remarks, I will focus on two ways in which Europe might serve as a test case for broader governance practices. First, I will discuss the ramifications of the European Union’s potential adoption …