2011: The Adam Smith Address Nightmare on Kaiserstrasse
It is a great honor to receive the 2011 Adam Smith award from the National Association for Business Economics. It is an honor both because of the important group that awards it and because of the extraordinarily distinguished list of recipients that have come before me. In this chapter, I will begin by discussing why sovereign debt crises often follow after a wave of international financial crises. I will then turn to the ongoing crisis in Europe, which is at the epicenter of the current phase of the larger crisis. Finally, I will speculate on the long-term implications for the international monetary system of a significant break-up in the euro system.
KeywordsPublic Debt Advanced Economy Sovereign Debt Business Economic International Monetary System
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